Pagaya's Strong Momentum Continues With Closing Of Fourth Auto Asset-Backed Securitization Deal Of 2023
Portfolio Pulse from Benzinga Newsdesk
Pagaya Technologies LTD. (NASDAQ:PGY) has closed its fourth auto asset-backed securitization (ABS) deal of 2023, named RPM 2023-4, bringing its total auto issuance to $1.4 billion and overall ABS transactions to $6.3 billion for the year. The deal, rated by Kroll Bond Rating Agency, includes loans from a top 4 US auto captive and reflects Pagaya's growing network and investor demand. Pagaya's AI-driven financial products have attracted over $18 billion in ABS transactions since 2018, with a network of 90+ institutional investors.
November 27, 2023 | 1:38 pm
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Pagaya Technologies LTD. has successfully closed another significant ABS deal, indicating strong performance and investor confidence in its AI-driven financial products.
The successful closing of Pagaya's fourth auto ABS deal of the year, along with the integration of loans from a top US auto captive, demonstrates the company's strong momentum and may positively influence investor sentiment. The consistent demand from institutional investors and the company's innovative approach to AI-driven asset origination could lead to a positive short-term impact on PGY's stock price.
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IMPORTANCE 85
RELEVANCE 100