Financial Consulting

Financial structuring

We make it possible for our clients to access significant funding, designing financing mechanisms that go beyond traditional bank loans, geared to the capital market. Financing can be for production sectors, groups of companies, individual companies, as well as specific projects.

We help organize the structuring of diverse financial instruments, bond issues, financial trusts, guarantee and management trusts, as well as capital participations, with an eye to our clients’ needs as well as the conditions required by investors.

We have developed the largest number of financial trust public offerings in Uruguay, and have deep knowledge of how the agents determining the success of financing transactions in the capital market function.

Our methodological approach

Securities offerings involve a complex set of activities and actors that have to be managed, so that it is necessary to be knowledgeable in financing techniques and risk management. The experience acquired in the practical implementation of funding mechanisms is also relevant for securities issues.

Activities involved in the issue process where CPA Ferrere acts as Financial Structurer or Advisor:


  • Definition of alternatives and selection.
  • Tax, legal, financial and risk assessment.
  • Drafting of contracts.
  • Prospectus preparation.


  • Risk rating for issue.
  • Securities filing of issuer.
  • Securities filing of issue.
  • Securities exchange listing of issue.


  • Road show.
  • Calibration of offering rate.
  • Issue and transaction closing.

Term of effectiveness of issue

  • Trust administration.
  • Rating update.
  • Presentation of financial statements and reports required by rules.

Our experience

CPA Ferrere’s Financial Consulting department, together with FERRERE Abogados, have been advisors since 2001 on the issuance of the bulk of financial trust transactions (and similar transactions prior to enactment of the trust law) placed in the Uruguayan market.

We adapt clients’ financial needs to the products demanded by the capital market (primarily pension fund administrators or “AFAPs”). We perform thorough financial and risk assessments, geared to investor and risk rater requirements.

Our contribution goes beyond risk quantification, and we propose credit enhancement mechanisms to raise risk ratings to meet market standards.

We also have excellent relationships and communication with the chief institutional investors, which is essential for designing products adapted to their preferences.

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