Citi stood out as Africa’s leading investment bank for financing in 2024, executing a range of landmark transactions across sovereign, corporate and private sector clients.
The bank leveraged its global network, cross-product capabilities and deep structuring expertise to provide capital solutions that advanced economic development, supported sustainable corporate strategies and unlocked value in high-growth industries.
In sovereign financing, Citi played a leading role in several benchmark transactions in challenging markets. Notably, it acted as joint bookrunner and fiscal and paying agent on a $3.5 billion dual-tranche bond for South Africa – its first return to the international capital markets since April 2022 and the largest African sovereign issuance since May 2020.
For Cameroon, Citi advised on a $550 million private placement – the country’s first US dollar bond issuance since 2015 – which raised critical budgetary financing through a fast-tracked three-week execution process without a public disclosure document.
Citi also distinguished itself in the corporate space. It served as joint global coordinator and bookrunner on the debut $300 million senior secured bond for Africell, a telecom operator with operations across Angola, Democratic Republic of Congo, The Gambia and Sierra Leone. The deal attracted strong support from development finance institutions and commercial investors, establishing Africell as a new issuer in the international debt capital markets. Similarly, Citi led Trident Energy’s inaugural $500 million senior unsecured bond, which refinanced the pan-African exploration and production company’s existing reserves-based lending facilities and broadened the issuer’s investor base.
Citi’s performance in 2024 reflected a franchise defined by reach, resilience and relevance
Citi’s bridge and syndicated lending platform was another standout. It acted as joint coordinator, bookrunner and mandated leader arranger on OCP Group’s $500 million debut syndicated revolving credit facility – the largest ever for a Moroccan borrower – providing the company with flexible working capital to support its international growth in the fertiliser industry. In another complex transaction, Citi acted as mandated leader arranger, bookrunner and underwriter on a $750 million bridge facility for South Africa-based Gold Fields to support its acquisition of Canada’s Osisko Mining.
Citi’s advisory capabilities also supported clients pursuing strategic portfolio transitions aligned with sustainability goals. A clear example was its exclusive advisory role on Holcim’s $120 million sale of Hima Cement to Uganda-based Sarrai Group. While not structured as a sustainable finance deal, the transaction was part of Holcim’s ‘Strategy 2025 – accelerating green growth’, enabling the group to streamline its global footprint and reallocate capital toward lower-carbon operations. For Sarrai Group, the acquisition created a platform to expand its presence in East Africa’s construction sector and positioned it among the region’s largest cement producers.
Whether through capital markets access, strategic M&A financing or sustainability-linked solutions, Citi’s performance in 2024 reflected a franchise defined by reach, resilience and relevance.
