Spanish Exchange Trades 86 New Warrants Issued By BBVA Banco De Financiación

The Spanish Exchange yesterday began trading 86 new warrants issued by BBVA Banco de Financiación. The underlying assets for the warrants are domestic and foreign shares and indices.

The Spanish shares that will act as the underlying assets for 36 warrant are as follows: Amadeus, BBVA, Endesa, Iberdrola, Inditex, Repsol, SCH and Telefónica.

Among the warrants issued on foreign shares, 30 have been issued on the following underlying assets: Alcatel, AXA, BNP Paribas, Deutsche Telecom., Ericsson, France Telecom, ING, Nokia and Philips.

As to the warrants issued on indices, 6 have been issued on the Ibex-35,4 on the international Dax index, 5 on the Dow Jones Industrial Average and 5 on the Dow Jones Eurostoxx 50.

Among the issues are call and put warrants, all of which work in the same way as American warrants. They are exercised automatically by the issuer.

The value of trading in warrant premiums in 2004 was € 1.82 bn, a 13.48% increase on the year.