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The Irish Stock Exchange (ISE) has admitted the first ever Global Depositary Note (GDN) to aEuropean exchange market. The GDN is in the form of a 70 million US$ denominated GDN issued by Citibank N.A., New York, (Citibank) and relates to an offering by Petroleos Mexicanos Certificados Bursatiles (Pemex) of 7 billion 7.65% Mexican Peso debt due in 2021. Pemex is the Mexican state-owned petroleum company, which is also one of the largest companies in Latin America. The GDN security has been admitted to the ISE’s Global Exchange Market (GEM).
Under the GEM Rules of the ISE, GDN issuers are required to provide investors in these securities with access to relevant and timely information to make appropriate investment decisions. To gain admission to GEM, the GDN issuer must make certain information available in their admission documents which are published on the ISE website. On an on-going basis, the GDN issuer must undertake to disclose to the market relevant and timely regulatory information in relation to the underlying issuer and underlying securities through the ISE’s announcement service.
Mr. Gerard Scully, Director of International Primary Markets at the Irish Stock Exchange, said: “we are delighted to admit the Pemex GDN to the ISE’s Global Exchange Market and to be at the forefront of ensuring this innovative new offering is available in the European market. The listing requirements for GDNs enhance transparency for investors in these securities. As a result, Citibank can offer this GDN security to a potentially wider pool of investors. We are confident following the admission of the Pemex GDN that the ISE can attract additional GDNs to public markets.”
Mr. Charles Moser, Executive Director of Morgan Stanley, which acted as the Sole Structuring Agent for this GDN, said: “Morgan Stanley is pleased to have structured the Pemex GDN and to have been involved in facilitating the admission of the first GDN on an European exchange. We believe the listing on the ISE will increase the liquidity and marketability of the notes and enticeother issuers to consider accessing the market in this way.”
