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A&O Shearman advises on Agos’ EUR1.2 billion cash SRT securitization

A&O Shearman advises on Agos’ EUR1.2 billion cash SRT securitization
Published Date
Oct 15, 2026
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Image of Pietro Bellone
Pietro BellonePartner, Milan
Image of Chiara D'Andolfo
Chiara D'AndolfoSenior Associate, Milan
Photo of Luca Marchesini
Luca MarchesiniTrainee, Milan
Photo of Francesco Piantoni
Francesco PiantoniStagiaire, Milan
Image of Giovanni Chiarli
Giovanni ChiarliSenior Associate, London
Image of Elia Ferdinando Clarizia
Elia Ferdinando ClariziaCounsel, Milan

Agos, which is owned by Crédit Agricole (through Crédit Agricole Personal Finance & Mobility) and Banco BPM, has completed a cash significant risk transfer (SRT) securitization of portfolios of performing consumer loans, totalling approximately EUR1.2bn. This is the third transaction Agos has carried out for both liquidity and credit risk transfer purposes.

Crédit Agricole CIB and Banca Akros (Banco BPM Group) acted as arrangers on the transaction. Together with Bank of America and Mediobanca, they also acted as joint lead managers.

The senior and mezzanine notes were rated by Morningstar DBRS and Fitch and were placed with institutional investors, apart from a portion held by Agos for risk retention purposes.

A&O Shearman drafted the legal documentation and handled the procedure with the Bank of Italy for recognition of the SRT. It advised the arrangers and the joint lead managers with a team led by partner Pietro Bellone and senior associate Chiara D'Andolfo, supported by trainees Luca Marchesini and Francesco Piantoni. Senior associate Giovanni Chiarli advised on the hedging agreements. Counsel Elia Ferdinando Clarizia handled the tax aspects of the transaction.

“The transaction structure serves the dual purpose of transferring credit risk and raising liquidity, enabling Agos to optimize its capital allocation and diversify its funding sources. We are pleased to have advised the arrangers and joint lead managers on the structuring and execution of this transaction.”

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