Argentine’s PAGBAM advises Cencosud’s financial trust issuance

Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) has advised Cencosud, TMF Trust Company (Argentina), Banco de Galicia y Buenos Aires in the issuance of Cuotas Cencosud Series XLVI, marking the first financial trust offering under Argentina’s new regulatory regime for frequent issuers.

The transaction, worth AR$ 17.6 billion (approximately US$14.77 million), was executed within the framework of the Cencosud Financial Trust Program Más Cuotas II and sets a precedent as the first issuance under the new Public Offering Regime with Automatic Authorization for Frequent Issues, established by General Resolution No. 1063/2025 of the National Securities Commission (CNV).

The trust securities were authorized for public offering on June 25, 2025, and were issued on June 30, 2025. The trust assets are composed of physical and digital credits resulting from credit card usage issued by Cencosud, one of Argentina’s leading retailers operating brands such as Jumbo, Disco, Easy, and Unicenter.

Banco de Galicia y Buenos Aires, SBS Trading, and Banco Patagonia acted as underwriters. FIX SCR assigned a local rating of “AAAsf(arg)” to Class A securities (VDFA) and “Bsf(arg)” to Class B (VDFB).

PAGBAM’s legal team was led by partner María Gabriela Grigioni and associates María Sol Martínez, Violeta Okretic, and Juan Hernán Bertoni. The in-house counsel to Cencosud was led by
Magdalena Pologna and Gilda Strk. The in-house counsel to TMF Trust Company (Argentina) were Leonardo Pirolo and Tomás Bruno. In-house counsel to Banco de Galicia y Buenos Aires was led by Enrique Cullen.