Place panko crumbs, nutmeg, and cayenne pepper in food processor and process until crumbs are fairly small. Transfer to a plate.
Pour egg product into a wide bowl. Dip Agnolotti in egg product and allow excess to drip back into the bowl. Place Agnolotti in panko crumb mixture and press to coat.
Turn over and coat the other side. Transfer to a platter. Do this with all the agnolotti.
Heat oil in a shallow skillet. (Approximately 2 inches oil). Test oil by dropping a tiny bit of panko into the skillet. If the panko starts to sizzle the oil is ready. Place agnolotti in the skillet and cook until browned on one side (about 2 minutes) then turn and cook the other side (about another 2 minutes). Transfer to a paper towel-lined platter to drain.
Make the sauce by combining the Mayonnaise, sweetened condensed milk, honey, chipotle sauce, and cayenne pepper. Stir well. Serve with Agnolotti.
Cook times are approximate and will depend on how many agnolotti you place in your oil at a time and how many you cook all together.