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

The Firm continues to show its expertise in Banking & Finance, and Fintech transactions. 

This time, Marval acted as legal advisor on the issuance of the twenty second series of financial trusts “Mercado Crédito”, for a total amount of ARS 6,998,198,885, under the “Mercado Crédito” Program, which securitizes 100% digital loans. The transaction took place on May 23, 2024, and included the issuance of trust debt securities for a total of ARS 5,213,658,169 and certificates of participation for ARS 1,784,540,716.

MercadoLibre SRL, 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 XXII” 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 Talamo, together with Associate Sebastian Swinnen. Maria Victoria Suarez and Paulina Soledad Rossi acted as MercadoLibre in-house counsels.