“G reat Rate )
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Chase Manhattan Bank New
York and Bank Leumi of Israel
have announced plans to cooper-
ate in issuing American Deposi-
tory Receipts (ADRs) and Global
Depository Receipts (GDRs) for
Most foreign companies want-
ing to attract U.S. investors issue
ADRs, which are notes that rep-
resent shares of a stock in a for-
ADRs are used to offer foreign
companies access to the U.S. mar-
ket and American investors the
opportunity to buy foreign stock
while reducing the bureaucracy
encountered at the U.S. Securi-
ties and Exchange Commission
and other U.S. agencies.
Stephen Iovino, senior execu-
tive for Chase Global Trust
Agency Depository Services
Group, said the combination of
Chase's technological ability and
Leumi's knowledge of the Israeli
market will increase ADR's pop-
ularity with Israeli companies.
In 1983, Teva became the first
Israeli company to issue its
shares in the U.S. through ADRs.
Since then, several other Israeli
companies have taken the ADR
route - including Elite and the
Israel Land Development Corn-
' Annual Percentage Yield (APT) is accurate as of November I, 1994.
Penalty for early withdrawal.
Minimum of $1,000 balance to open and earn interest.
The Israeli trade deficit more
than doubled last month to $791
million as imports shot up 55 per-
cent and exports rose 35 percent,
the Central Bureau of Statistics
Imports grew impressively to
a record $2.246 billion from
$1.449 billion in September,
while exports expanded to $1.455
billion from $1.079 billion.
During the first 10 months of
the year, the trade gap widened
by $1.2 billion, or 22 percent over
the same period last year. Im-
ports jumped by $2.6 billion,
while exports grew a more mod-
erate $1.4 billion
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Source: Allen °lender, Prudential Securities,