Marval advises TMF Trust on AMFAyS 53 issuance

Marval O’Farrell Mairal advised TMF Trust Company (Argentina) as trustee on the issuance of trust securities under the AMFAyS 53 financial trust, with a total nominal value of ARS 3,614,615,169. It is the first issuance under the AMFAyS Global Program of Trust Securities to be carried out through the public offering regime with automatic authorization for frequent issuers from Argentina’s securities regulator, the CNV.

The issuance comprises four classes of securities. Class A trust debt securities (VDFA) total ARS 2,109,174,987, class B trust debt securities (VDFB) ARS 212,258,074, and class C trust debt securities (VDFC) ARS 201,086,598. Participation certificates account for ARS 1,092,095,510.

The CNV authorized the public offering automatically, without prior review by the regulator. The securities trade on A3 Mercados and are listed on Bolsas y Mercados Argentinos (BYMA).

FIX SCR, the risk rating agency, rated the VDFA, VDFB, VDFC and participation certificates “AAA.ar”, “A+.ar”, “BBB+.ar” and “CCC-.ar”, respectively.

Asociación Mutual de las Fuerzas Armadas y de Seguridad (AMFAyS) acted as settlor and administrator. Asociación Mutual 30 de Octubre para Empleados y Obreros Estatales de la Administración Pública and Cooperativa de Crédito, Vivienda, Turismo y Servicios Sociales del Personal del Servicio Penitenciario Federal Ltda. acted as collection agents. TMF Trust Company (Argentina) was the trustee.

First Capital Markets and BACS Banco de Crédito y Securitización were the arrangers and, together with Adcap Securities Argentina, GMC Valores, Provincia Bursátil and Momentum Capital Investment, formed the placement agent group.

Marval acted as legal adviser to the trustee, and the team was led by partners Francisco Abeal (pictured) and Martín Iván Lanús, together with associate Felicitas María Bereterbide. AMFAyS was advised by its own legal counsel.