Marval O’Farrell Mairal Advised on the Issuance of “Mercado Crédito Consumo XVIII” Financial Trusts

Marval O’Farrell Mairal advised again in the areas of Banking & Finance, and Fintech.

The firm acted as legal advisor on the issuance of the eighteenth series of financial trusts “Mercado Crédito Consumo”, for a total amount of ARS 4,999,999,345, under the “Mercado Crédito” Program, which securitizes 100% digital loans. The transaction took place on March 17, 2023, and included the issuance of trust debt securities for a total of ARS 3,799,999,503 and certificates of participation for a total of ARS 1,199,999,842.

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 Ledesma & Cía. SA acted as sub-underwriter. Following the structure used during the previous issuances, the securitized assets of “Mercado Crédito Consumo XVIII” 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 Argentinian Securities and Exchange Commission, and listed in Bolsas y Mercados Argentinos S.A. and Mercado Abierto Electrónico S.A.

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 Marina Rotman, Carmen Del Pino, and Agustín Alejo Centurion. Micaela Varas Bleuer and Rosario López acted as MercadoLibre in-house counsels.