Cerolini & Ferrari and PAGBAM advised on the issuance of BSF in its return to the capital markets

Cerolini & Ferrari Abogados advised Banco de Servicios Financieros S.A. (“BSF”), in its return to the local Capital Market, in the successful issuance of class 21 notes for an amount of $1,800,000,000 (the “Notes«).

Likewise, Pérez Alati, Grondona, Benites & Arntsen advised Banco Santander Argentina S.A., Banco Supervielle S.A. and Banco Patagonia S.A. as arrangers and placement agent of the issuance.

In this context, on September 21, 2022, BSF issued the Notes under its global program, for an amount of $1,800,000,000, maturing in September 2023, at a variable interest rate equivalent to the Badlar Rate plus a margin of 2.96%, payable quarterly and at an issue price of 100% of the nominal value, whose principal will be amortized in one payment, equal to 100% of the nominal value on the maturity date of the Notes.

The issuance was directed to the local market and the Notes have been authorized for listing on Bolsas y Mercados Argentinos S.A. and for trading on the Mercado Abierto Electrónico S.A.

BSF is a financial institution that develops its business within the specialized banking segment, centralizing its activity in the consumer credit sector.

In this sense, BSF’s activity is aimed at retail financing, and essentially oriented to the financing of customers purchasing products marketed by INC S.A. (operator of the supermarket chain of the Carrefour Group in Argentina).

The financing granted to customers of the various stores of the Carrefour Group in Argentina is offered through Tarjeta Carrefour, issued by BSF, and also through personal loans granted to those customers who already have such credit card. The financing is granted, depending on the item in question, either exclusively for the purchase of products marketed by Carrefour Group stores in Argentina or for other purposes.


BSF’s internal legal counsel
Eduardo Dezuliani

Santander’s internal legal counsel
Eduardo Ramos and Ezequiel Guerrero

Patagonia´s internal legal counsel
Paola Nieto and Matías Gastaminza


Asesores legales externos de BSF 

Cerolini & Ferrari Abogados
Socio Agustín L. Cerolini y asociados Martín Chindamo y Dana König.


Asesores legales externos de los organizadores y colocadores

Pérez Alati, Grondona, Benites & Arntsen
Socio Diego Serrano Redonnet y asociados Nicolás Aberastury, Adriana Tucci, Joaquín López Matheu y Jerónimo Argonz.