February 2, 2023

Parthian Partners pays coupon on its N10bn bond

By Cynthia Alo

Parthian Partners Limited has announced the first coupon payment on its debut N10 billion 3-year fixed rate senior unsecured short-term bond. The prompt pay-out is coming exactly six months after the bonds were issued in August 2022.

The bond which was the first short-term bond under the FMDQ Securities Exchange ‘short-term bond’ framework and the first bond by an Inter-dealer broker in the Nigerian capital market, was issued at a coupon rate of 13.50 per cent and had been fully subscribed by a wide spectrum of institutional investors.

Following the successful redemption of Parthian Partners’ maiden  ¦ 20 billion commercial paper issuance in November/December 2021, investor confidence in the company has continued to wax stronger, further buoyed by Agusto & Co’s Bbb (stable outlook) positive affirmation of Parthian’s investment grade ratings, as well as DataPro’s BBB+ (stable outlook) rating, which highlight the Company’s good funding profile, improving profitability, asset quality, support from the owners and strong capitalisation.

Speaking on the coupon payment, the MD/CEO of Parthian Partners, Oluseye Olusoga, said, “We recognise the confidence our investors have reposed on us and will continue to do everything we can to uphold their confidence.”

He further assured investors of the company’s commitment to excellence saying, “At Parthian Partners, we are driven by excellence and will always strive to uphold our promise to increase liquidity in the African OTC market while enabling our clients to achieve their economic goals.”