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COMISIÓN NACIONAL DEL MERCADO DE VALORES

ANNUAL REPORT ON THE SECURITIES MARKET. 2003

© Comisión Nacional del Mercado de Valores. All information in this publication may be reproduced with attribution

I.S.B.N.: 84-87870-40-6 Depósito Legal: M. 36.115-2004

Printed by: NEOGRAFIS, S. L. - Pol. Ind. San José de Valderas I C/ Vidrio, 12-14. 28918 LEGANÉS (Madrid)

 

Índex

General Index

 

1. Overview of the Securities Markets

 

15

1.1 Economic situation

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15

1.2 Financial flows

in the Spanish economy

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18

1.3 World financial

markets

 

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23

1.4 Securities and derivatives markets in Spain

 

28

2. Primary markets

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35

General

2.1 overview

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35

2.2 .

Equities

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37

2.3 Fixed-income

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38

2.4 Other issues registered at the CNMV

 

45

3. Secondary

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49

3.1 Equity markets

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49

3.2 Fixed-income markets

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57

3.3 Margin trading and security lending

 

62

3.4 Securities clearing and settlement

 

63

4. Derivatives

markets

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67

4.1 International situation

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67

4.2 Spain’s derivatives markets

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71

5. Collective investment schemes and venture capital companies

 

79

5.1 General

overview

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79

5.2 Securities investment funds and companies

 

83

5.3 Foreign collective investment

 

schemes marketed in Spain

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90

5.4 Real estate investment funds

and

companies

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90

5.5 Venture capital firms

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90

6. Securities firms and fund management companies

 

95

6.1 Securities

firms

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95

6.2 Collective investment scheme management companies (SGIIC)

 

103

6.3 Portfolio management companies (SGC)

 

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104

6.4 Venture capital firm management companies (SGECR)

Annex

1:

Primary

markets

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105

109

A.1.1

Primary

. markets. Issues and outstanding balances

 

111

A.1.2

Issues and public offerings, by instruments. Amounts registered at the

 

CNMV

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112

A.1.3

A.1.4

Capital increases through issues of new stock registered at the CNMV,

the CNMV. 2003

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except primary public offerings. 2003. Detail by issuer

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113

114

A.1.5

Primary public offerings registered at Secondary public offerings registered

. at the CNMV. 2003

 

114

A.1.6

Fixed-income issues registered at the CNMV. Main issuers. 2003

 

115

A.1.7

Fixed-income issues registered at the CNMV. Preference shares. 2003.

 

Detail

by

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116

3

Annual report on the securities markets. 2003

A.1.8

Fixed-income issues registered at the CNMV. Convertible bonds. 2003

 

Detail by issuer

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116

A.1.9

Fixed-income issues registered at the CNMV. Non-convertibl bonds.2003.

 

Detail by issuer

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117

A.1.10. Fixed-income issues registered at the CNMV. Mortgage bonds. 2003.

 
 

Detail by issuer

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119

A.1.11

Fixed-income issues registered at the CNMV. Territorial bonds. 2003.

 

Detail by issuer

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119

A.1.12

Fixed-income issues registered at the CNMV. Asset-backed bonds and

 

notes.

2003. Detail

by

issuer

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120

A.1.13

Fixed-income issues registered at the CNMV. Commercial paper. 2003.

 

Detail by issuer

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122

A.1.14

Fixed-income issues registered at the CNMV. Other issues. 2003. Detail

 

by issuer

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124

A.1.15

Issues of warrants and other financial contracts registered at the CNMV.

 

2003.

Detail by

issuer

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125

Annex 2: Secondary markets

 

127

A.2.1

Secondary markets. Net revenues and earnings of listed companies.

 

2003

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129

A.2.2.1 Secondary markets. Equities. World markets in 2003. Stock market in-

 
 

dexes.

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130

A.2.2.2 Secondary markets. Equities. World markets in 2003. Trading volume,

P/E and dividend

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131

A.2.3

. Secondary markets. Equities. Spanish stock market indexes in 2003

132

A.2.4

Secondary markets. Equities. Sector indexes (Madrid Stock Exchange).

 

2003

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133

A.2.5

Secondary markets. Equities. Market capitalisation and companies listed

 

on the Spanish stock exchanges

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134

A.2.6

Secondary markets. Equities. Concentration of capital on the Spanish

 

stock markets, by sector. 2003

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135

A.2.7

Secondary markets. Equities. capitalisation on the Spanish stock mar-

 

kets, by sector. 2003

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136

A.2.8

Secondary markets. Equities. Ownership of shares of listed companies

(Madrid Stock

Exchange)

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136

A.2.9

Secondary

. and derivatives markets. Trading volume

137

A.2.10

Secondary markets. Equities. Effective trading in equities on the Spanish

stock exchanges. 2003

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138