Parthian Partners lauded for prompt payment of second coupon on N10bn Bond

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BY BAMIDELE FAMOOFO

Leading Nigerian interdealer broker, 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 January 27, 2023, has been lauded for its promptness.

This comes as Parthian Partners retains its solid 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, Olayinka Arewa, Chief Financial Officer of Parthian, stated: “This payment, following the timely settlement of the first coupon on 27 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.

Parthian Partners Limited is Nigeria’s first interdealer broker, licensed by the Securities and Exchange Commission to provide brokerage services to market dealers and investors, including pension fund administrators, fund managers, banks, and international financial institutions.

Also, a member of the FMDQ Exchange, the company primarily facilitates trading in Federal Goverment, state government, and corporate fixed-income securities.

From 2013 to date, Parthian Partners has facilitated over N5 trillion in FGN bonds and treasury bill trades, and over $1.2 billion in Eurobond transactions.