delete this

At a quick glance, working from left to right (and bottom to top) I would:

1.  Type the lower case 'p' and size it up. Then with the letter selected, do a conversion to curves (Ctrl+Q)

2. Now I would create a circle with the Elipse tool, while I hold down the Ctrl key (this makes a perfect circle). I would then thicken the outline of the circle and then right click on the white of the color pallete and left click on the appropiate geen color. Then I would select the text tool and create the upper case "Z" in the appropiate font, then position it onto the circle. I would now color the letter Z the same as the background color. Next, select the letter Z and the circle and groupg them together. Click on the grouped circle/Z twice to bring up the rotation handles and rotate the grouped item to the desired angle. Now position the circle/Z over the right hand side of the letter "p".

3. Lastly, I would type the letter "m" and size it and color it as desired. Convert the letter "m" to curves and then fool around with the outline thickness until the desired effect is reached. Then color the outline the same as the background and then position the "m" over the right hand part of the circle.

Now, this is only one way to do this, I am sure others, here, will make suggestions as to how else you may be able to accomplish the same thing.

 (Note: Not in the fonts that you shown, but the technique is there.)