Marval Advises on the Issuance of “Mercado Crédito Consumo XXXI” 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 31st series of financial trusts “Mercado Crédito Consumo,” for a total amount of ARS 17,999,991,535, under the “Mercado Crédito” Program, which securitizes 100% digital loans. The transaction took place on April 8, 2024, and included the issuance of trust debt securities for a total of ARS 15,119,992,890 and certificates of participation for ARS 2,879,998,645.
MercadoLibre SRL, one of the most important companies in LATAM, acted as trustor, administrator, and collection agent. Banco Patagonia SA 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 XXXI” consist of 100% digital consumer loans granted to users and consumers by executing electronically signed private instruments.
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 Agustín Alejo Centurion, Sebastián Swinnen and Carmen del Pino. Micaela Varas Bleuer and Maria Victoria Suarez acted as MercadoLibre in-house counsels.