  We discuss two inequivalent ways for describing magnetized D-branes wrapped N
times on a torus T^2. The first one is based on a non-abelian gauge bundle
U(N), while the second one is obtained by means of a Narain T-duality
transformation acting on a theory with non-magnetized branes. We construct in
both descriptions the boundary state and the open string vertices and show that
they give rise to different string amplitudes. In particular, the description
based on the gauge bundle has open string vertex operators with momentum
dependent Chan-Paton factors.

High Energy Physics - Theory