Standard Bank reclaimed its title as Africa’s best investment bank for the first time since 2021, demonstrating strength and innovation across equity, debt and loan markets.
In a complex operating environment marked by shifting interest rate cycles and uneven capital market activity, the bank’s corporate and investment banking (CIB) division continued to outperform.
Investment banking headline earnings rose 40% year-on-year in 2024, driven by strong momentum in loan origination and structured finance. “We capitalised on a favourable interest rate environment and demand for structured capital solutions,” says Luvuyo Masinda, CEO of Standard Bank CIB. “By aligning our lending and global markets capabilities, we were able to deliver market financing solutions tailored to our clients’ needs.”
In loan origination, Standard Bank led over 650 deals in 2024, raising more than R350 billion ($19.6 billion) in funding across 500 clients. According to Dealogic, it ranked as the number one mandated leader arranger in sub-Saharan Africa last year, with 66 deals valued at $6.7 billion, representing a 16% market share.
In equity capital markets, Standard Bank advised on several of the region’s most significant transactions. It played a central role in the R4 billion rights issue for Pick n Pay, which was more than 2x oversubscribed and marked the first phase of the retailer’s two-step recapitalisation strategy.
The second phase was the R8.5 billion IPO of Boxer – the largest new listing on the Johannesburg Stock Exchange since 2017 – where Standard Bank acted as joint global coordinator and joint bookrunner. As Masinda explains, “we have built a diverse investment banking business anchored in deep sector expertise, with teams that understand the nuances of each industry. This allows us to be responsive as market conditions change.”
In a complex operating environment … the bank’s CIB division continued to outperform
In debt capital markets, Standard Bank ranked as number two on the Bloomberg bonds league table for sub-Saharan Africa, with a deal volume of $3.9 billion, equating to 13.4% market share. Milestone deals included a R6 billion government-guaranteed bond issuance for Transnet, where Standard Bank acted as sole arranger.
The deal was one of the largest public issuances by a South African state-owned entity since the pandemic and priced 43 basis points inside the original issue, demonstrating investor confidence in South Africa’s infrastructure reform agenda. The bank also acted as joint arranger in a R1 billion auction for the New Development Bank, bringing the China-based multilateral institution’s total issuance in the South African debt capital markets to R3.8 billion across three successful deals since August 2023. The latest issuance achieved the tightest spread by a non-government issuer in the South African market at the time. Elsewhere, Standard Bank was lead arranger for MTN’s R1.7 billion issuance across three tranches, which was 2.5x oversubscribed and saw meaningful investor diversification.
Elsewhere, the bank’s syndicated lending performance was helped by the 2023 launch of the bank’s proprietary digital syndication platform, Reach, which streamlined execution and improved transparency across multi-lender facilities. “Managing loans on Reach allows for transparency and easy access – and with this comes efficacy,” Masinda says. “Clients and co-lenders have been extremely impressed by the forward-thinking functionality and ease of use.”
Sustainability remained a core focus, with the bank mobilising R74.3 billion in sustainable finance in 2024. Highlights included an IFC-funded $250 million facility supporting green construction, and the use of sustainability-linked instruments tied to clients’ performance against pre-agreed performance metrics or use of proceeds. “Decarbonisation remains a critical theme,” says Masinda. “We are focused on understanding how our clients in priority or harder-to-abate sectors are considering their own transition strategies and how we can support them.”
With highly competitive rankings across major league tables, a deep bench of sector specialists and a strong pipeline of green and digital innovations, Standard Bank CIB has confirmed its position as the continent’s leading investment banking franchise – one that delivers capital solutions with consistency, creativity and purpose.
