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Agos Ducato is seeking significant risk transfer (SRT) treatment for its latest cash securitisation of consumer loans, making it the second non-bank lender falling under Article 106 of Italy’s banking law to use public ABS to reduce regulatory capital, following in the footsteps of rival Creditis Servizi Finanziari.

For years, Agos has regularly done two securitisation deals a year, offering the senior notes to investors for funding. In those transactions, it typically retained the mezzanine and junior pieces. Often, it also retained some or all of the senior notes.

It completed its first ABS of 2025 in February, selling only a portion of the senior notes, as usual. But on 5 September, when it priced Sunrise 2025-2, it also placed the mezzanine tranches. It is for that deal that it is seeking SRT treatment.