Glossary

Global Depositary Note (GDN)

is a debt instrument created by a depositary bank, that evidences ownership of a local currency-denominated debt security. GDNs emulate the terms (interest rate, maturity date, credit quality, etc.) of particular local bonds; however, they trade, settle, and pay interest and principal in U.S. Dollars, and are Euroclear/Clearstream/DTC-eligible.
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