Bolsa De Madrid Trades 108 New Warrants Issued By BBVA Banco De Financiacion

Bolsa de Madrid today began trading 108 new warrants issued by BBVA Banco de Financiacion. The underlying assets for the warrants are Spanish shares and indices as well as foreign shares.

The Spanish shares that will act as the underlying assets for the 84 warrant certificates are as follows: Abertis, BBVA, Endesa, Gas Natural, lberdrola, lnditex, Repsol, SCH, Sogecable, Telefonica, Telefonica Moviles and Zeltia. Abertis has entered the market as a new underlying asset.

The 15 warrants issued on foreign shares are as follows: Alcatel, France Telecom and Nokia. Nine warrants have been admitted to trading on the Ibex 35 index.

Among the listed issues are call and put warrants, all of which work in the same way as American warrants. Their expiry dates are June 18 and September 17 2004.

The volume of premiums traded in 2003 reached 1.6 bn euro, which represents an increase of 43.62 % on the previous year. As to the trades carried out per type of warrant, call warrant operations accounted for 63.86 % of the total amount while put warrant trades represented 36.14 %.

With these new admissions the number of warrants traded on the Madrid Stock Exchange is now 1,164.