Marval Advises on the Issuance of “Mercado Crédito XIX” 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 nineteenth series of financial trusts “Mercado Crédito”, for a total amount of ARS 6,282,404,027, under the “Mercado Crédito” Program, which securitizes 100% digital loans. The transaction took place on September 19, 2023, and included the issuance of trust debt securities for a total of ARS 4,253,187,526 and certificates of participation for ARS 2,029,216,501.

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 XIX” consist of 100% digital loans granted to users 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 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, Lautaro Penza, and Agustín Alejo Centurion. Rosario López and Maria Victoria Suarez acted as MercadoLibre in-house counsels.