Covered warrant: Cautious sentiment

The covered warrant market remained under pressure, as liquidity continued to decline and the majority of warrants posted losses. This trend indicates a prevailing cautious sentiment among investors and reflects a short-term negative outlook toward the underlying market. According to valuations based on the Black-Scholes model, several CWs are currently undervalued, with CVRE2515, CVHM2515, and CVIC2510 being the most notable examples. In contrast, CVIC2508, CVHM2521, and CVHM2520 were assessed to be overvalued, based on a total sample of 253 listed CWs.