Merval Launches MBIX

Argentina’s securities market (Merval) has launched a new debt instrument – Merval Bonos Indexados (MBIX) – which brings together in one basket the eight most representative index-linked notes in the local market. These include the first eight peso-denominated bonds in the IAMC index: Boden 2008, Boden 2014, Bocon Pro12, Bocon Pre8, Bocon Pre9, Bogar and the new debt securities issued with the debt swap, Par and Discount. None of the underlying bonds can have more than a 35% weighting in the securities certificate (Ceva). In November, Merval launched the first Ceva when it began to trade Macc, a certificate that bundles together the top eight stocks on the Merval local index into one financial instrument.