A Global Depositary Receipt or GDR is a security that can be traded in the Global Capital Markets. It is issued by an international bank in US dollars or any other foreign currency traded in the free market, in return for keeping a coverage of equivalent local shares in cooperation with a local issuing company. The securities of this company are kept with the agent of the issuing bank and the depository bank (usually a local bank). Consequently those receipts are traded instead of the original securities in global capital markets such as the London Stock Exchange. The depository receipt owner is in fact the owner of the local shares for the purposes of dividend collection, stock selling, etc.
When a company sells shares to the public.
A bond issued by the government for public expenditure.