Place the Honey Nut Chex cereal in a large bowl. (If needed, split into 2 smaller bowls). 2. In a separate bowl, pour the Nutella, peanut butter, and margarine together. Place in a microwave for 30 seconds, or until the margarine has melted. 3. Stir the Nutella mix. 4. Pour the mixture over the Honey Nut Chex and toss until the cereal is completely covered. 5. Pour in the confectioners sugar. Mix slowly.

Enjoy.