LSEG Deals Intelligence
Sub-Saharan Africa
Investment Banking Review
SA Investment Banking Review - Quarterly Reports
Access our quarterly reports 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: SA Investment Banking Review - Q2 2026
INVESTMENT BANKING FEES
- An estimated US$289.0 million worth of investment banking fees were generated in Sub-Saharan Africa during the first half of 2026, a total exceeded only twice since records began in 2000. Overall fees increased 26.4% compared to the same period last year. Fees generated during the second quarter totaled US$139.2 million, down 7.0% from the previous quarter.
- Syndicated lending fees totaled US$126.5 million, accounting for the largest share of the regional fee pool and representing a 17.8% increase year-on-year. Debt capital markets underwriting fees doubled to an all-time high of US$80.8 million, while equity capital markets underwriting fees increased seven-fold to US$39.7 million. Advisory fees earned from completed M&A transactions reached US$42.0 million, down 44.7% compared to the first half of 2025.
MERGERS & ACQUISITIONS
- The value of announced M&A transactions with any Sub-Saharan African involvement reached US$50.0 billion during the first half of 2026, more than quadrupling compared to the same period last year. Despite the increase in value, the number of announced deals fell 24.2% to its lowest level since 2005.
- Deals involving Sub-Saharan African target companies totaled US$9.2 billion, a 47.4% increase from year-ago levels. Domestic M&A activity reached US$3.1 billion, while inbound transactions totaled US$6.1 billion.
EQUITY CAPITAL MARKETS
- Sub-Saharan African equity and equity-related issuance totaled US$1.9 billion during the first half of 2026, a more than threefold increase compared to the same period last year and the highest first-half total since 2018. A total of nine ECM transactions were completed, compared to seven during the first half of 2025.
- Two initial public offerings were recorded in the region during the first six months of the year, raising a combined US$885.7 million. Following Kenya Pipeline Co’s record-breaking IPO in February, Kasapreko PLC debuted on the Ghana Stock Exchange in June, raising US$60.9 million.
DEBT CAPITAL MARKETS
- Sub-Saharan African bond issuance totaled US$29.6 billion during the first half of 2026, a 62.2% increase compared to the same period last year and a record year-to-date high. A total of 65 new bond offerings were brought to market, up from 36 a year earlier.
- Ivory Coast was the most active issuer nation, accounting for 35.5% of total bond proceeds, supported by multiple issuances from the African Development Bank and the Republic of Côte d'Ivoire. Angola and South Africa rounded out the top three issuer nations.
- The largest primary bond issuance in the region was the US$2.5 billion dollar-denominated offering from the Republic of Angola.
- Government & Agencies issuance accounted for approximately 52% of total bond proceeds raised during the first half of 2026, while issuers in the Financials sector contributed a further 39%.
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