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Erste Group Warrant ANDRITZ 20.09.2019

ISIN:
AT0000A27QR8
WKN:
EB0X4A

2019/06/24 10:57:02
Bid Ask
0.085 0.105
Difference 3.26% (0.00)

General attributes

IssuerErste Group Bank AG
Product typeWarrants
CurrencyEUR
TypPUT
Exercise methodamerican
UnderlyingANDRITZ
Underlying price32.70 EUR
Date2019/06/24 10:48:01
Strike30.0000 EUR
MoneynessOut of the money
Implied volatility32.7132%
Omega9.6077
Multiplier0.1000000
Maturity2019/09/20

The calculation of the key figures is based on the most recently delivered price of the underlying (see date/time stamp in tab underlying).

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Final termsPDF Download
Key Information DocumentPDF Download




Performance since inception. Performances under 12 month have only little informative value because of the short maturity. Information about previous performance does not guarantee future performance.
Source: Erste Group Bank AG
Advantages Risks you should be aware of
  • Chance to benefit from falling prices of the underlying instrument at a disproportionate rate
  • Gains possible amid rising volatilities of the underlying
  • Possible hedge of an existing portfolio against short-term losses
  • Redemption does not only hinge on the performance of the underlying. Other factors crucial to the composition of the option value such as in particular the (declining) remaining life of the option, changes in the volatility of the underlying, interest rates, and the dividend policy of underlying shares, if any, may also strongly affect the price of the option.
  • It is important to constantly monitor these factors.
  • The leverage effect exacerbates price fluctuations during the life of the option and scales up the participation in the performance of the underlying.
  • Risk of capital loss of up to 100%.
  • Redemption hinges on the solvency of Erste Group Bank AG (default risk).
  •  Put options are generally subject to the risks outlined in the respective prospectus.

Secondary market

From the value date onwards the certificates can be traded on each stock exchange day during trading hours. However, Erste Group Bank AG cannot guarantee the existence or maintenance of an active market throughout the entire life of the certificate. The issuer will, as a rule, continuously quote prices, but is not obligated to do so. Neither is the issuer obligated to redeem the certificates. During the life of the certificate its price will be significantly determined by the general development of interest rates, the fluctuations on the capital market, and the general economic scenario.


2019/06/24 10:57:02
Bid Ask
0.085 0.105
Difference 3.26% (0.00)

General attributes

IssuerErste Group Bank AG
Product typeWarrants
TypPUT
Exercise methodamerican
Stock exchangeVIE, STU
UnderlyingANDRITZ
Underlying ISINAT0000730007
Underlying stock exchangeVIE
Underlying currencyEUR
Underlying price32.70 EUR
Date2019/06/24 10:48:01
Strike30.0000 EUR
MoneynessOut of the money
Implied volatility32.7132%
Historical volatility 30 days-
Historical volatility 200 days-
Leverage31.16
Delta-0.2504
Omega9.6077
Gamma 0.0060
Vega0.0052
Theta -0.0010
Rho-0.0022
Multiplier0.1000000
Issue date2019/04/10
Start price product0.03
Maturity2019/09/20
First trading day2019/04/10
Last trading day2019/09/18
Quantono
CurrencyEUR

The calculation of the key figures is based on the most recently delivered price of the underlying (see date/time stamp in tab underlying).

Warrants | Description

What are warrants?
 
Warrants offer investors the chance to benefit at a disproportionate degree (leveraged) from the performance of the underlying instrument. The investment in warrants requires less capital outlay than the direct investment in the underlying. Shares, currencies, interest rates, or commodities among others, can serve as underlying.

Warrants transfer the right to the holder to buy (call options) or sell (put options) a specified amount of the underlying instrument during (American) or at the end of the life (European) of the warrant at a fixed price. The holder may exercise this right, but does not have to do so. In practice, the holder will tend not to exercise the right but to sell the warrant on the stock exchange or settle in cash. This is easier and more economical.

The price of an warrant is composed of the intrinsic value and the time value. The difference between the price of the underlying and the strike price is equal to the intrinsic value. At the end of its life, the warrant expires and becomes worthless if the intrinsic value is zero or negative. The time value represents a sort of premium and depends on numerous factors. The remaining life of the warrant is a crucial factor. The longer it is, the higher is the probability that the underlying will rise (relevant for call options) or fall (relevant for put options), which in turn results in a higher time value. The time value decreases over the life of the warrant, and it does so more rapidly towards the end of the life than at the beginning. In addition, factors like interest rates, dividends (if the underlying is a share), and the volatility of the underlying affect the time value.

 

How do put options work?

Holders of a put option expect the price of the underlying instrument to fall. They acquire the right to sell the underlying, and in return they pay the so-called option premium. It makes economic sense to exercise the right when the underlying can be sold through the option at a higher price than on the stock exchange. For most put options, however, the underlying instrument is actually never physically sold and delivered; rather, settlement is in cash. This means that the value of the option is credited to the investor’s account.

Investors benefit from falling prices in the underlying. If the underlying records a positive performance, the maximum loss the investor will incur is the option premium he/she paid (i.e. total loss).

A put option allows investors to achieve gains amid falling prices of the underlying instrument as well as to hedge their portfolio against declines in that underlying. Seeing that the value of a put option increases as the price of the underlying falls, in an ideal case the option can offset the possible losses of the underlying in the portfolio

Price information

Today open0.09
Today high0.10
Today low0.08
Close (previous day)0.09
Spread in %19.05 %
Spread absolute0.02
Spread harmonised0.20
High price (52 weeks)0.17
Low price (52 weeks)0.01

Performance

Performance YTD in %-
Performance 1 month in %-6.12%
Performance 6 months in %-
Performance 1 year in %-
Performance 3 years in %-
Performance 5 years in %-
Performance since inception in %+186.67%


2019/06/24 10:57:02
Bid Ask
0.085 0.105
Difference 3.26% (0.00)

Date: 2019/06/24 10:48:01
Underlying Quote
32.70 EUR
Difference -0.30% (-0.10)

General attributes underlying

NameANDRITZ
ISINAT0000730007
Stock exchange (underlying)VIE
Currency (underlying)EUR
Start value underlying38.4400
Price32.70
Time19/06/24 - 10:48:01
Change in %-0.30%
Today high33.28
Today low32.70
High price (52 weeks)53.50
Low price (52 weeks)30.56


Information about previous performance does not guarantee future performance.
Source: FactSet

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Know-How

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INFORMATION FOR PRIVATE CLIENTS / CONSUMERS

Any information, material and services regarding financial instruments and securities provided by Erste Group Bank AG or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites”) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions (the “Interested Party“).

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The securities displayed on the Websites have not been and will not be registered under the US Securities Act of 1933 and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. For this reason the securities may, inter alia, not be offered, sold or delivered within the United States or, for the account and benefit of U.S. persons.

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By agreeing to this hereto, the Interested Party confirms that
(i) It has read, understood and accepted this Information and the Disclaimer;
(ii) It informed itself about any possible legal restriction and warrants that it is not restricted or prohibited to enter the Websites according to any law applicable; and
(iii) It does not make available the contents of the Websites to any person who is not qualified by law to enter the Websites.