DLM Lists N9bn AAA-Rated Notes On FMDQ, Sets Market Benchmark

FMDQ Securities Exchange Limited has approved the listing of N9.00 billion Medium-Term Notes issued by DLM SPV PLC under its N30 billion Medium-Term Notes Programme.

The listing comprises N7.30 billion Series 1 (Tranche A) and N1.70 billion Series 3 (Tranche B) Plain Vanilla Returns Sovereign Bond-Backed Composite Notes.

The approval by the Exchange’s Board Listings and Markets Committee reinforces the Exchange’s role as a preferred platform for innovative debt structures designed to meet both investor expectations and issuer funding needs.

DLM SPV PLC, a special-purpose vehicle established to facilitate structured financing arrangements, represents an innovative approach to capital mobilisation in Nigeria’s evolving financial landscape.

The dual-tranche issuance structure provides investors with differentiated risk-return options while enabling efficient capital deployment.

The net proceeds from the issuance, sponsored by DLM Advisory Services Limited—a Registration Member (Listings) of FMDQ Exchange—will be deployed in line with the terms of the underlying transaction structure to support productive economic activities aligned with the issuer’s strategic objectives.

Commenting on the listing, Group Chief Executive Officer of DLM Capital Group, Sonnie Ayere, described the development as a major milestone for Nigeria’s fixed-income market.

According to him, the listing and premium pricing of the DLM Series 1 Tranche A Bond at N112.14, Making it the most valuable AAA corporate bond in Nigeria, signal strong investor confidence in the instrument.

“Achieving AAA/AAA credit ratings from Global Credit Rating and DataPro Limited, and commanding benchmark pricing, underscores the market’s recognition of the bond’s robust credit structure, disciplined risk framework and sovereign-level credit protection,” Ayere said.

He added that the transaction validates DLM’s strategy of engineering high-quality, de-risked investment products that can attract deep domestic capital while setting a new benchmark for structured corporate issuances in Nigeria.

Ayere further noted that the group plans to expand future issuances, deepen liquidity across subsequent series and continue delivering innovative instruments that strengthen the Nigerian capital market while creating sustainable value for investors.

Also speaking, Managing Director, Investment Banking at DLM Advisory Limited, Nwabu Okonkwo, said the firm was pleased to act as Financial Adviser, Transaction Structurer and Joint Issuing House on the transaction.

He explained that the issuance comprises N7.30 billion Series 1 Tranche A 40.62% Hold-To-Maturity Returns Notes and N1.70 billion Tranche B 19.07% Plain Vanilla Returns Sovereign Bond-Backed Composite Notes issued by DLM Funding SPV PLC and promoted by DLM Capital Group.

According to him, the promoter’s strong corporate profile and the bond’s high credit rating were reflected in the pricing and the strong subscription recorded during the issuance.

FMDQ Exchange continues to play a leading role in fostering a dynamic and inclusive capital market that accommodates both conventional and structured financing instruments.

By maintaining a robust regulatory framework, promoting operational excellence and ensuring market transparency, the Exchange remains committed to facilitating capital formation that supports infrastructure development, sectoral diversification and sustainable economic growth in Nigeria.