AfE 2024
For a global lender, Citi’s investment-banking presence in Africa is hard to compete with. The US firm has an onshore presence in 16 countries and covers 38 markets, with a dedicated team in Johannesburg supported by corporate bankers across the region.
Its Africa investment banking team, led by Miguel Azevedo, chairman of investment banking for the Middle East and Africa, and Claude-Stephanie Ngningha, head of investment banking in Africa outside South Africa and Egypt, had an undeniably good year.
In debt capital markets, it ranked second, completing six deals worth a little shy of $1.5 billion. In terms of size, the standout DCM deal in 2023 was the Kingdom of Morocco’s $2.5 billion sovereign bond. The dual-tranche offering, arranged by Citi and completed in March 2023, secured the largest orderbook of any African bond in nearly two years.
Another standout deal in DCM was the Republic of Egypt’s inaugural sukuk, a $1.5