BY NGOZI ONYEAKUSI

DLM SPV  Lists ₦9.00bn AAA-Rated Medium-Term Notes on FMDQ, Sets
Benchmark in Corporate Bond Market
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