The rhodium complex [Rh(Ph PCH CH CH PPh )(η -FC H )][BAr ], 2, catalyzes BH/BD exchange between D and the boranes H B⋅NMe , H B⋅SMe and HBpin, facilitating the expedient isolation of a variety of deuterated analogues in high isotopic purities, and in particular the isotopologues of N-methylamine-borane: R B⋅NMeR 1-d (R=H, D; x=0, 2, 3 or 5). It also acts to catalyze the dehydropolymerization of 1-d to give deuterated polyaminoboranes. Mechanistic studies suggest a metal-based polymerization involving an unusual hybrid coordination insertion chain-growth/step-growth mechanism.