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Citi Appointed as Depositary Bank for Abivax SA s ADR Program

Citi Appointed as Depositary Bank for Abivax SA s ADR Program
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Analysis-Big losses in Russia-linked stocks have investors rethinking other depositary receipts

Global investors are losing confidence in securities linked to shares of companies in the world's geopolitical hot spots, investors and analysts said, after Moscow moved to de-list Russian depositary receipts from foreign exchanges in retaliation for Western sanctions over the war in Ukraine. Moscow's actions have deprived many foreign investors of the ability to trade in Russian securities, including depositary receipts. Depositary receipts, or DRs, are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange.

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