Daycoval Picks BoNY for ADRs

Brazil’s Banco Daycoval has picked Bank of New York Mellon for an ADR program, with each Daycoval ADR representing two preferred shares. BoNY also serves as trustee for Daycoval’s international debt facilities. BoNY is also running a DRs program for Parana Banco, at a ratio of 1:1. LatAm ADRs were mostly lower Monday, with financial institutions hit especially hard, BoNY data shows. Year to date, ADRs in heavyweights Itau and Bradesco are down 15% and 9% respectively.