Global vendor finance company DLL announced the closing of “DLLAA 2023-1,” a U.S. securitization transaction, issuing notes totaling $1 billion. The notes are backed by loans and leases secured with new and used agricultural equipment originated by AGCO Finance, a joint venture between DLL (51 percent ownership) and AGCO (49 percent ownership).

The transaction is rated F1+/P-1 or AAA/Aaa by Fitch and Moody’s, respectively.

“This is our third Asset Backed Securitization (ABS) transaction this year. The number of investors compares well to the last successful DLLAA transaction done in 2021. The strong investor demand reflects the continued interest in DLL ABS programs,” said Chris Morris, U.S. Treasurer for DLL.

Carlo van Kemenade, CEO and Chairman of the DLL Executive Board, added, “We are happy with the interest of both known and new investors who put their trust and confidence in our securitization platform. As we have indicated before, U.S. securitization transactions will continue to be a part of DLL’s long-term growth strategy to diversify our USD funding base.”