Commerzbank Spain has overtaken BNP Paribas as the leading local issuer of turbo certificates, following the addition of 15 new contracts to its platform.

Commerzbank now has 559 turbo certificates, a 53% market share. The underlying assets of the new suite are equity indices, including the Ibex35 and the Dow Jones (4 each), the Dax index (3), and the S&P500 and the Nasdaq100 (2 each). Previous launches included underlyings such as the DJ Industrial Average, Brent crude, EUR/USD and JPY/EUR, and commodities such as gold and silver.

"Commerzbank is a leading issuer of turbo certificates in Europe and we want to expand our offer in the Spanish market," said Gina Mendes Reis, equity derivatives product manager for Spain. "In 2010 we developed a platform with [financial adviser] Renta 4, which enables certificates to be issued in a very efficient manner, cheaply and quickly. That platform is the main reason why we have been able to step up our issuance of turbos so fast."

Mendes Reis said turbos are an interesting proposition for investors as they allow leveraged participation in the capital markets without the full impact of market volatility. She said the German bank expects to continue issuing products with different risk profiles and underlyings.

According to SRP data, Commerzbank has overtaken BNP Paribas, the oldest issuer of turbo certificates in Spain, which now takes second place with 478 products and 45% of issuance. The ranking is completed by Société Générale, another Spanish newcomer with 26 products and 2% of issuance.

Turbo certificates have been sold in Spain since 2007, when BNP Paribas launched its first range. Sales volumes are low compared with wrappers such as structured deposits or funds, and the products are aimed mainly at investors with some degree of sophistication and a short-term view. Turbos are very popular in European jurisdictions such as Germany, Switzerland and Belgium, and have been introduced recently in places like Italy, the UK and Spain.

These products are available now in Recent Additions (Spain).