Agos, new cash SRT securitization with A&O Shearman advising

In the context of the transaction, Crédit Agricole CIB and Banca Akros (Banco BPM Group) acted as arrangers and, together with BBVA and Intesa Sanpaolo (IMI CIB Division), as joint lead managers.

The senior and mezzanine notes were rated by Morningstar DBRS and Fitch and were placed with institutional investors (net of a portion retained by Agos).

A&O Shearman handled the drafting of the legal documentation, as well as the procedure with the Bank of Italy for SRT recognition, advising the arrangers and joint lead managers with a team led by partner Pietro Bellone and senior associate Chiara D’Andolfo, with the support of trainees Luca Marchesini and Francesco Piantoni. 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.

Pietro Bellone, partner, commented: “There is a growing appetite for structured instruments that combine liquidity needs with credit risk transfer objectives. Transactions of this nature and complexity reflect an increasing maturity of the Italian securitization market, while offering institutional investors access to high-quality consumer credit portfolios.”