FMDQ Securities Exchange Limited has officially announced the approval and listing of the DLM SPV PLC N7.30bn Series 1 (Tranche A) and N1.70bn Series 3 (Tranche B) Plain Vanilla Returns Sovereign Bond-Backed Composite Notes which sets the benchmark in the Corporate Bond Market.
The issuance, part of a N30.00bn medium-term note programme, marks a significant shift in the Nigerian corporate bond landscape.
The dual-tranche structure was designed to offer investors differentiated risk-return profiles while mobilising domestic capital for productive economic activities. The listing reinforces FMDQ Exchange’s position as a premier destination for innovative debt instruments.
Commenting on the landmark achievement, the Group Chief Executive Officer of DLM Capital Group, Dr Sonnie Ayere, highlighted the historic pricing of the instrument.
He said, “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, is a defining milestone, not just for DLM Capital Group but for the evolution of Nigeria’s fixed-income market.”
Ayere further emphasised that the market’s reception validates the firm’s focus on high-quality, de-risked investment products.
“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 the sovereign-level credit protection underpinning the instrument,” he added.
The transaction was managed by DLM Advisory Limited, which served as the Financial Adviser and Transaction Structurer.
Reflecting on the subscription success, the Managing Director of Investment Banking at DLM Advisory Limited, Mr Nwabu Okonkwo, said, “DLM Advisory Limited is delighted to have acted as Financial Adviser, Transaction Structurer, and Joint Issuing House. The promoter’s solid corporate profile and the bond’s strong credit rating were evident in the pricing and subscription of the Series 1 issuance.”
Looking ahead, the group intends to leverage this success to provide further liquidity and variety to the Nigerian capital market.
“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,” Ayere concluded.
FMDQ Exchange continues to facilitate such capital formations, maintaining a regulatory framework that supports infrastructure development and sectoral diversification across the Nigerian economy.
The Nigerian fixed-income market is currently undergoing a strategic evolution, moving from traditional corporate issuance toward more complex, de-risked instruments. In an environment defined by inflationary pressures and economic volatility, investors are increasingly prioritising security. The DLM SPV Plc issuance represents a critical shift by bridging the gap between high-yield corporate debt and the relative safety of sovereign assets.