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

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

This time, Marval O’Farrell Mairal acted as legal advisor on the issuance of the thirtieth series of financial trusts “Mercado Crédito Consumo,” for a total amount of ARS 12,999,984,857, under the “Mercado Crédito” Program, which securitizes 100% digital loans. The transaction took place on March 6, 2024, and included the issuance of trust debt securities for a total of ARS 10,074,988,264 and certificates of participation for ARS 2,924,996,593.

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 XXX” 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 Commission and listed in Bolsas y Mercados Argentinos SA and Mercado Abierto Electrónico SA.

Marval O’Farrell Mairal 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 and Carmen del Pino. Micaela Varas Bleuer and María Victoria Suarez acted as MercadoLibre in-house counsels.