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Argentina
  

Marval O?Farrell & Mairal continues to lead the trust fund market

May 11, 2016

Marval, O?Farrell & Mairal, one of Argentine?s biggest and oldest law firms, continues to lead the trusts? market, especially in the area of the financial trustees. This law firm has acquired a unique experience on securitization processes due to its participation in the greatest and innovative capital market transactions within the country. It is important to highlight that law firms may participate in transactions connected with trusts with different levels of involvement (for instance in some transactions law firms act exclusively, as sole advisors of the transaction, and in other cases law firms participate by representing one of the involved parties), and therefore making reference to a percentage of participation in the financial trustees? market of certain law firm may lead to false conclusions.

Marval, O?Farrell & Mairal?s services have been requested in several opportunities by important local companies as well as by financial entities, who acted as settlors, trustees, or underwriters, among others, in different transactions.

Capital markets is one of Marval, O'Farrell & Mairal?s main areas of development, and constitutes one of the groups with faster growth inside this law firm.

Over the last years Marval, O'Farrell & Mairal has structured about thirty global programs for the issuance of trust securities, with more than one hundred individual financial trustees, through which the most diverse kinds of assets were securitized.

Marval, O?Farrell & Mairal experience in securitizations under the trustee law began in the year 1995, when it advised MBA Banco de Inversiones S.A. in its capacity as Arranger and Trustee, in the structuring of the Global Program of Negotiable Fiduciary Obligations (FIERA) for an amount of up to U$S 200,000,000, under which Series A y B have been issued for a total nominal amount of U$S 23,008,580 and U$S 21,072,789, respectively. Said Program constitutes the first precedent for financial trustee?s programs, such as they are known today.

During the year 2004, Marval O?Farrell & Mairal participated in the main and most sophisticated transactions which took place; among others we can mention the following ones: (i) Fideicomiso Financiero Securitización de Títulos ARgentinos STAR II Tarjeta Naranja - 2008 Largo Plazo: this is the issuance in local currency with the longest term in the market, and the first trust in which the principal of the debt securities is subject to adjustment by the Reference Stabilization Ratio (?Coeficiente de Estabilización de Referencia? or ?CER?); (ii) the issuance of trust securities under the Global Program of Trust Securities ?Cédulas Hipotecarias Argentinas?, created for the securitization of mortgage loans, instrumented through mortgage bonds, granted by Banco Hipotecario S.A., for a maximum outstanding amount of up to $ 500,000,000 (approximately U$S 168,350,000), or its equivalent in any other currency, which Senior Debt Securities were rated ?raAAA? by Standard & Poor?s, being the first structured issuance obtaining such rate after Argentine?s default. Likewise, one of the objectives aimed through this issuance was the recreation of the Cédula Hipotecaria as an instrument for investment and savings, being the first securitization granted by mortgage bonds after the default in Argentina; (iii) the issuance by Banco de San Juan S.A. of the Classes I and II of Subordinated Negotiable Obligations performed under the Global Program of Negotiable Obligations for a maximum amount of up to V/N U$S 50,000,000 (United Status Dollars fifty millions), being this the only issuance of Subordinated Negotiable Obligations and the first one in US Dollars alter the default; and (iv) Fideicomiso Financiero LOANS 1, which is the first trust which holds the rights to receive the proceeds from a loan originally granted by a financial entity to a financial company.

Marval, O?Farrell & Mairal practically concentrated the market of the restructuring of financial entities. It has participated in the restructuring of financial entities under the mechanism provided under Section 35 bis of the Law No. 21,526 of Financial Entities as amended, by advising entities which assumed the debts as well as the trustees of the financial trusts created for such purpose. Its participation in the structuring of the following trusts stands out: Fideicomiso ACEX (exclusion of assets and liabilities from Banco Mayo Cooperativo Limitado), Fideicomiso BGN (exclusion of assets and liabilities from Banco General de Negocios S.A.), Fideicomiso LAVERC (exclusion of assets and liabilities from Scotiabank Quilmes S.A.), y Fideicomiso REVEL (exclusion of assets and liabilities from Banco Velox S.A.) and, it is currently advising the trustees designated thereunder, in connection with operative issues, and especially, with the selling of the fiduciary assets.

Marval, O?Farrell & Mairal also leads the market in the structuring of numerous ordinary trusts (security trust, administration trust, trusts for the payment of debts with foreign countries, etc.).

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