“San Cristóbal Caja Mutual I” Financial Trust for AR$ 3,545,479,639
Deal counsel in the issuance and placement in Argentina of trust securities for AR$ 3,545,479,639 issued under the “San Cristóbal Caja Mutual I” Financial Trust, in which San Cristóbal Caja Mutual entre Asociados de San Cristobal Sociedad Mutual de Seguros Generales acted as trustor, TMF Trust Company (Argentina) S.A. acted as trustee, Banco Macro S.A. acted as arranger, First Corporate Finance Advisors S.A. acted as financial advisor and Macro Securities S.A.U. and San Cristobal Servicios Financieros S.A. acted as placement agents.
Province of Córdoba’s Debt Issue for US$ 800,000,000
Legal counsel to Province of Córdoba, as the Issuer, and Banco de la Provincia de Córdoba S.A., as financial agent, in the issuance of US$ 800 million worth of sovereign debt in an offering that settled on February 3, 2026. The Notes bear a 8.600% annual coupon and mature on February 3, 2035. The Province of Córdoba used a portion of the notes sale – US$33.937 million – to repurchase US$ 33,533,562 aggregate principal amount of its U.S Dollar Step-Up Notes due 2027.
J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as global coordinators and joint book-running managers, Balanz Capital UK LLP and Puente Hnos. acted as international selling agents, Banco de la Provincia de Córdoba S.A. acted as Argentine manager and placement agent, and Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A., Puente Hnos S.A., S&C Inversiones S.A., Macro Securities S.A.U., Becerra Bursátil S.A., Balanz Capital Valores S.A.U. y Facimex Valores S.A. acted as Argentine placement agents. Under the indenture, Deutsche Bank Trust Company Americas acted as trustee, registrar, principal paying agent and transfer agent.
Province of Chaco ’s Serie Bonds Issuance for AR$65,050,000,000 (approximately US$ 45,132,239)
Legal counsel to Puente Hnos. S.A. and Nuevo Chaco Bursátil S.A., as co-arrangers and co-placement agents, and Banco de la Nacion Argentina, Global Valores S.A., Banco de Servicios y Transacciones S.A.U., GMC Valores S.A. and Schweber Securities S.A. as sub-placement agents, in the issuance of Province of Chaco’s Serie II Bonds (the “Serie II Bonds”), under the Province of Chaco’s Treasury Bonds Issuance Program for up to US$ 90,000,000. The payments due under the Serie II Bonds are secured by a collateral assignment over rights of the Province of Chaco arising from the Federal Tax Regime (Regimen de Coparticipación Federal). The Serie II Bonds were issued in an aggregate principal amount of AR$65,050,000,000, equivalents to approximately US$ 45,132,239 Principal under the Serie II Bonds is adjusted by the Wholesale Interest Rate (TAMAR) applied to fixed-term deposits denominated in Argentine pesos plus a 7.00% interest rate. The Serie II Bonds are due on January 30, 2027, and will be repaid in full on such date. The proceeds of the Serie II Bonds will be used exclusively to repay the debt service obligations maturing in February and March 2026, corresponding to loans obtained in 2019 and 2021 from the Financial Fund for the Development of the Rio de la Plata (FONPLATA) and the international bond issued in 2016 and restructured in 2021. Any remaining balance will be allocated to cover subsequent maturities.
Legal Advice in the Issuance of Loma Negra Compañía Industrial Argentina S.A.´s Series 6 Notes for US$ 60,000,000
Counsel to Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Option Securities S.A., Allaria S.A., Macro Securities S.A.U., Cocos Capital S.A., Invertir en Bolsa S.A., Invertironline S.A.U., Banco Supervielle S.A. and Global Valores S.A. as placement agents, in the issuance of Loma Negra Compañía Industrial S.A.’s Series 6 Notes for U$S 60,000,000 denominated and payable in U$S in Argentina, at an 6.5% annual interest rate, due January 23, 2029. The Series 6 Notes were issued under the company´s global notes program for an amount of up to U$S 500,000,000.
Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Option Securities S.A., Allaria S.A., Macro Securities S.A.U., Cocos Capital S.A., Invertir en Bolsa S.A., Invertironline S.A.U., Banco Supervielle S.A. and Global Valores S.A. acted as placement agents of the Series 6 Notes. Banco de Galicia y Buenos Aires S.A. also acted as settlement agent for the Series 6 Notes.
IEB Construcciones S.A. Executes its Second Follow-on
Legal advisors in the offering of 12,302,724 new Class B shares of IEB Construcciones S.A., under the Automatic Authorization Regime for Public Offering of Shares due to its Medium Impact of the Comisión Nacional de Valores.
Invertir en Bolsa S.A. acted as Organizer and Placement Agent, while Bull Market Brokers S.A. and Macro Securities S.A.U. acted as Placement Agents for the New Shares.
Province of Cordoba’s Class 5 and Class 6 Notes Issuance for AR$ 185,313,339,352 (approximately US$ 128,815,055)
Legal counsel to the Province of Córdoba, as issuer, and Banco de la Provincia de Córdoba S.A., as arranger and placement agent, in the issuance of Province of Córdoba’s class 5 notes (the “Class 5 Notes”) and class 6 notes (the “Class 6 Notes”, and together with the Class 5 Notes, the “Notes”), under the Province of Cordoba’s Treasury Notes Issuance Program for up to US$485,000,000. The payments due under the Notes are secured by a collateral assignment over rights of the Province of Córdoba arising from the Federal Tax Regime (Régimen de Coparticipación Federal).
The Class 5 Notes were issued in an aggregate principal amount of AR$74,873,578,027 (equivalent to approximately US$52,046,864), bearing a floating interest rate equal to the TAMAR rate plus a 5.50% margin. The Class 5 Notes mature on December 5, 2027, and are repaid in two (2) installments of 25% and 75%, due on June 5, 2027, and December 5, 2027, respectively.
The Class 6 Notes were issued in an aggregate principal amount of AR$110,439,761,325 (equivalent to approximately US$76,769,982). Principal under the Class 6 Notes is adjusted by the Reference Stabilization Index (Coeficiente de Estabilización de Referencia) and bears interest at a rate of 9.75% per annum. The Class 6 Notes mature on December 5, 2027, and are repaid in two (2) installments of 25% and 75%, due on June 5, 2027, and December 5, 2027, respectively.
The proceeds of the Notes will be applied by the Province of Córdoba to the financing of the execution of infrastructure projects included in its 2025–2026 investment plan.
Municipality of Cordoba’s Series II Bonds 2025 Issuance for AR$ 70,000,000,000
Legal counsel to the Municipality of Cordoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement, and Banco de la Provincia de Córdoba S.A., Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A.U., Puente Hnos. S.A., SBS Trading S.A., Facimex Valores S.A., Banco Patagonia S.A., Banco Comafi S.A., Global Valores S.A., Bull Market S.A., One618 Financial Services S.A.U., Macro Securities S.A.U., and Becerra Bursátil S.A. as placement agents, in the issuance of Municipality of Cordoba’s Series II Secured Bonds 2025 (the “Series II Bonds 2025”), under the Municipality of Cordoba’s Bonds Issuance Program. The payments due under the Series II Bonds 2025 are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Series II Bonds 2025 were issued on November 13, 2025, for AR$ 70,000,000,000 at an annual floating interest rate equivalent to Private TAMAR plus 5.50% per annum, due on February 13, 2027.
IEB Construcciones S.A. Makes Follow-on
Legal advisors in the offering of 10,000,000 new Class B shares of IEB Construcciones S.A., under the Automatic Authorization Regime for Public Offering of Shares due to its Medium Impact of the Comisión Nacional de Valores.
Invertir en Bolsa S.A. acted as Organizer and Placement Agent, while Bull Market Brokers S.A. and Macro Securities S.A.U. acted as Placement Agents for the New Shares.
Issuance of Public Debt Securities ER 2025 Series II Additional by the Province of Entre Ríos for a total nominal value of ARS 42,959,939,856
Legal advisors to the transaction, assisting the Province of Entre Ríos (the “Province”) and Nuevo Banco de Entre Ríos S.A., in its capacity as organizer and lead placement agent in the issuance of the ER 2025 Series II Additional Public Debt Securities (the “Debt Securities”). The Debt Securities were issued on October 17, 2025, and are secured by resources from the Federal Tax Sharing Regime, assigned to a maximum allocation percentage of 25%. The Debt Securities Series II Additional were issued for a nominal value of ARS 42,959,939,856, at a variable interest rate equivalent to the TAMAR rate plus a 5.50% margin, maturing on January 17, 2027.
Inversora Juramento S.A.’s Series VI Notes for US$ 30,000,000
Legal counsel in the issuance of Inversora Juramento S.A.’s 9.00% Series VI Notes for US$ 30,000,000, due October 3, 2027. The Series VI Notes were issued on October 3, 2025 under the Global Notes Program for an amount of up to US$100,000,000.
Macro Securities S.A.U. acted as arranger, settlement agent and placement agent, and Banco Patagonia S.A., Banco Supervielle S.A., Banco de la Provincia de Buenos Aires, Invertironline S.A.U., Banco CMF S.A., Invertir en Bolsa S.A., Balanz Capital Valores S.A.U. and Banco de Galicia y Buenos Aires S.A. acted as placement agents.