Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) is to debut the first warrant product linked to an iBoxx index on the Madrid stock exchange.

The new warrant, which will list on the Madrid Bolsa on Friday, has been designed by BBVA for the bank's own funds division. The warrant is to be based on a total of seven indices, including equity and money market indices, as well as the iBoxx Government Germany Index.