Parthian Partners pays coupon on N10bn bond

Parthian Partners Limited has made the first coupon payment on its N10 billion three-year fixed-rate senior unsecured short-term bond.

The company stated in a statement that the prompt payment would occur six months after the bonds were issued in August 2022.

The bond, which was the first short-term bond issued under the FMDQ Securities Exchange's'short-term bond' framework and the first bond issued by an Inter-dealer broker in the Nigerian capital market, was issued at a coupon rate of 13.50 percent and was fully subscribed by a broad range of institutional investors, according to the statement.

Following the successful redemption of Parthian Partners' maiden N20bn commercial paper issuance in November/December 2021, investor confidence in the company has grown. This has been bolstered further by Agusto & Co's Bbb (stable outlook) positive affirmation of Parthian's investment grade ratings, as well as DataPro's BBB+ (stable outlook), which highlighted the company's good funding profile, improving profitability, asset quality, support from the owners, and

Parthian Partners' Managing Director/Chief Executive Officer, Oluseye Olusoga, commented on the coupon payment, saying, "We recognize the trust our investors have placed in us and will continue to do everything we can to maintain that trust."

"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," he assured investors.

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