Coronation wins Euromoney DCM award on ₦1.6trn deals
Coronation Merchant Bank has secured Nigeria’s top debt capital markets accolade, highlighting a surge in local corporate and sovereign bond issuance as the country’s debt markets mature.
Coronation Merchant Bank was named Nigeria’s Best Investment Bank for Debt Capital Markets at the Euromoney Awards for Excellence 2026. The award, presented in London, reflects a year of heavy dealmaking that saw the bank help raise over ₦1.60 trillion across 33 transactions.
The volume of issuance underscores a significant deepening of Nigeria’s bond and commercial paper markets. Coronation’s deal roster spanned the public and private sectors, acting as a conduit for local capital access. Major transactions included a ₦230 billion bond for the Lagos State Government, an ₦82.9 billion bond for Presco Plc, and a ₦35 billion bond for CRS Funding SPV. Infrastructure deals featured a ₦32.5 billion bond for Craneburg EKSG Motorway Company, backed by an Infracredit Guarantee.
Commercial paper programs formed a substantial portion of the activity, offering corporates short-term liquidity. Access Bank issued ₦400 billion through the bank, while Dangote Cement and Dangote Sugar Refinery raised ₦269.7 billion and ₦237.9 billion respectively. Smaller issuers also tapped the market, with Coleman Technical Industries securing ₦50 billion and Fidson Healthcare raising ₦19.6 billion.
For investors, the proliferation of these instruments signals a broader, more diverse pool of domestic credit options beyond traditional bank lending. For issuers, the ability to secure sustainable pricing on such scale indicates growing institutional investor appetite for Nigerian corporate and sub-sovereign risk. Demola Adekoya, Divisional Head, Corporate and Investment Banking at Coronation Merchant Bank, noted: “Nigeria’s debt markets are getting deeper and more sophisticated, and our job is to keep connecting issuers with capital at the right price, in the right structure, at the right time.”
Established in 2015, Coronation is the only merchant bank in Nigeria with an international risk rating, holding a B- grade from Fitch. Taiwo Olatunji, Group Head, Investment Banking, said: “Execution is where reputations are made. We thank our clients, investors, regulators, and partners for their continued confidence, and we look forward to bringing more issuers to the market in the second half of the year.” The bank’s pipeline suggests the recent issuance boom is part of a structural shift in how Nigerian entities fund operations.
