Generally, when compared with purchasing equity in a foreign company, the benefit of purchasing global depositary receipts (GDRs) is:

Purchasing global depositary receipts (GDRs) typically offers lower transaction costs compared to directly purchasing equity in a foreign company. This is mainly because GDRs facilitate international investment by allowing investors to buy shares of foreign companies without the complexities involved in dealing with foreign stock exchanges. By purchasing GDRs, investors can avoid various fees and requirements associated with international trades, such as currency conversions and the need for dealing directly with foreign regulators, which can add additional layers of cost.

In addition, GDRs are often structured to trade in more familiar markets (like the London Stock Exchange) and are available in a more convenient currency, reducing the overhead that might be involved when investing directly in a foreign equity market.

The other options present scenarios that do not align with the fundamental advantages of GDRs. For instance, enhanced voting rights, higher seniority relative to bondholders, and reduced currency risk are not typically features associated with GDRs. In fact, GDRs may not provide the same level of voting rights as owning the underlying equity directly, and they do not inherently offer reduced currency risk since the underlying shares are still subject to currency fluctuations.