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MTS Cedulas Market

Participants in the MTS Cedulas Market have access to Cedulas (Spanish covered bonds).

In order to be eligible for listing, Cedulas are required to be €1.5 billion or more, supported by at least 7 Market Makers. Four maturity buckets have been selected: A (2.5 to 4 years), B (4 to 8 years), C (8 to 12 years), D (above 12 years).

Currently, eligible issuers include AyT Cedulas Cajas, Banco Bilbao Vizcaya Argentaria, Banco Santander Central Hispano, Banesto, Caja Madrid, Cedulas TDA, IM Cedulas Banco Popular and La Caixa.

In keeping with the MTS model, Cedulas are offered via a parallel listing on the MTS Cedulas Market , as well as on EuroCredit MTS, ensuring the deepest possible pool of liquidity for Cedulas.

Participants may act as Market Makers or Price Takers.

Participants as of February 2006

 Market Makers
ABN-AMRO Bank N.V HSBC-CCF
Barclays Bank PLC IXIS CIB
Bayerische Hypo und Vereinsbank AG JP Morgan Securities Ltd
BNP Paribas Landesbank Baden-Wuerttemberg
BSCH Morgan Stanley
CALYON Natexis
Citigroup Global Markets Ltd Nomura International PLC
Commerzbank Royal Bank of Scotland
Credit Suisse Securities (Europe) Ltd SEB AG
DZ Bank Société Générale
Deutsche Bank AG UBS Limited
Dresdner Bank AG WestLB AG
Goldman Sachs International  

 Price Takers
Bayerische Landesbank Merrill Lynch International
Danske Bank Norddeutsche Landesbank
Fortis Bank Nordea Bank

Selected Securities

Following is the list of securities as of
This list is updated on a monthly basis

ISINBond TypeDescription

For more information, please contact:
Laurent Viteau
Tel:
+44 20 7786 6043
Mail:
Laurent.Viteau@euromts-ltd.com