Pérez Alati, Grondona, Benites & Arntsen advised Cencosud S.A. (“Cencosud”), as Trustee, TMF Trust Company (Argentina) S.A., as Trustee and Issuer, Banco de Galicia y Buenos Aires S.A.U. as Arranger and Co-placement Agent and SBS Trading and Banco Patagonia S.A. as Co-placement Agents in the issuance of the Trust Securities denominated “Cuotas Cencosud Series XLVI” Classes A and B, worth a total of 17,575,353,081 (U$S 14,771,273.48), within the Cencosud Financial Trust Program “Más Cuotas II”, as part of the first issuance under the new Public Offering Regime with Automatic Authorization for Frequent Issues.
Cencosud is a company engaged in the operation of shopping centers, supermarkets and homecenters such as Disco, Jumbo, Easy and Unicenter, among others. The trust assets of the “Fideicomiso Financiero Cuotas Cencosud Serie XLVI” are physical and digital credits derived from the use of credit cards issued by Cencosud.
At Perez Alati, Grondona Benites y Arntsen, we are proud to have once again advised Cencosud in the issuance of its financial trusts, and this time in particular, initiating a new regulatory regime applicable to the company as a frequent issuer.
This issuance successfully inaugurates the new regime approved by the National Securities Commission through its General Resolution No. 1063/2025, which facilitates the issuance of trust securities. Perez Alati, Grondona Benites y Arntsen considers that this new regime represents a significant step in the development and consolidation of more agile and efficient financing mechanisms in the Argentine capital market, contributing in a decisive manner to optimize the issuance of trust securities, increasing the dynamism of financial trust issuances.
The National Securities Commission authorized the public offering of Series XLVI trust securities on June 25th, 2025, while the issuance of trust securities took place on June 30th, 2025. Banco de Galicia y Buenos Aires S.A.U., SBS Trading S.A. and Banco Patagonia S.A. acted as underwriters of the trust securities, while Fix SCR S.A. Risk Rating Agent granted a rating of “AAAsf(arg)” for the VDFA and “Bsf(arg)” for the VDFB.
Deal Counsel
Pérez Alati, Grondona, Benites & Arntsen
Partner María Gabriela Grigioni; Associates María Sol Martínez, Violeta Okretic, and Juan Hernán Bertoni.
Counsel to Cencosud
In-house - Magdalena Pologna and Gilda Strk
Counsel to TMF Trust Company (Argentina) S.A.
In-house- Leonardo Pirolo and Tomás Bruno
Counsel to Banco de Galicia y Buenos Aires S.A.U
In-house- Enrique Cullen
