Sub-Saharan Africa investment Banking Review

First Quarter 2023

Access this report for Investment Banking fees, volumes, and league tables across M&A, Equity Capital Markets, and Debt Capital Markets. Examine deal flows, top deals, most active nations, and most active sectors.

Report Highlights:

INVESTMENT BANKING FEES

An estimated US$64.8 million worth of investment banking fees were generated in Sub-Saharan Africa during the first quarter of 2023, down 50% from the first quarter of 2022 and the lowest first quarter total since 2010.

MERGERS & ACQUISITIONS

The value of announced M&A transactions with any Sub-Saharan African involvement reached US$2.9 billion during the first quarter of 2023, an 80% decline compared to first quarter 2022 and the lowest first quarter total since 2003.

EQUITY CAPITAL MARKETS

Sub-Saharan African equity and equity-related issuance totalled US$276.2 million during the first quarter of 2023, a 44% decline compared to the same period in 2022.

DEBT CAPITAL MARKETS

Overall Sub-Saharan African debt capital markets activity totalled US$3.8 billion during the first quarter of 2023, down 66% compared to first quarter 2022 and the weakest opening period for DCM activity in the region since 2016.

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