DLL closes second US securitisation deal of 2025

Global vendor finance company DLL has completed its second US asset-backed securitisation (ABS) transaction of the year, issuing US$793 million in notes under the designation “DLLAD 2025-1.”

The deal includes a tranche retained by DLL and is backed by a portfolio of loans and leases tied to assets in the food, agriculture, and outdoor equipment sectors.

The notes received high-grade ratings of F1+/P-1 for the short-term tranche and AAA/Aaa for the senior tranches from Fitch Ratings and Moody’s, respectively.

“This marks our second ABS transaction of the year, once again met with strong investor demand – including participation from new investors,” said Chris Morris, US Treasurer at DLL.

“We’re pleased to see continued interest, which reflects the strength and consistency of DLL’s programmatic ABS issuance.”

DLL, a wholly owned subsidiary of Rabobank, has been a regular issuer in the ABS market, using securitisations as a tool to diversify its funding sources and maintain liquidity.

Lara Yocarini, CEO and Chair of the DLL Executive Board, added:

“We greatly value the trust investors continue to place in our securitisation platform and are encouraged by the continued growth of DLL’s investor base.

“These securitisation transactions play a vital role in our long-term strategy to diversify USD funding sources.”