SSA Investment Banking Review

Full Year 2020

Refinitiv Deals Intelligence reviews Sub-Saharan Africa Investment Banking performance for the full year 2020.

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.
  • Investment Banking Fees: An estimated US$523.7 million worth of investment banking fees were earned in Sub-Saharan Africa during 2020, down 15% from 2019 and the lowest annual total in six years.
  • Mergers & Acquisitions: The value of announced M&A transactions with any Sub-Saharan African involvement reached US$25.7 billion during 2020, 62% less than the value recorded during 2019 when Naspers’ US$35.9 billion internet assets spin-off boosted merger activity to an all-time high.
  • Equity Capital Markets: Sub-Saharan African equity and equity-related issuance reached US$2.5 billion during 2020, 54% more than the value recorded during the previous year, but lower than every other annual total since 2005.
  • Debt Capital Markets: The African Development Bank raised $3 billion in a “Fight Covid-19” social bond at the end of March to help alleviate the economic and social impact the Coronavirus pandemic will have on livelihoods and economies in the region.
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Visit Perspectives Blog: The uncertainty and disruption of the COVID-19 pandemic during 2020 sent organizations rushing to access liquidity. As Refinitiv data shows, this resulted in an unprecedented transfer of capital between savers and borrowers. For others, the change in behavior created opportunities. Both trends drove global capital markets to all-time highs, as Matthew Toole explains.

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