Covered warrant: Positive developments

Liquidity in the covered warrant market weakened due to the holiday period. However, the underlying equity market posted gains, indicating that investor sentiment remained broadly positive. According to valuations based on the Black-Scholes model, several CWs are currently undervalued, with CHDB2506, CVRE2527, and CMSN2511 being the most notable examples. In contrast, CVRE2526, CVRE2525, and CVRE2524 were assessed to be overvalued, based on a total sample of 260 listed CWs.