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

The firm continues showing its expertise in Banking & Finance, and Fintech transactions.

This time, Marval acted as legal advisor on the issuance of the twenty-fourth series of financial trusts “Mercado Crédito Consumo”, for a total amount of ARS 8,499,996,845, under the “Mercado Crédito” Program, which securitizes 100% digital loans. The transaction took place on September 1, 2023, and included the issuance of trust debt securities for a total of ARS 6,587,497,555 and certificates of participation for ARS 1,912,499,290.

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 XXIV” 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 Sebastián Swinnen, Carmen Del Pino, and Manuela Kotsias Fuster. Rosario López and Maria Victoria Suarez acted as MercadoLibre in-house counsels.