The Spanish Stock Exchange Trades 72 New Warrants Issued By Banesto And Commerzbank - The Number Of Warrants Admitted To Trading Up To November Amounts To 1,469, Which Exceeds By 50% All The Warrants Listed All Through 2003

The Spanish stock exchange today began trading 72 new warrants issued by Banesto Banco de Emisiones and 45 by Commerzbank.. The issue is linked to a wide scope of underlying assets, among which there are domestic and foreign shares and indices.

With these new issues the number of warrants traded on the Spanish stock market up to November is 1,469, considerably exceeding the 978 issues made all through the year 2003. The trading volume posted by these products has soared this year. Also worth mentioning is the warrant turnover daily average posted in November, which is € 9 million.

Four warrants were issued by Banesto on the Ibex 35 and 11 on Spanish shares, whose underlying assets are as follows: Amadeus, BBVA and Telefónica. Another 12 warrants were issued on the following foreign shares: Deutsche Bank, Deutsche Telekom and Nokia.

Among the issues there are call and put warrants. All of them are American style and are exercised automatically with expiry date on 16 June 2006. As for the warrants issued by Commerzbank, 5 were issued on the Ibex 35 index; 23 on Spanish shares whose underlying assets are BBVA, Repsol, SCH and Telefónica; 6 warrants were issued on Nokia Oyj’s stock, 4 on the Euro Stoxx 50 and 5 on the DAX.

Among the issues by Commerzbank are call and put warrants. They are all American style, exercised automatically by the issuer and with expiry dates in March and June 2005.