Beccar Varela advises on the constitution and issuance of the GDM Pymes I Financial Trust
PRESS RELEASE
Buenos Aires, January 20, 2026 — Beccar Varela advised Banco Comafi S.A. and GDM Argentina S.A. in the constitution of the GDM Pymes I Financial Trust, under the GDM Argentina Program. The purpose of the Trust is to finance small and medium-sized enterprises, while 100% of the trust assets are made up of credits from operations entered into with SMEs, instrumented through echeqs guaranteed by Don Mario S.G.R.
The issuance took place on December 16, 2025, for a total amount of $2,800,000,000. The price was set at $0.996 for each $1 face value and fiat debt securities will accrue interest at an annual nominal rate equivalent to the TAMAR Rate plus a 5% spread spread, with a minimum of 20% nominal annual and a maximum of 60% nominal annual, payable monthly as of June 10, 2026, date from which the payment of the amortization (the “VDF”) will also begin. The expiration of the VDFs will operate on December 16, 2026.
The VDFs have the rating “A1+sf(arg)”, granted on December 5, 2025, by FIX SCR Argentina S.A., the risk rating agent.
In this issuance, Banco Comafi S.A. acted as financial trustee, while GDM Argentina S.A. served as trustor, administrator and collection agent; and Allaria S.A. and Banco de Galicia y Buenos Aires S.A. as underwriters were also present.
All parties were advised by the Beccar Varela team led by partner Luciana Denegri, with the participation of María Victoria Pavani, Julián Ojeda, María Carolina Pilchik, Martina Puntillo and Angela Carman.