The Spanish Exchange Trades 78 New Warrants Issued By BBVA Banco De Financiación - With The New Issues The Number Of Warrants Traded On The Market Is 1,602.

The Spanish Exchange today began trading 78 new warrants issued by BBVA Banco de Financiación. The underlying assets for the warrants are domestic and foreign shares, domestic indices as well as exchange rates.

As to the warrants on exchange rates, 40 were issued in total, 10 of them on the Euro / Pound exchange rate, 10 on the Euro / Yen, 10 on the Euro / Dollar and 10 on the Dollar / Mexican Peso. It is worth mentioning that this is the first time that any warrants are issued on the Euro / Pound and on the Dollar / Peso exchange rates.

The Spanish shares that will act as the underlying assets for 31 warrant are as follows: Abertis, Altadis, BBVA, Endesa, Iberdrola, Inditex, Indra, Banco Popular, Repsol, Santander and Zeltia.

Among the warrants issued on foreign shares, 5 have been issued on the following underlying assets: Deutsche Telecom, France Telecom and ING.

As to indices, 2 warrants were issued on the Ibex 35 index.

Among the issues are call and put warrants, all of which work in the same way as American warrants, that is, they are exercised automatically by the issuer and their expiry dates are on 17 June and 16 September 2005.

The trading volume posted for warrant premiums in February reached € 189.27 million, 17.69% up on the previous month. Also important is the record high reached on February 23rd, when the value of premiums traded came in at € 15.30 million.