Marval acted as legal advisor in Banco de la Nación Argentina’s return to the capital markets after more than 30 years 

Marval O’Farrell Mairal advised the arranger and placement agent and the placement agents in the transaction through which Banco de la Nación Argentina returned to the capital markets after more than 30 years. On May 11, 2026, Banco de la Nación Argentina (“Banco Nación”) successfully issued (i) its Series 1 Debt Securities in a nominal amount of AR$187,718,732,164 (Argentine Pesos one hundred eighty-seven billion seven hundred eighteen million seven hundred thirty-two thousand one hundred sixty-four), at a variable interest rate equal to the Private TAMAR rate plus a 4.25% margin, due May 11, 2027 (the “Series 1 Debt Securities”); (ii) its Series 2 Debt Securities in a nominal amount of US$30,445,485 (U.S. Dollars thirty million four hundred forty-five thousand four hundred eighty-five), at an annual fixed interest rate of 5.50%, due May 11, 2029 (the “Series 2 Debt Securities”); and (iii) its Series 3 Debt Securities in a nominal amount of UVA 150,648,300 (Acquisition Value Units one hundred fifty million six hundred forty-eight thousand three hundred with 0/100), at an annual fixed interest rate of 5.25%, due May 11, 2028 (the “Series 3 Debt Securities”, and together with the Series 1 Debt Securities and the Series 2 Debt Securities, the “Debt Securities”); all of them issued under Banco Nación’s global program for the issuance of short-, medium- and long-term debt securities for up to a maximum aggregate outstanding nominal amount of US$1,500,000,000 (U.S. Dollars one billion five hundred million) (or its equivalent in other currencies, units of measure and/or units of value). The principal amount of the Debt Securities amounted to a total equivalent to more than US$370 million. 

The issuance of the Debt Securities represents Banco Nación’s first debt securities issuance in the capital markets in more than 30 years. The transaction received demand that significantly exceeded the initial offering amount. According to Banco Nación, the proceeds raised from the issuance of the Debt Securities will be used to strengthen lending to the real economy: SMEs that will be able to expand their productive capacity, families that will gain access to financing for their homes, exporters and regional economies that will find in Banco Nación a partner for their development. 

Banco Santander Argentina S.A. participated as arranger and placement agent in the transaction. Banco de Galicia y Buenos Aires S.A., Banco BBVA Argentina S.A., Macro Securities S.A.U. and Nación Bursátil S.A. acted as placement agents. 

The Debt Securities have been admitted for listing on Bolsas y Mercados Argentinos S.A. and authorized for trading on A3 Mercados S.A. 

Marval’s team was composed of partner Sergio Tálamo and associates Martín Iván Lanús, Pedro María Azumendi, Lautaro Penza and Felicitas María Bereterbide.