Covered warrant: Cautious sentiment

CW market liquidity dropped during the week, mainly due to the long holiday period, which made investors more cautious. In addition, the trading week had only three sessions instead of the usual five, further weighing on liquidity. According to valuations based on the Black-Scholes model, several CWs are currently undervalued, with CVHM2515, CVHM2508, and CVRE2515 being the most notable examples. In contrast, CVHM2520, CVRE2521, and CVHM2511 were assessed to be overvalued, based on a total sample of 259 listed CWs.