Parthian redeems tranche of debut N20 billion commercial paper
Parthian Partners Limited has announced the successful maturity and redemption of its debut Series 1 Tranche A and B Commercial Paper under its N20 billion issuance programme.
The 15 billion Series 1, which was issued earlier this year on the FMDQ Exchange, matured on November 26 while the N5 billion Series 2 will mature on December 30, 2021.
The issuance represents the first by an Inter-dealer brokerage firm in the Nigerian capital market on the FMDQ Securities Exchange Limited platform.
Parthian Partners is rated Bbb (stable outlook) by Agusto & Co and the company’s Commercial Paper Programme is rated A1- by DataPro, evidencing the institution’s good funding profile, improving profitability and support from the owners, as well as good capitalisation.
The issuance was led by Coronation Merchant Bank, Renaissance Securities (Nigeria) Limited and Afrinvest West Africa Limited and was largely subscribed to by investors in the Banking, Asset Management, Pension Fund Administration, and Insurance sectors in Nigeria.
On the successful redemption, Oluseye Olusoga, Group Managing Director of Parthian Partners, stated: “On our inaugural issuance, institutional investors entrusted us as the premier inter-dealer 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.”