Marval Advised TMF Trust Company (Argentina) S.A. on the First Issuance under the Public Offering Regime for Financial Trusts with Automatic Authorization for Frequent Issuances under the “CREDITECH” Global Program
Marval O’Farrell Mairal acted as legal counsel to TMF Trust Company (Argentina) S.A., in its capacity as trustee, in connection with the issuance of trust securities corresponding to the financial trust “Creditech VIII” under the “Creditech” Global Trust Securities Program, for a total amount of ARS 13,270,000,000 nominal value. This transaction constituted the first issuance under the Program carried out pursuant to the public offering regime with automatic authorization for Frequent Issuances.
The issuance took place on October 2, 2026, and included Class A Trust Debt Securities (VDFA) with a nominal value of ARS 10,100,000,000, Class B Trust Debt Securities (VDFB) with a nominal value of ARS 770,000,000, and Class C Trust Debt Securities (VDFC) with a nominal value of ARS 2,400,000,000.
The public offering of the trust securities received automatic authorization from the Argentine Securities Commission (CNV) on September 29, 2026, without prior review by such regulatory authority. The trust securities are traded on A3 Mercados S.A. and listed on Bolsas y Mercados Argentinos S.A. (BYMA).
The VDFA, VDFB and VDFC were rated by Moody’s Local AR Agente de Calificación de Riesgo S.A. as “AAA.ar (sf)”, “A-.ar (sf)” and “B.ar (sf)”, respectively.
Creditech S.A. acted as settlor, servicer, collection agent and beneficiary; TMF Trust Company (Argentina) S.A. acted as trustee and issuer; and Adcap Securities Argentina S.A. acted as arranger and lead placement agent. Banco CMF S.A., SBS Trading S.A., Banco Mariva S.A., Banco de Valores S.A., First Capital Markets S.A., IOL Invertironline S.A. and PP Inversiones S.A. also acted as placement agents.
Marval served as legal counsel to the trustee through a team led by partners Francisco Abeal and Martín Iván Lanús, together with associate Felicitas María Bereterbide. Creditech S.A. was advised by its own legal counsel.