Pagaya Closes $281 Million Auto ABS Deal, its 10th ABS Transaction in 2023
20 September 2023 - 10:30PM
Business Wire
Pagaya continues auto issuance with 3rd auto transaction of
2023, reaching $900 million in auto issuance year-to-date
Pagaya Technologies LTD. (NASDAQ: PGY) ("Pagaya" or “the
Company”), a global technology company delivering artificial
intelligence infrastructure for the financial ecosystem, today
announced the closing of RPM 2023-3, its 42nd asset-backed
securitization (ABS) and its 10th in 2023.
Pagaya has funded more than $900 million of auto loans through
its ABS program this year. In this latest deal, qualified investors
purchased $268 million of asset-backed notes, expected to be
secured by $281 million in auto loans originated by auto lending
partners connected to Pagaya’s network. It is the Company's second
rated transaction in the auto ABS market.
Utilizing its unique fully pre-funded model, Pagaya has issued
over $4.3 billion in ABS transactions year-to-date across multiple
products, reflecting its ability to consistently raise capital to
fund lending partner originations.
“This transaction continues to showcase our leadership in the
auto ABS market,” said Paul Limanni, Pagaya’s Chief Capital
Officer. “Both new and existing investors understand and appreciate
the robust benefits of our programmatic funding model, AI
capabilities and relationships with originators.”
This latest securitization is another example of how Pagaya’s AI
network is uniquely positioned to source high-quality assets from a
wide range of lenders and connect them with top institutional
investors, creating a win-win-win for all parties involved. Pagaya
offers a reliable and scalable solution in the current macro
environment that can consistently drive growth for its partners and
investors.
About Pagaya Technologies
Pagaya (NASDAQ: PGY) is a global technology company making
life-changing financial products and services available to more
people nationwide, as it reshapes the financial services ecosystem.
By using machine learning, a vast data network and a sophisticated
AI-driven approach, Pagaya provides comprehensive consumer credit
and residential real estate solutions for its partners, their
customers, and investors. Its proprietary API and capital solutions
integrate into its network of partners to deliver seamless user
experiences and greater access to the mainstream economy. Pagaya
has offices in New York and Tel Aviv. For more information, visit
pagaya.com.
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