Parthian Partners Pays Second Coupon on N10bn Bond

Nume Ekeghe

Parthian Partners Limited, has announced the successful payment of the second coupon on its N10 billion 3-year fixed-rate senior unsecured short-term Bond.

The payout, which comes just six months after the settlement of the first coupon paid earlier on 27th January 2023, has been lauded for its promptness.

This is as Parthian Partners has retained its ratings by Agusto & Co and DataPro. The company’s Bbb rating by Agusto & Co, and BBB+ rating by DataPro stand as a positive validation of its investment grade. It also reaffirms the company’s strong capitalization, improving profitability, unwavering support from the owners, and solid funding profile.

Parthian Partners’ N10 billion 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.

Commenting on the coupon payment, Chief Financial Officer of Parthian, Mr. Olayinka Arewa, stated: “This payment, following the timely settlement of the first coupon on 27th January 2023, serves as a testament to the financial robustness of the Parthian Group and underscores our unwavering dedication to safeguarding investor assets.”

He further asserted that the company has maintained its Bbb rating by Agusto & Co, providing a positive confirmation of their investment grade. Additionally, the BBB+ rating by DataPro validates the company’s strong capitalization, improving profitability, and favorable funding profile.

“Parthian Partners Limited remains fully committed to its promise of enhancing liquidity in the African OTC market while assisting clients in achieving their objectives,” he said.