![]() The legal final maturity dates for the notes range from August 2024 for the Class A-1 notes to October 2031 for the A-4 notes. Moody's expects to assign a P-1 rating to class A-1 and Aaa to classes A-2, A-3 and A-4. If you have any queries please contact your finance representative. Access information regarding your quotes at any time. The notes benefit from excess spread, expected to be 2.47% per annum, higher than 5.7% for 2021-1, Fitch said.įitch expects to assign an F1 rating to class A-1, and AAA to A-2, A-3 and A-4. Tailor Quotes to suit the customers needs and track them through to Settlement. Moody's cumulative net loss expectation for the DLLAA 2023-1 collateral pool is 0.75% and the loss at an Aaa stress is 10% (inclusive of 6.25% credit loss and 3.75% residual value loss). The transaction's sequential payment structure and the over-collateralization target will result in a build-up of credit enhancement. Excess spread may also be available as additional credit protection for the notes. Hard credit enhancement will consist of initial over-collateralization of 7.50%, with a target of 9.50% of the initial collateral balance and a cash reserve account of 0.75%. The transaction will be the third securitization sponsored by AGCO Finance, and the first since DLLAA 2021-1, which issued $1 billion of notes backed by a larger pool of 31,526 contracts and lower average contract balance of $33,558.Īccording to Moody's Investors Service, at closing, the class A notes will benefit from 8.25% of hard credit enhancement (as a percentage of the initial pool balance). The principal amount of the notes may be upsized from $750 million to $1 billion, the rating agency said. The contracts have a weighted average APR of 3.2%, 48 remaining months, and seasoning of 17 months, according to Fitch. The pool contains 18,888 contracts, with average balance of $42,927, for a total value of $810.8 billion. Professional equipment accounts for 80.18% of the pool and lifestyle equipment for 19.82%. The lead underwriter is Barclays Capital.Īccording to Fitch, the collateral comprises 78.73% new and 21.27% used agricultural equipment. AGCO has demonstrated sufficient abilities as originator and underwriter, as has DLL as the servicer, Fitch said. This is the second issue from the series to be rated by Fitch Ratings, following DLLAA 2021-1. The receivables are serviced by wholly-owned DLL subsidiary, DLL Finance. AGCO Finance is the originator of the assets backing the transaction.
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