Cerolini & Ferrari advised Banco CMF in the issuance of trust securities under the Financial Trust «Bond Backed Securities 2023»

Cerolini & Ferrari successfully advised Banco CMF S.A., as trustee and arranger, in the creation and incorporation of the Financial Trust «Bond Backed Securities 2023» (the «Trust«) and the issuance thereunder of trust securities for up to a nominal value of AR$912,337,851.


The Trust was structured so that the funds integrated by the investors of the trust securities were exclusively destined to the acquisition of debt securities issued by the City of Buenos Aires under Law No. 6,385 and Resolution No. RESOL-2021-528-GCABA-MHFGC of the Ministry of Finance and Treasury (the «Sole Eligible Asset«), which constitutes the main source of liquid funds for the payment of the trust securities issued under the Trust.


In this context, on August 10, 2021, Banco CMF successfully completed the placement and issuance of the trust securities under the Trust, which was instrumented under a format that is not widely used locally, as is the case of financial money trusts, and which was intended for the novel acquisition of the Sole Eligible Asset, which represented a structure without recent precedents in the Argentine capital market. 


Trust Structurers: Gabriel Messuti and Horacio Demarchi.

In-house counsel to Banco CMF: Miriam González and Cristian Ríos.

Legal advisors to the Trust:

Cerolini & Ferrari

Partner Agustín L. Cerolini, and associates Martín Chindamo and Dana König.