Author: Gordon Platt

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

Bancolombia sold $267 million in ADRs in January in a follow-on offering to its domestic sale of $614 million in preferred shares. The bank said proceeds would go to lending and financing, and to improving capital adequacy.

Latin American issuers launched 13 new DR programs last year, according to BNY Mellon. Capital raisings were down nearly 84% from 2010—when Petrobras sold $70 billion in equity. Asia Pacific issuers accounted for one-third of global DR capital raising last year—a total of $5.6 billion.

Among the most actively traded US-listed DRs by value in 2011 were China's Baidu and Brazil's Vale and Petrobras. Russian issuers continue to dominate DR trading on the London Stock Exchange.