Marval Advises on the Issuance of “Mercado Crédito Consumo XXIII” Financial Trusts

The firm has once again played a major role in a Banking & Finance, and Fintech transaction.

This time, Marval acted as legal advisor on the issuance of the twenty-third series of financial trusts “Mercado Crédito Consumo”, for a total amount of ARS 7,999,987,820, under the “Mercado Crédito” Program, which securitizes 100% digital loans. The transaction took place on August 4, 2023, and included the issuance of trust debt securities for a total of ARS 6,199,990,560 and certificates of participation for ARS 1,799,997,260.

MercadoLibre, one of the most important companies in LATAM, acted as trustor, administrator, and collection agent. Banco Patagonia acted as trustee, arranger, and underwriter; and Allaria SA acted as sub-underwriter. Following the structure used in previous issuances, the securitized assets of “Mercado Crédito Consumo XXIII” consist of 100% digital consumer loans granted to users and consumers by executing private instruments signed electronically.

The securities were authorized for public offering by the Argentine Securities and Exchange Commission and listed in Bolsas y Mercados Argentinos SA and Mercado Abierto Electrónico SA.

Marval acted as legal advisor of the transaction through a team led by Partners Juan M. Diehl Moreno and Sergio Tálamo, together with Associates Carmen Del Pino, Agustín Alejo Centurion, and Manuela Kotsias Fuster. Rosario López and Maria Victoria Suarez acted as MercadoLibre in-house counsels.