In investment banking, Citi continues to benefit from the combination of a leading global network and an on the ground presence in Africa that is much bigger than most other international firms.
With a team led by chairman of investment banking for Middle East and Africa, Miguel Azevedo, and Claude-Stephanie Ngningha, Citi’s head of investment banking in Africa outside South Africa and Egypt, Citi demonstrates strengths in M&A – providing both advice and loan financing for the Vivo Energy-Engen merger for example – and in the capital markets.
The bank worked on a $750 million convertible bond for South African energy company Sasol. It led two block trades for Barclays, worth around $1.3 billion, allowing the British bank to exit its stake in South African lender Absa. It was sole global coordinator on a $370 million accelerated offering in South African retail group Pepkor, taking advantage of a narrow market window to allow local investment company Lancaster to offload its stake.
Outside South Africa, Citi’s work in equity financing and advisory included a $110 million private placement for Nigerian payments company Interswitch. Citi advised longstanding Interswitch backer Helios Investment Partners on the deal, which helps Interswitch expand across the continent.
Meanwhile, in the sovereign space, Citi arranged a $2.5 billion dual-tranche deal for Morocco in March this year, a deal that offered some reassurance about the ability of emerging-market sovereigns to issue dollar-denominated debt at affordable prices.
It was also bookrunner on Angola’s $1.75 billion issue in April last year and worked with the African Development Bank on a €1.25 billion social bond issue.
