Issuer Services
A trusted provider to help enable capital market activity, from issuance to administration, through two key business segments: Citi® Agency & Trust and Citi® Depositary Receipt Services. We support transactional services with a unique blend of in-depth knowledge of capital markets transactions, technical knowledge, global reach, and ease of execution.
75%+
Agency and Trust services ~75% of the Global Fortune 100
#1
#1 ranked Depositary Receipts business supporting issuers in raising capital around the globe
96%+
Global access to ~96% of capital markets activities
*As of Q3, 2025
- Citi DR Services Overview
- Sponsored DR Programs
- Unsponsored DR Programs
- Global Depositary Notes (GDNs)
- Citi Agency & Trust
- Debt Capital Markets
- Structured Finance
- Investor Reporting
- Project Finance and Infrastructure Services
- Escrow and Specialized Agency
Citi DR Services Overview
Citi’s depositary receipt (DR) solutions offer an established pathway for companies around the world seeking to raise capital internationally, broaden their investor base, and strengthen their global equity brand.
Citi DR Services brings extensive in-house capabilities and a global network across custody, transaction structuring, corporate action management, capital markets intelligence, and investor relations best practice.
To learn more about Citi Depositary Receipts, please visit www.citi.com/dr.
Sponsored DR Programs
Implemented in collaboration with the issuing company, sponsored depositary receipt (DR) programs offer a flexible, controlled approach for companies seeking to bring their equity to international markets with the aim to raise their visibility, enhance trading liquidity, and remove barriers to access for global investors.
Citi DR Services brings extensive experience across a full range of sponsored DR offerings, including single- and dual-listed American depositary receipts (ADRs) as well as global depositary receipts (GDRs) listed on major European exchanges. For issuers seeking a more streamlined approach, a level-I ADR program traded over-the-counter (OTC) can also offer an efficient, cost-effective presence in the U.S. market.
The Citi team has a proven track record in supporting large IPOs and complex corporate actions as well as providing ongoing account support, including assistance with DR registration requirements, employee stock remuneration, shareholder voting, and dividend distributions.
In addition, Citi offers investor relations (IR) advisory support to sponsored DR clients, regularly sharing best practices and bespoke, data-driven insights to help them with their IR goals.
Unsponsored DR Programs
Unsponsored depositary receipts (DRs) offer U.S. investors a convenient way to gain exposure to international equities via U.S. securities.
The Citi Capital Markets Solutions team works with brokers to coordinate DR issuance and cancellation and also establishes new unsponsored DR programs according to market demand.
Global Depositary Notes (GDNs)
Citi assists emerging market sovereign debt issuers in supporting their capital-raising activities by bridging local and international debt markets via global depositary notes (GDNs).
As an industry pioneer, Citi was the first depositary bank to offer the GDN instrument, which represent local currency bonds with U.S.-dollar-denominated securities.
As of October 2025, Citi has facilitated GDN issuance from more than a dozen countries around the world.
For more information, email gdn@citi.com.
Citi Agency & Trust
Agency & Trust (A&T) is a leading global provider of corporate trust services. We offer a full range of services to support complex securitisations, project finance, mergers and acquisitions, liability management as well as corporate bonds, medium-term notes and commercial paper to a wide array of clients, across financial institutions, corporate clients and public sector entities in both established and emerging markets.
Debt Capital Markets
Citi Agency & Trust provides an extensive array of services designed to support the full lifecycle of debt issuance in both domestic and international markets, empowering global institutional clients to raise and deploy capital efficiently.
Key Offerings Include:
Commercial Paper (CP) & Certificates of Deposit (CD): As a top provider of Issuing and Paying Agent (IPA) services for over 30 years, Citi Agency & Trust supports nearly 300 programs for financial, corporate, and public sector clients. We facilitate the issuance, payment, and administration of these short-term debt instruments, crucial for managing liquidity and funding needs.
Long-Term Debt (LTD) & Medium-Term Notes (MTN): We offer robust agency and fiduciary services for long-term corporate and sovereign debt, as well as flexible medium-term notes. Our solutions streamline the issuance, payment, and ongoing administration of these instruments, enabling compliance and efficiency across complex capital market transactions.
International ETFs: Support the International ETF model where primary distribution takes place through the International Central Securities Depositaries (or “ICSDs”) via Citi.
Liability Management: Citi Agency & Trust assists clients in optimizing their debt portfolios through various liability management exercises, including tender offers, exchange offers, and consent solicitations, providing advice to navigate complex restructurings.
Warrants & Structured Notes: We support the intricate issuance and administration of warrants and structured notes, offering tailored solutions for these specialised high volume financial instruments.
Digital Note Issuances: Agency & Trust is at the forefront of innovation in Debt Capital Markets, playing a pivotal role as Issuing and Paying Agent for groundbreaking Digitally Native Note issuances. Leveraging Distributed Ledger platform, we facilitate the issuance of digital native debt. Our leadership in this evolving space underscores our commitment to driving efficiency and transforming capital markets through cutting-edge technology.
Our service roles include:
- Account bank
- Calculation agent
- Common depositary
- Conversion/exchange agent
- Escrow agent
- Fiscal agent
- Issuing and paying agent
- Note Trustee
- Registrar and transfer agent
- Security agent/trustee
- Settlement agent
- Tender/exchange/consent/information agent
Bond Holder Information Center
European Bond Programs
To exchange, transfer or convert your Bonds, please follow the link below to download the applicable forms. Please ensure the correct form is used for the direction in which the transfer is to be processed.
US Bond Programs
Obtain the necessary information to register and transfer your bonds using the link below.
Structured Finance
Agency & Trust provides global corporate trust and collateral administration services, using innovative technology for deal execution, trust administration, securities analytics, tax and investor reporting, for ABS/MBS, CLOs, Repacks and other structured finance
Our service roles include:
- Account Bank
- Calculation agent
- Cash manager
- Common depositary
- Custodian
- Indenture trustee
- Note and security trustee
- Paying agent
- Registrar
- Security agent
- Settlement agent
Investor Reporting
Investor Reporting for Structured Finance is Citi® Agency & Trust’s online tool providing timely and easy access to deal information for investors and other interested parties in the structured finance markets. The Citibank, N.A. legal vehicle possesses the financial strength and short/long-term NRSRO credit ratings to support Structured Finance issuances globally.
Access our Citi Investor Reporting Site here
Project Finance and Infrastructure Services
Agency and Trust provide a comprehensive services offering across the full spectrum of bank and debt financings, offers a unique combination of local presence, global capabilities and transaction experience to administer the efficient execution of project finance transactions.
Our service roles include:
- Account bank
- Bond/note trustee
- Calculation agent
- Collateral agent/security trustee/security agent
- Facility/administrative agent
- Intercreditor agent
- Paying agent
- Registrar and transfer agent
Escrow and Specialized Agency
Agency & Trust (A&T) offers a comprehensive suite of services to support the execution of capital markets activities and commercial transactions across the globe. A&T acts as an independent third-party agent to help our clients reduce counterparty risk and meet agreed upon transaction objectives. From the simple to the complex, we provide innovative solutions for transactions that involve mergers and acquisitions, cross-border trade, project financing, loans, and other corporate transactions, acting as a value-add provider to our clients.
Our service roles include:
- Account bank
- Escrow agent
- Closing agent
- Safekeeping Agent
- Paying agent
- Collateral Agent
