2024 Grunin Prize Finalist: TR Argentina S.A.

Nominated Legal Team: Beccar Varela acted as legal counsel to TR Argentina S.A. (TRASA) in the issuance of the first social bond issued by a B Corp in the Argentine market. The transaction was led by partners Luciana Denegri and María Fernanda Mierez with the participation of associates Julián Alejandro Ojeda and María Belén Tschudy. Luciana Denegri advised on the Capital Markets aspects of the transaction, while María Fernanda Mierez advised on the ESG aspects.
The Project: TRASA is a corporation that seeks to bring financial inclusion solutions to vulnerable neighborhoods. One of its signature projects is the installation of ATMs and Modular Financial Inclusion Units (UMIFs) in low-income neighborhoods in Argentina (the “Project”) that do not have access points to the financial system. Due to its financial inclusion projects, TRASA was certified as a B Corp in 2021. For the refinancing of The Project, TRASA issued a Social Bond for a nominal value of up to A$ 30,000,000. As a result of this issuance, the proceeds were used to refinance investments already made for the construction, installation and operation of ATMs and Modular Financial Inclusion Units (UMIF) in vulnerable neighborhoods of the Autonomous City of Buenos Aires, and the Provinces of Buenos Aires and in the northern part of the Country (Chaco, Entre Ríos, Misiones and Salta,) benefiting 45,133 families in vulnerable situations. The bond issue was carried out following the guidelines of the Voluntary Guidelines for the issuance of Social Bonds published by ICMA, which are included in the Guidelines for the issuance of social, green and sustainable (SGS) marketable securities (and the Guide for the issuance of SGS bonds, both of the National Securities Commission and the Guide for Social, Green and Sustainable Bonds in the BYMA - Bolsas y Mercados de Argentina - Panel and its regulations for the issuance of social, green and/or sustainable bonds). The importance of this issuance lies in the fact that financing through the capital market has been directed to financial inclusion projects with a high social impact. The increase in this type of issuance represents for Argentina the possibility of allowing new market players to become debt issuers and that the funds obtained through the capital market reach the sectors of society that need it most entrepreneurs, small organizations who often would not otherwise have access to financing, with the consequent impact that this generates.