Marval advises Mercado Crédito on series III financial trust

After advising in the first and second series, Argentinian law firm Marval, O’Farrell & Mairal acted as legal adviser on the creation of the third series of a Mercado Crédito financial trust for 325.6 million Argentinian pesos ($7.7 million) for the securitisation of digital loans.

The transaction included the issuance of trust debt securities for a total amount of 267 million pesos ($6.3 million), in addition to certificates of participation for a total amount of 58.6 million pesos ($1.4 million).

Mercado Libre acted as settlor and administrator, and Banco Patagonia as trustee, arranger and underwriter.

Under the same structure as Mercado Crédito I and II, the securitised assets of Mercado Crédito III consist of 100 per cent digital format loans, by executing private instruments signed by electronic signature.

Partner Juan M. Diehl Moreno (pictured) led Marval’s team, which also included associates Sergio Tálamo, Jacqueline Berkenstadt and Santiago Eraso Lomaquiz.