Bolsa De Madrid To Trade 87 New Warrants Issued By BBVA Banco De Financiación; The Volume Of Premiums Traded On The Warrants Market In January Increased By 16.6 %

Bolsa de Madrid will today begin trading 87 new warrants issued by BBVA Banco de Financiación. The underlying assets for the warrants are domestic as well as foreign shares and indices.

The following Spanish shares will act as underlying assets for 50 warrant certificates: Altadis, Amadeus, BBVA, Endesa, Gas Natural, Iberdrola, Inditex, Indra, Repsol, SCH and Telefónica.

The following foreign shares will act as underlying assets for 22 warrant certificates: Alcatel, Deutsche Telekom, France Telecom and Nokia.

As to the warrants issued on indices, 6 have been issued on the Ibex 35, 5 on the international Dax index and 5 on the Dow Jones Industrial Average.

Among the issues are call and put warrants, all of which work in the same way as American warrants. Their expiry dates are 17 September 2004 and 17 December 2004.

The total value of trading on the warrants market in January was € 144.1 millions, with a daily average of € 7.2 million.

The volume of warrant premiums traded in January reached € 136.5 millions, which represents a 16.6 % increase over the same period last year. As to the trades carried out per type of warrant, the value of call operations in January came in at € 113.3 millions, which accounts for 83% of all warrants traded and the value of put trades was € 23 millions, which represents 17%.

The most heavily traded underlying assets in January were as follows: Telefónica, Ibex 35, Repsol, BBVA, BSCH, Endesa, Nokia, the euro-dollar exchange rate, Alcatel and Amadeus.

With these new admissions the number of warrants traded on the Bolsa de Madrid is now 1,251.