Parthian Partners Redeems N20bn from 1st Commercial Paper Issuance

Parthian Partners Limited (PPL) has announced that it has redeemed its inaugural public issue at maturity of its Series 1 Tranche A & B commercial paper under its N20 billion Issuance Programme.

Parthian Partners Limited is rated Bbb (stable outlook) by Agusto & Co while its Commercial Paper Programme is rated A1- by DataPro.

This, the company said, is an evidence of its good funding profile, improving profitability and support from the owners, as well as good capitalisation.

The N15billion Series 1 which was issued earlier this year on the FMDQ Exchange, matured on the 26th of November while the N5billion Series 2 matures on the 30th of December 2021.

The issuance represents the first by an Inter-dealer brokerage firm in the Nigerian capital market on the FMDQ Securities Exchange Limited platform.

Speaking on the completion, the group managing director of PPL, Oluseye Olusoga stated that the company is poised to entrench the leading position in the market.

He further said the firm also wanted a well developed relationship with its customers in the capital market as a responsible and dynamic issuer.

He said, “On our inaugural issuance, institutional investors entrusted us as the premier interdealer broker in the domestic market. We are pleased to repay this trust and redeem our inaugural public issue at its maturity. We look to further entrench our market leading position and develop our relationship in the capital market as a responsible and dynamic issuer.”