The Spanish Exchange Trades 186 New Warrants Issued By Commerzbank - With These Issues, The Number Of Warrants Traded On The Market Stands Now At 1,531

The Spanish Exchange today began to trade 186 new warrants issued by Commerzbank. The new issues are linked to a wide range of underlying assets, including domestic and foreign shares and indices as well as exchange rates. As to the warrants on domestic shares 94 were issued on the following underlying assets: Altadis, Banco Popular, BBVA, SCH, Endesa, Iberdrola, Inditex, Indra, Repsol, Sogecable, Telefónica, Telefónica Móviles, Unión Fenosa and Zeltia.

The 41 warrants on foreign shares were issued on the following underlying assets: Arcelor, Deutsche Telekom, France Telecom, Google, Microsoft, Nokia and Yahoo.

As regards indices, 12 issues were made on the Ibex 35, 10 on the international DAX, 6 on the Nasdaq and 7 on the Nikkei.

As to exchange rates, 16 issues were made on the Euro / Dollar exchange rate. Among the issues are call and put warrants, with expiry dates in March and June 2006. All issues are American style, that is, they are exercised automatically on the expiry date.

In 2005 the warrants market recorded a trading volume of €2.14 bn, which represents a 17% increase on last year and a record high since the creation of the market.