Sets benchmark in corporate bond market

FMDQ Securities Exchange Limited has approved the listing of ₦9.00 billion Medium-Term Notes issued by DLM SPV PLC, marking a significant milestone in Nigeria’s corporate bond market and reinforcing the Exchange’s position as a leading platform for innovative debt instruments.

The listing comprises ₦7.30 billion Series 1 (Tranche A) and ₦1.70 billion Series 3 (Tranche B) Plain Vanilla Returns Sovereign Bond-Backed Composite Notes issued under DLM SPV PLC’s ₦30.00 billion Medium-Term Notes Programme.

The approval, granted by the Exchange’s Board Listings and Markets Committee, highlights growing investor confidence in structured financing solutions designed to meet both issuer funding requirements and investor expectations.

DLM SPV PLC, a special purpose vehicle established to facilitate structured financing arrangements, represents a modern approach to capital mobilisation within Nigeria’s evolving financial ecosystem.

The dual-tranche issuance provides investors with differentiated risk-return opportunities while supporting efficient deployment of capital into productive economic activities aligned with the issuer’s strategic objectives.

The net proceeds from the issuance, sponsored by DLM Advisory Services Limited, a Registration Member (Listings) of FMDQ Exchange, will be applied in accordance with the underlying transaction structure to finance initiatives aimed at driving economic growth.

Commenting on the development, Dr. Sonnie Ayere, Group Chief Executive Officer of DLM Capital Group, described the listing and premium pricing of the Series 1 Tranche A Bond at ₦112.14 as a defining moment for Nigeria’s fixed income market.

According to him, the bond, which achieved AAA credit ratings from Global Credit Rating and DataPro Limited has become the most valuable AAA corporate bond in Nigeria, reflecting strong investor confidence in its credit structure and sovereign-level protection framework.

“The listing and premium pricing of the DLM Series 1 Tranche A Bond at ₦112.14 making it the most valuable AAA corporate bond in Nigeria is a defining milestone, not just for DLM Capital Group, but for the evolution of Nigeria’s fixed income market. Achieving AAA/AAA credit ratings from Global Credit Rating and DataPro Limited, and commanding benchmark pricing, underscores the market’s recognition of its robust credit structure, disciplined risk framework, and sovereign-level credit protection underpinning the instrument.

“This transaction validates our strategy of engineering high-quality, de-risked investment products capable of attracting deep domestic capital while setting new benchmarks for structured corporate issuances,” Ayere said, adding that the company plans to expand future issuances and deepen market liquidity.

“Building on this momentum, DLM is strategically positioned to expand its issuance, deepen liquidity across future Series and continue delivering innovative, high-quality instruments that strengthen the Nigerian capital markets while creating sustainable value for investors.”

Also speaking, Mr. Nwabu Okonkwo, Managing Director, Investment Banking at DLM Advisory Limited, said the firm acted as Financial Adviser, Transaction Structurer and Joint Issuing House for the notes issuance.

He noted that the promoter’s strong corporate profile and credit rating were reflected in the successful pricing and subscription levels recorded during the Series 1 issuance.

FMDQ Exchange reiterated its commitment to fostering a dynamic and inclusive capital market capable of accommodating both conventional and structured financing instruments. The Exchange stated that its regulatory framework, operational standards and transparency initiatives continue to support capital formation, infrastructure financing and sustainable economic development across Nigeria.

Parent company FMDQ Group PLC operates as Africa’s first vertically integrated financial market infrastructure group, providing registration, listing, trading, clearing, settlement and data services across debt capital, derivatives and equity markets through its subsidiaries, including FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited.

As part of its sustainability agenda, the Group also operates the FMDQ Green Exchange, positioned to drive sustainable finance and support Africa’s transition toward a greener economy.