PAGBAM acts on Cuotas Cencosud Serie XLIV issuance
Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) advised on the issuance of “Cuotas Cencosud Serie XLIV,” the latest series under Cencosud’s structured finance programme “Más Cuotas II.” The transaction is part of a broader strategy to securitize credit card receivables and expand financing channels for retail operations in Argentina.
The issuance consisted of trust debt securities divided into two classes, with a total nominal value of ARS 9,052,339,499 (equivalent to approximately USD 7.78 million). It was executed under the “Más Cuotas II” trust securities programme, which permits issuances of up to USD 250 million, and closed on April 29, 2025.
Cencosud, a major player in Argentina’s retail and shopping center sector, acted as trustor. TMF Trust Company (Argentina) participated as trustee and issuer. The securitized assets are receivables derived from both physical and digital credit card sales generated through Cencosud’s commercial operations.
Banco de Galicia y Buenos Aires, SBS Trading, and Banco Patagonia acted as placement agents for the offering.
PAGBAM served as deal counsel through a team led by partner María Gabriela Grigioni, with support from associates María Sol Martínez, Violeta Okretic, Juan Hernán Bertoni, and paralegal Violeta Scosceria.
Cencosud was advised internally by in-house counsel Magdalena Pologna and Gilda Strk. TMF Trust Company (Argentina) received legal counsel from its in-house team, comprised of Leonardo Pirolo and Tomás Bruno. Banco de Galicia y Buenos Aires was represented by in-house counsel Enrique Cullen.
