PAGBAM advises on Comafi issuance for leasing contract securitization
Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) acted as legal counsel in the issuance and placement of the financial trust “Comafi Leasing PYMES XVII,” a transaction aimed at securitizing leasing contracts originated by Banco Comafi.
The trust involved the issuance of Fiduciary Debt Securities Class A for ARS 13.181 billion and Fiduciary Debt Securities Class B for ARS 1.2 billion, under the umbrella of the “COMAFI MULTIACTIVOS” Global Fiduciary Securities Program, which allows for issuances of up to USD 300 million in total.
Banco Comafi served multiple roles in the transaction: as trustor, trustee, administrator, organizer, co-placement agent, custodian agent, and collection agent.
TMF Trust Company (Argentina) acted as financial trustee, while Comafi Bursátil participated as co-placement agent.
The underlying trust assets consist of leasing receivables denominated in Argentine pesos, originating from financing transactions on movable goods.
The transaction received public offering authorization from the Comisión Nacional de Valores (CNV) on April 21, 2025. Risk rating agency Fix assigned a “AAAsf(arg)” rating to the Class A notes and a “BBBsf(arg)” rating to the Class B notes.
PAGBAM advised on the deal through partner Diego Serrano Redonnet and associates Marcos Vieito, Violeta Okretic, and Catalina Hermida Pini.
Internal legal counsel for TMF Trust Company (Argentina) included Tomás Bruno, Rosario Tapia, and Leonardo Pirolo. Banco Comafi was advised internally by Carmen Marcela Nosetti and Mariano Martin Maddalena.
