Pagaya Technologies – a global technology company delivering AI-driven product solutions for the financial ecosystem – announced the closing of PAID 2024-10 and RPM 2024-3, totaling $1 billion in size across both deals. And this represents the company’s fourth AAA-rated personal loan ABS transaction and its first AA-rated auto ABS transaction.
A total of 28 unique investors participated in these two transactions, most of whom were repeat investors. The deal was substantially oversubscribed, reflecting continued strong investor demand for Pagaya’s robust, AI-enabled consumer credit assets.
Pagaya continues to meet the needs of financial institutions and deliver efficient fit-for-market structures across the financial ecosystem. And qualified institutional buyers purchased notes backed by personal and auto loans that will be originated by Pagaya’s lending partners on Pagaya’s AI-powered network.
Pagaya has raised over $25.2 billion over 62 ABS transactions since 2018 across multiple products. And Pagaya remains the number one personal loan ABS issuer by issuance size in the U.S., solidifying its reputation as the benchmark issuer of this product.
KEY QUOTE:
“Our unique ability to deliver diverse, AI-driven assets at scale, coupled with a robust lending partner pipeline is more prevalent than ever. As funding markets continue to improve and our deals continue to perform, we are executing at lower spreads with lower overall risk retention requirements.”
- Ralph L. Leung, Chief Operating Officer and Chief Commercial Officer for Pagaya
