Pagaya Technologies LTD. announced the closing of PAID 2024-11, a $600 million AAA-rated personal loan asset-backed securitization (ABS) transaction. The company also expects to close an additional $100 million pass-through transaction (PT 2024-2) in the following week. This demonstrates continued strong investor demand for Pagaya’s AI-enabled consumer credit assets.
The PAID 2024-11 deal was upsized from its original target of $500 million and was substantially oversubscribed. A total of 29 unique investors participated in these new transactions, with the majority being repeat investors. This highlights the market's confidence in Pagaya's asset performance and underwriting capabilities.
Since 2018, Pagaya has raised nearly $26 billion across 64 ABS transactions to fund loan originations across multiple products, including personal loans and auto. Sanjiv Das, President of Pagaya, noted that increasing scale and stable asset performance, combined with improving capital markets conditions, enable execution at lower spreads and more efficient use of capital.
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