- 5 Discount Call+ series and 4 Discount Put+ series on the IBEX 35®
- BNP Paribas is the first issuer of these types of product in the Spanish stock market
Today marks the start of the first Discounts on the Spanish stock market through the Warrants, Certificates and other products segment of the SIBE Smart Platform. This is a new type of investment product that offers sideways to bullish exposure (Discount Call+) or sideways to bearish exposure (Discount Put+) to the performance of an underlying asset.
The Discounts offer investors a potential maximum return that is calculated based on the difference between the upper and lower limits. The Discount Calls+ will offer the maximum return when at maturity the underlying is above the upper limit or as long as said underlying has remained above the lower limit throughout the life of the product. If it reaches the lower limit, the product will remain active in the market but it will no longer offer the maximum return except when the first of the previously mentioned outcomes takes place. If at maturity the underlying stands below the lower limit, the value of the Discount will equal 0. In the case of the Discount Put+ the performance is the same but in the opposite direction.
The products admitted to trading today, 5 Discount Call+ and 4 Discount Put+, were issued by BNP Paribas and they are linked to the performance of the IBEX 35®.
The warrants and certificate market registered a volume of €208.6 million, 0.6% more than the year-earlier period of 2013. The number of issues admitted to trading at the close of March totalled 1,872.
