New Bonds on the Block: Pagaya and Redwood Debut New Deals

Two notable inaugural securitizations entered the U.S. markets last week, showcasing innovation from experienced originators: Pagaya Motor Asset Trust 2026-R1, a seasoned auto loan securitization by Pagaya, and Sequoia Mortgage Trust 2026-MED1, a residential loan securitization tailored for medical professionals by Redwood.

Pagaya Motor Asset Trust 2026-R1

Pagaya Motor Asset Trust 2026-R1 is a $442.3mm seasoned auto loan ABS with a weighted average seasoning of 24 months. The transaction was priced last week, led by structuring lead and sole bookrunner Atlas SP, with Cantor Fitzgerald as co-manager. Pagaya Structured Products LLC, the sponsor and administrator, is a wholly owned subsidiary of Pagaya US Holding Company LLC. The receivables consist of retail installment sale contracts and/or installment loans secured by a mix of new and used automobiles, light-duty trucks, SUVs, vans, and motorcycles from various manufacturers.

The receivables, with an aggregate outstanding balance of $466.3mm across 22,022 contracts, were previously securitized through the RPM platform in RPM 2023-3 ($143.6mm, 6,757 contracts), RPM 2023- 4 ($166.7mm, 7,913 contracts), and RPM 2024-1 ($156mm, 7,352 contracts). The top geographic concentrations in the pool are Texas (14.86%), Florida (9.81%), Georgia (7.02%), North Carolina (4.64%), and Maryland (3.71%)

Please see full report: IGM_Structured_Finance_Monitor_- Weekly_US_Edition March 30 2026.pdf