Lobal Depository Receipts (GDR) and convertible bonds Law of Int l Finance


a) Global Depository Receipt (GDR) structures are an essential feature of financing in emerging markets. Comment on the reasons for the need for GDR issues in such markets and whether the legal structures and mechanisms achieve these objectives?
b) Discuss the practical and legal advantages arising from the legal structure of a GDR issue over a conventional share issue.
c) Compare and contrast the legal position of investors in GDR s and that of investors in convertible bonds by reference to the legal structures of the two instruments.
d) Convertible bonds are very different animals from ordinary bonds and consequently, convertible bondholders require special legal protection. Comment.