Securitization

Pagaya Reports Third Quarter and Nine Months Ended 2023 Results

Retrieved on: 
Thursday, November 2, 2023
Professional Services, Payments, Technology, Other Technology, Finance, Fintech, Artificial Intelligence, Adjustment, Intelligence, EBITDA, GAAP, Total revenue, Securitization, Growth, ID, Webcast, ABS, Cryptocurrency, Insurance

Pagaya Technologies Ltd. (NASDAQ: PGY) (“Pagaya”, the “Company” or “we”), a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, today announced financial results for the third quarter and nine months ended September 30, 2023 and raised its outlook for Network Volume, Total Revenue and Other Income and Adjusted EBITDA.

Key Points: 
  • Pagaya Technologies Ltd. (NASDAQ: PGY) (“Pagaya”, the “Company” or “we”), a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, today announced financial results for the third quarter and nine months ended September 30, 2023 and raised its outlook for Network Volume, Total Revenue and Other Income and Adjusted EBITDA.
  • We exceeded our outlook across all metrics and achieved record network volume, revenue and adjusted EBITDA,” said Gal Krubiner, co-founder and CEO of Pagaya Technologies.
  • The Company raised $4.9 billion across eleven asset-backed securitizations (“ABS”) in the nine months ended September 30, 2023 and was once again the number one personal loan ABS issuer in the US by issuance size in the third quarter.
  • The telephone replay will be available starting shortly after the call until Thursday, November 16, 2023.

Castlelake to Provide $200 Million Private Structured Financing Solution to Oportun to Finance Personal Loan Product

Retrieved on: 
Monday, October 23, 2023
OPRT, Securitization, Sale, SAN, Bank

Under the terms of the agreement, Oportun will use the funds to finance the origination of its personal loan products.

Key Points: 
  • Under the terms of the agreement, Oportun will use the funds to finance the origination of its personal loan products.
  • The transaction follows a $400 million whole loan flow sale agreement between the two companies, through which Castlelake will acquire personal loan production originated by Oportun over the next 12 months.
  • “We believe this additional transaction with Castlelake demonstrates sustained strong demand for and confidence in Oportun's personal loan production among institutional investors," said Jonathan Coblentz, Chief Financial Officer of Oportun.
  • Oportun maintains a diverse set of capital sources including committed warehouse facilities, asset-backed securitizations, corporate-level debt financing, and whole loan sales.

BJ McAndrews Joins Academy Securities as Managing Director, Head of Securitized Product Sales

Retrieved on: 
Tuesday, October 17, 2023
Professional Services, Defense, Finance, Asset Management, Consulting, Banking, Veterans, Minority business enterprise, ABN AMRO, Bachelor of Arts and Science, Montclair State University, Wells Fargo, MBE, Securitization, ABN, SDVOSB, BJ, Security (finance), Organic, Mentorship, Management

Academy Securities, a registered broker-dealer, certified Disabled Veteran Business Enterprise (DVBE), and Minority Business Enterprise (MBE), today announced the addition of BJ McAndrews as Managing Director, Head of Securitized Product Sales.

Key Points: 
  • Academy Securities, a registered broker-dealer, certified Disabled Veteran Business Enterprise (DVBE), and Minority Business Enterprise (MBE), today announced the addition of BJ McAndrews as Managing Director, Head of Securitized Product Sales.
  • Mr. McAndrews spent 18 years at Wells Fargo Securities building their Structured Products Sales and Trading business.
  • He was Head of the Structured Products Sales Team while remaining a top salesperson covering many of Wells Fargo’s top trading and banking clients.
  • “We are pleased to welcome BJ McAndrews to the team,” stated Academy’s Chairman and CEO Chance Mims.

KBRA Assigns Preliminary Ratings to GLS Auto Select Receivables Trust 2023-2

Retrieved on: 
Wednesday, October 4, 2023
Banking, Professional Services, Finance, Sounding Point, KBRA, ABS, Assured Investment Management, GLS, Securitization, Insurance, Bank, Telescopic sight

KBRA assigns preliminary ratings to six classes of notes issued by GLS Auto Select Receivables Trust 2023-2 (“GSAR 2023-2”), a near prime auto loan ABS transaction.

Key Points: 
  • KBRA assigns preliminary ratings to six classes of notes issued by GLS Auto Select Receivables Trust 2023-2 (“GSAR 2023-2”), a near prime auto loan ABS transaction.
  • GSAR 2023-2 represents the second near prime term ABS securitization for Global Lending Services LLC (“GLS” or the “Company”).
  • The Company has also issued 24 securitizations under their GCAR program, collateralized by mostly subprime auto loans, since its inaugural issuance in 2014.
  • KBRA considered its operation review of GLS, as well as periodic due diligence calls with GLS.

Mayer Brown selected "Best Law Firm" at StructuredRetailProducts' SRP Americas Awards

Retrieved on: 
Monday, October 2, 2023
Securitization, Partnership, Capital market, Chambers, SRP, Structured finance, Lawyer, Mayer Brown, Chambers and Partners, Knowledge, Nationwide, News, Financial services, Euromoney

NEW YORK, Oct. 2, 2023 /PRNewswire/ -- Mayer Brown has been named "Best Law Firm" at StructuredRetailProducts' SRP Americas Awards.

Key Points: 
  • NEW YORK, Oct. 2, 2023 /PRNewswire/ -- Mayer Brown has been named "Best Law Firm" at StructuredRetailProducts' SRP Americas Awards.
  • Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) (collectively the "Mayer Brown Practices") and non-legal service providers, which provide consultancy services (the "Mayer Brown Consultancies").
  • The Mayer Brown Practices and Mayer Brown Consultancies are established in various jurisdictions and may be a legal person or a partnership.
  • "Mayer Brown" and the Mayer Brown logo are the trademarks of Mayer Brown.

Mayer Brown named "Americas Law Firm of the Year - Overall" and "US Law Firm of the Year" by Global Capital

Retrieved on: 
Friday, September 29, 2023
GlobalCapital, Securitization, Partnership, Capital market, Chambers, Overalls, Structured finance, Lawyer, Mayer Brown, Chambers and Partners, Growth, Knowledge, Nationwide, News, Financial services

Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) (collectively the "Mayer Brown Practices") and non-legal service providers, which provide consultancy services (the "Mayer Brown Consultancies").

Key Points: 
  • Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) (collectively the "Mayer Brown Practices") and non-legal service providers, which provide consultancy services (the "Mayer Brown Consultancies").
  • The Mayer Brown Practices and Mayer Brown Consultancies are established in various jurisdictions and may be a legal person or a partnership.
  • Details of the individual Mayer Brown Practices and Mayer Brown Consultancies can be found in the Legal Notices section of our website.
  • "Mayer Brown" and the Mayer Brown logo are the trademarks of Mayer Brown.

Fireblocks Acquires Tokenization Firm BlockFold to Serve Industry's Largest Banks & Financial Institutions

Retrieved on: 
Friday, September 29, 2023
Bitbond, Blockchain, Ministry of Finance, Partnership, Market, Tel Aviv Stock Exchange, Web3, National Australia Bank, Securitization, EVP, Decentralized finance, FI, CBDC, Carbon, Bank of France, Language, Ministry, BCG, Acquisition, Analysis, Project Eden, TASE, Engineering, Ministry of National Education (France), Growth, Bank, Swiss National Bank, Cryptocurrency

BCG projects that the tokenization of financial assets on the blockchain will grow into a $16 trillion market by 2030 and will represent 10% of all financial assets.

Key Points: 
  • BCG projects that the tokenization of financial assets on the blockchain will grow into a $16 trillion market by 2030 and will represent 10% of all financial assets.
  • Against this backdrop, Fireblocks has seen rapid growth in demand from customers, with a 350% increase in tokenization projects between 2022 and 2023, and 75% of tier-1 financial institutions exploring tokenization via its platform.
  • Bringing BlockFold's expertise in-house means that we can better serve tier-1 financial institutions to quickly and seamlessly bring tokenization projects into production and new assets onto the blockchain.
  • To learn more about how Fireblocks supports financial institutions with their tokenization operations, visit www.fireblocks.com/platforms/tokenization

FICO® Score Remains the Most Widely Used Credit Score in the Securitization Market, Keeping Lender Confidence

Retrieved on: 
Thursday, September 28, 2023
Software, Banking, Accounting, Professional Services, Data Management, Consumer, Technology, Security, Other Consumer, Finance, Other Technology, Consulting, Noise, Credit card, Timeshare, Credit score in the United States, Risk management, Wall Street, Vehicle, Alternative financial services in the United States, ABS, Traction, Scores, Risk, Javelin, Securitization, FICO, Research, Insurance, Credit

“By far, FICO Scores are the dominant method to measure asset-backed securitization risk.

Key Points: 
  • “By far, FICO Scores are the dominant method to measure asset-backed securitization risk.
  • The FICO Score remains the dominant metric for indicating credit risk in the seven collateral classes with activity graded by top credit reporting agencies.
  • FICO® Scores are used throughout the credit lifecycle, from acquisitions to applications, and credit management.
  • For more information about the predictive power of FICO® Scores and the newest and most powerful FICO Score, FICO® Score 10 T, visit: https://www.fico.com/en/latest-thinking/white-paper/fico-score-10-and-fi... .

Saluda Grade Ventures Successfully Exits Spring EQ Investment Via Cerberus Acquisition

Retrieved on: 
Wednesday, September 27, 2023
Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, Cerberus, Craft, SG, SGA, Currency crisis, Structure of the Federal Reserve System, GRADE, Cerberus Capital Management, Saluda Grade, Sale, EQ, SGV, Acquisition, Florida Board of Governors, Growth, Securitization, Federal Reserve, Spring, Financial services, Bank, Fitch

Saluda Grade , a private alternative real estate advisory and asset management firm, announced today a successful exit for a portfolio company in Saluda Grade Ventures (SGV), its growth equity investment management business.

Key Points: 
  • Saluda Grade , a private alternative real estate advisory and asset management firm, announced today a successful exit for a portfolio company in Saluda Grade Ventures (SGV), its growth equity investment management business.
  • SGV, through its Saluda Grade Alternative Lending & Fintech Growth Fund I LP & Saluda Grade Alternative Lending & Fintech Growth Fund II LP had invested equity capital into Spring EQ to fuel its growth in the home equity debt origination sector.
  • Saluda Grade has developed a strong relationship with mortgage entrepreneur Jerry Schiano, Spring EQ’s chief executive.
  • The sale of Spring EQ to an affiliate of Cerberus Capital Management, L.P. represents Mr. Schiano’s third successful monetization of a platform he launched and subsequently scaled into an attractive acquisition target.

HilltopSecurities Expands Fixed Income Office in Memphis, TN

Retrieved on: 
Wednesday, September 27, 2023
Professional Services, Other Professional Services, Finance, Asset Management, Banking, Personal Finance, Securitization, SBA, Stimmel, Bishop, Wainwright Securities Inc. v. Wall Street Transcript Corp., Small Business Administration, Head, Security (finance)

Hilltop Securities Inc. (HilltopSecurities) has recently hired over a dozen experienced Generalist Fixed Income Capital Markets sales and trading professionals in its Memphis office, including an accomplished Small Business Administration (SBA) trading and securitization team.

Key Points: 
  • Hilltop Securities Inc. (HilltopSecurities) has recently hired over a dozen experienced Generalist Fixed Income Capital Markets sales and trading professionals in its Memphis office, including an accomplished Small Business Administration (SBA) trading and securitization team.
  • The addition of the recent hires makes HilltopSecurities’ Memphis office one of the firm’s largest Fixed Income Capital Markets locations.
  • “Our new additions in generalist sales are part of a strategy to expand our fixed income business and other client-focused product areas in Memphis and across the nation more broadly,” said HilltopSecurities President and CEO Brad Winges.
  • In September, the firm welcomed Todd Story to its generalist fixed income sales team in Austin, Texas.