Pursuant to General Resolution No. 1051/2025 issued by the National Securities Commission (Comisión Nacional de Valores), was successfully carried out the first issuance of trust debt securities under the “Crescens Individual Financial Trust Series 1”, within the new framework for Financial Trusts with Automatic Authorization due to their Medium Impact, intended to facilitate access to the capital markets.
The transaction involved the participation of Crescens S.A.U. (“Crescens”) as trustor, Rosario Administradora Sociedad Fiduciaria S.A. (“Rosfid”) as trustee, Adcap Securities Argentina S.A. (“Adcap”) as arranger and placement agent, and TCA Tanoira Cassagne (“TCA”) as deal counsel.
The trust debt securities are denominated in units of purchasing value and were issued for a total amount of UVA 3,406,712.
This first issuance definitively marks the beginning of a new chapter in the expansion of financing alternatives offered by the Argentine capital markets, through the introduction of a new financing vehicle that optimizes placement processes, reduces regulatory costs, and improves overall access conditions and opportunities within the market. In this regard, Roberto. E. Silva, President of the National Securities Commission (CNV after its Spanish acronym), stated: “(…) we are pleased to announce the placement of the first financial trust under the medium-impact automatic authorization regime. This innovative regulation, developed as part of our special automatic public offering frameworks, is undoubtedly one of the major milestones of our administration (…).” He further added: “(…) we are proud to see it already in operation and delivering tangible, valuable results to the market (…),” and noted that “(…) these regimes simplify issuance procedures, shorten timelines, deregulate capital markets operations, and provide greater autonomy to issuers by allowing them to choose the timing of their market entry (…).”
The team from Rosfid involved in the transaction was composed of Lucas Jakimowicz, Augusto Rotundo and Joana Solé. On behalf of Adcap, Mateo Lacroze and Juan Pablo Ciccioli participated actively. Both teams contributed their expertise in structuring and executing this first issuance under the new regime.
At TCA, we are proud to have contributed to this inaugural issuance, which represents a significant milestone in the development of the Argentine capital markets. We are confident that this new regulatory framework will serve as a key instrument to further drive and strengthen the growth of the capital markets.
TCA team included partners Alexia Rosenthal and Jaime Uranga, along with associates Carolina Mercero, Joaquín López Matheu and Stefanía Lo Valvo.
