The Argentina Securities Commission (CNV) announced that the first “pagaré producto” promissory notes payable at sight were negotiated on Mercado Argentino de Valores S.A. (MAV), following CNV General Resolution No. 1046 implementing Decree No. 1124/2024 on bills of exchange and listed promissory notes payable at sight or at a certain time at sight. A “pagaré producto” is a promissory note whose interest is determined by reference to the variation in the value of a commodity, an index, or the evolution of a financial rate, with the stated aim of boosting credit and expanding financing alternatives for the productive sector through capital markets. The first transactions used interest adjustments linked to soybeans, the Badlar rate and the Tamar rate; CNV president Roberto E. Silva described the trades as the first effective negotiation of the instrument under the new framework.
Argentina Securities Commission (CNV) 2025-05-06
Argentina Securities Commission marks first on-exchange negotiation of product-linked promissory notes on MAV
The Argentina Securities Commission (CNV) announced the first negotiation of "pagaré producto" promissory notes on Mercado Argentino de Valores S.A. (MAV), following CNV General Resolution No. 1046. These notes, linked to commodities or financial rates, aim to enhance credit and financing options for the productive sector. Initial transactions were tied to soybeans, the Badlar rate, and the Tamar rate.