DLM Capital Secures Historic AAA Rating for N9 Billion Debt Listing on Nigeria’s FMDQ Securities Exchange

DLM SPV PLC lists N9bn in sovereign bond-backed notes on FMDQ Exchange, achieving a record AAA rating and a premium price of N112.14 in the Nigerian market.

By: AXL Media

Published: Mar 18, 2026, 4:43 AM EDT

Source: The information in this article was sourced from LEADERSHIP News

A Landmark Achievement in Structured Debt Financing

The Nigerian fixed-income market has reached a significant turning point with the formal listing of N9.00 billion in Medium-Term Notes by DLM SPV PLC on the FMDQ Securities Exchange. This issuance, which falls under a broader N30 billion program, represents a sophisticated approach to capital mobilization through the use of a special-purpose vehicle. By successfully listing these notes, the issuer has demonstrated the viability of innovative debt structures in a climate where investors are increasingly seeking high-security instruments that offer competitive returns while maintaining a disciplined risk framework.

Dual-Tranche Structure and Sovereign Backing

The approved listing is divided into two distinct components designed to cater to varying investor appetites for risk and maturity. The first segment consists of N7.30 billion in Series 1 Tranche A notes, characterized as hold-to-maturity returns instruments. The remaining N1.70 billion, designated as Tranche B, consists of plain vanilla returns notes backed by sovereign bonds. This composite structure ensures that the debt is anchored by high-level credit protection, effectively de-risking the investment and allowing the issuer to attract deep domestic capital that might otherwise remain on the sidelines of the corporate bond market.

Market Validation and Premium Asset Pricing

According to Sonnie Ayere, the Group Chief Executive Officer of DLM Capital Group, the listing has already set a new benchmark for asset valuation within the federation. The Series 1 Tranche A bond commanded a premium price of N112.14, a figure that highlights robust investor confidence in the creditworthiness of the underlying transaction. Ayere noted that achieving the top-tier AAA rating from both Global Credit Rating and DataPro Limited validates the firm’s strategy of engineering high-quality financial products that can compete with sovereign-level securities in terms of safety and market recognition.