Agos completes €1 billion cash SRT securitization on consumer loan portfolios

Agos has completed a cash SRT (significant risk transfer) securitization on consumer loan portfolios, for a total amount of approximately €1 billion.

This is the first transaction carried out by the financial intermediary for both liquidity purposes and credit risk transfer. The senior and mezzanine notes were rated by Morningstar DBRS and Fitch and placed with institutional investors (excluding a portion retained by Agos).

A&O Shearman handled the drafting of the legal documentation and the procedure with the Bank of Italy for SRT recognition, assisting the arrangers Banca Akros (Banco BPM Group) and Crédit Agricole Corporate and Investment Bank, Milan branch, as well as the Joint Lead Managers Banca Akros (Banco BPM Group), Bank of America, Crédit Agricole Corporate and Investment Bank, and Santander CIB, with a team led by partner Pietro Bellone and senior associate Chiara D’Andolfo, supported by trainee Luca Marchesini. A group of professionals based in Milan and London provided advice on English law aspects. Counsel Elia Ferdinando Clarizia handled the tax aspects of the transaction.

Legance acted as review counsel for Agos with a team led by senior partner Andrea Giannelli and senior counsel Roberto Mazzarano, assisted by senior associate Giorgia Furlan.