This document gives a proposal to structure Warrants in the public Colombian stock market, here are published advantages and disadvantages that could represent the Warrants usage as finanting instrument for companies listed in the Colombia Stock Exchange; therefore, based in the experience achieved for both financial markets in countries such as Spain and Mexico, which have a noted development along the decades with this financial instrument. For Colombia, is proposed the launch of Warrants structure as sweetener for bonds issue, so that, it is converted in a more feasible alternative for such companies with strong restrictions, that could not participate in active way in the use of bonds or other stocks or shares. In this way, an application has been developed to simulate a Warrants issue which inputs are the necessary parameters for the mathematical model that has the instrument valuation to determinate the financing cost. Besides, through the Warrants implementation is possible to get other financial ratios, useful for the companies to form their instrument based in the liquidity or cash flow. In this thesis, three cases have been simulated as examples, which are real companies, and data that belong to target companies which main feature is the low trading volume. As results for this analysis, the main factors that affect the value and issue fundamentals are shown. Finally, it’s identified the legal framework in Colombia applicable for issue and structure procedures for new derivative products, the requirements and valuation methods for the risks and the instrument itself, they are cited from the Colombian Financial Superintendence Authority. In the same way, the taxation policy is a prominent aspect to define the appropriate framework around a future public bond issue attached to Warrants.