Capital raisings through American Depositary Receipts (ADRs) will have increased by 60% by the end of 2003 compared with the same period last year, according to a projection by the Bank of New York.

ADRs are dollar-denominated securities that allow non-US companies to trade on a US exchange. Non-US companies and governments will have raised more than $10bn (€8.1bn) through 38 ADR offerings by the end of this year compared with $6.2bn raised through 29 offerings last year.