First ever African ADRs
JP Morgan launched the first depositary receipt programme for South African bonds in September. The programme allows international investors to buy DRs on bonds listed by Eskom, the state-owned electric utility, without having to bear the costs of trading in Eskom's home market.
Eskom is South Africa's second largest domestic bond issuer with a total outstanding face value of $6.9 bn as of August 31, 1995. The Level 1 OTC-traded DRs will cover four bond issues worth $5.8 bn, accounting for
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