FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”) has approved the listing of DLM SPV PLC’s ₦7.30 billion Series 1 (Tranche A) and ₦1.70 billion Series 3 (Tranche B) Plain Vanilla Returns Sovereign Bond-Backed Composite Notes under its ₦30.00 billion Medium-Term Notes Programme.
This approval by the Exchange’s Board Listings and Markets Committee reinforces FMDQ Exchange’s position as the preferred platform for innovative debt structures that serve both investor requirements and issuer funding needs.
DLM SPV PLC (“DLM SPV” or “the Issuer”), a special purpose vehicle established to facilitate structured financing arrangements, represents an innovative approach to capital mobilisation within Nigeria’s evolving financial landscape.
The dual-tranche issuance structure provides investors with differentiated risk-return profiles while enabling efficient capital deployment.
The net proceeds from this Notes issuance, sponsored by DLM Advisory Services Limited, a Registration Member (Listings) of FMDQ Exchange, will be utilised in accordance with the terms of the underlying transaction structure to support productive economic activities aligned with the Issuer’s strategic objectives.
Commenting on this listing, Dr. Sonnie Ayere, group chief executive officer, DLM Capital Group, stated,
“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-risk investment products that attract deep domestic capital.
It also sets a new reference point for how structured corporate issuances can be priced when backed by strong credit fundamentals and investor confidence. 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 commenting, Mr. Nwabu Okonkwo, managing director, Investment Banking, DLM Advisory Limited, stated,
“DLM Advisory Limited is delighted to have acted as Financial Adviser, Transaction Structurer and Joint Issuing House on the ₦7.30billion Series 1 Tranche A 40.62% Hold-To-Maturity Returns and ₦1.70billion Tranche B 19.07% Plain Vanilla Returns Sovereign Bond-Backed Composite Notes issued by DLM Funding SPV PLC and promoted by DLM Capital Group. The promoter’s solid corporate profile and strong credit rating of the bond were evident in the pricing and subscription of the Series 1 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 across Nigeria.
FMDQ Group PLC (“FMDQ Group”) is Africa’s first vertically integrated financial market infrastructure (“FMI”) group, strategically positioned to provide registration, listing, quotation and noting services for financial markets securities; an integrated trading platform, clearing & central counterparty, and settlement services for financial markets transactions; depository of securities, as well as data and information services, across the debt capital, derivatives and equity markets, among others, through its wholly owned subsidiaries, FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited.
As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange, FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.
