Covered warrant: Liquidity rebounded

The covered warrant market saw an improvement in liquidity during the past week, indicating signs of returning capital flows. However, the number of declining warrants continued to dominate, suggesting that short-term risks in the underlying equity market remain present. According to valuations based on the Black-Scholes model, several CWs are currently undervalued, with CMWG2509, CMWG2510, and CSTB2513 being the most notable examples. In contrast, CVIC2517, CVIC2516, and CVIC2515 were assessed to be overvalued, based on a total sample of 261 listed CWs.