PAGBAM counsels on Comafi Leasing Pymes XIX trust

Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) has advised on the placement of the Financial Trust “Comafi Leasing Pymes XIX”, marking the first issuance carried out under the automatic authorization regime for its Expanded Medium Impact category introduced by Argentina’s securities regulator.

The transaction involved the issuance and placement of Trust Debt Securities for a total amount of $18,970,000,000, split between Class A Trust Debt Securities for $16,700,000,000 and Class B Trust Debt Securities for $2,270,000,000. The issuance took place within the Global Trust Securities Program “Comafi Multiactivos”, which has a total outstanding amount of up to US$300,000,000.

The trust assets consist of credits derived from leasing contracts originated by the trustor in pesos, stemming from financing operations on real property. The securities were issued on June 30, 2026. Fix SCR Risk Rating Agent assigned an “AAAsf(arg)” rating to the Class A Trust Debt Securities and an “A-sf(arg)” rating to the Class B Trust Debt Securities.

The trust represents the first issuance of trust securities under the new Public Offering Financial Trusts Regime with Automatic Authorization for its Expanded Medium Impact, established by CNV General Resolution No. 1146/2026 and designed to streamline access to the capital market. It is also one of the first issuances of marketable securities with public offering of any nature carried out under the automatic authorization regime for Expanded Medium Impact, part of the regulatory overhaul—referred to as a “Big Bang”—undertaken by the Argentine National Securities Commission.

Banco Comafi served as Trustor, Administrator, Organizer, Co-Placement Agent, Custody Agent and Collection Agent. TMF Trust Company (Argentina) acted as Financial Trustee, while Comafi Bursátil served as Co-Placement Agent.

PAGBAM’s team advising on the transaction was led by partner Diego Serrano Redonnet (pictured), together with Counsel Nicolás Aberastury, and associates Marcos Vieito, Agustina Martínez Martin and Juan Hernán Bertoni.

TMF Trust Company (Argentina) was represented by its in-house counsel and personnel Felipe Couyoumdjian, Leonardo Pirolo, Rodrigo Pagano, Tomás Bruno, Matías Antin, Rosario Tapia, Alan Flores and Maria Lalia.

Banco Comafi’s in-house counsel involved in the transaction were Carmen Marcela Nosetti and Mariano Martin Maddalena.