The Spanish Stock Exchange Trades 115 New Warrants Issued By BBVA Banco De Financiación - The Number Of Warrants Admitted To Trading Up To October Exceeds That Posted In 2003

The Spanish stock exchange today began trading 115 new warrants issued by BBVA Banco de Financiación. The issue is linked to 24 underlying assets, which are domestic and foreign shares and indices.

With these 115 issues the number of warrants traded on the Spanish stock market so far this year stands at 1,065, which exceeds the 978 warrants issued all through 2003.

Of all the warrants, 74 were issued on Spanish shares the underlying assets of which are shares of Abertis, Altadis, Amadeus, BBVA, Endesa, Gas Natural, Iberdrola, Inditex, Indra, Banco Popular, Repsol, SCH, Sogecable, Telefónica, Telefónica Moviles and Zeltia.

The warrants issued on foreign shares amount to 30, the underlying assets of which are as follows: Alcatel, Deutsche Telecom, Ericsson, France Telecom, Nokia and Philips. It is worth mentioning the fact that it is the first time that shares from Ericsson have acted as underlying assets in this market.

As to the warrants on indices, 6 have been issued on the Ibex-35 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, are exercised automatically and their settlement takes place on their expiry date.

The volume of warrant premiums traded in September amounted to € 153 million, which represents an increase of 28.81% compared to the same month last year.