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What is the difference between CBBCs and warrants?

The following table describes some of the key differences between warrants and CBBCs.

Feature Warrants CBBCs
Response to price movement in underlying asset Depends on various factors. Changes in value by approximately the same amount as the underlying asset, but still depends on various factors.
Implied volatility Affects trading price of warrants. Insignificant to trading price of CBBCs.
Funding costs Built into the premium price of a warrant. Specified in the listing document.
Tenor 6 months to 5 years. 3 months to 5 years.
Mandatory Call Standard (i.e. non-exotic) warrants do not have a mandatory call feature. CBBCs have a mandatory call feature. A CBBC is terminated early when the price of the underlying asset hits the call price
Undelrying assets More underlying assets are eligible for warrant issuance. Relatively fewer underlying assets are eligible for CBBC issuance.