Marval Advises on the Issuance of Mercado Credito XL Financial Trusts

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

This time, Marval acted as legal advisor on the issuance of the 40^th series of financial trusts Mercado Credito, for a total amount of ARS 109,999,985,279, under the Mercado Credito Program, which securitizes 100% digital loans. The transaction took place on September 22, 2025, and included the issuance of trust debt securities for a total of ARS 79,749,989,327 and certificates of participation for ARS 30,249,995,952.

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 Credito XL consist of 100% digital consumer and working capital 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 A3 Mercados SA (former Mercado Abierto Electronico SA).

Marval acted as legal advisor of the transaction through a team led by Partners Juan Diehl Moreno and Sergio Talamo, together with Associates Lautaro Penza and Pedro Maria Azumendi. Paulina Rossi acted as MercadoLibre in-house counsel.