• An estimated US$169.3 million worth of investment banking fees were generated in Sub-Saharan Africa during the first six months of 2025, 4% less than the value recorded a year ago and the lowest first-half total since 2012.
• Advisory fees earned from completed M&A transactions in the region totalled US$59.3 million, a decrease of 22% compared to the value recorded last year at this time and the lowest first-half total in four years.
• Debt capital markets underwriting fees increased 14% to US$26.8 million, while syndicated lending fees increased 28% to US$77.7 million. 
• Equity capital markets underwriting fees totalled US$5.5 million, down 66% from 2024 levels and the lowest January to June total since our records began in 2000.
• Forty-seven percent of all Sub-Saharan African fees were generated in South Africa during the first half of 2025, followed by Mauritius (13%) and Ivory Coast (13%).
• Barclays earned the most investment banking fees in the region during the first half of 2025, a total of US$16.3 million or a 10% share of the total fee pool.

MERGERS & ACQUISITIONS

• The value of announced M&A transactions with any Sub-Saharan African involvement reached US$12.3 billion during the first six months of 2025, a decline of 28% compared to last year and the lowest first-half total since 2020.  The number of deals announced in the region declined 22% from last year at this time.
• Deals involving a Sub-Saharan African target totaled US$5.9 billion during the first half of 2025, down 45% compared to the first half of 2024 and a five-year low.  Inbound deals decreased 32% from year ago levels, while domestic M&A saw a 64% decline in value.
• The Energy & Power sector was most active, accounting for 52% of Sub-Saharan African target M&A during the first half of 2025, boosted by Vitol Netherlands Cooperatief's US$1.7 billion bid for Eni Spa's Baleine Project in the Ivory Coast.  Materials followed with 20% of overall deal activity in the region.  South Africa was the most targeted nation, followed by Ivory Coast and Nigeria.
• Sub-Saharan African outbound M&A totalled US$4.5 billion during the first half of 2025, 73% more than year ago levels with the announcement of Johannesburg-based gold producer Gold Fields plan to buy Australia's Gold Road Resources for US$2.3 billion.
• Goldman Sachs took first place in the any Sub-Saharan African involvement announced M&A financial advisor league table during the first half of 2025, with a 25% market share.

EQUITY CAPITAL MARKETS

• Sub-Saharan African equity and equity-related issuance totalled US$435.4 million during the first half of 2025, a 48% decline compared to first half 2024 levels and a four-year low. Six ECM offerings were brought to market between January and June, down by one-third compared to a year ago. 
• There were no initial public offerings or convertible bond offerings recorded in the region during the first half of 2025.
• Proceeds were raised from six follow-on offerings, including the US$170.9 million raise by South Africa's MTN Group in June.  
• Morgan Stanley took first place in the Sub-Saharan African ECM underwriting league table during the first half of 2025, with a 39% market share.

DEBT CAPITAL MARKETS

• Sub-Saharan African bond issuance totalled US$17.9 billion during the first six months of 2025, 58% more than the value recorded last year at this time and a three-year high.
• A total of 30 new offerings were brought to market during the first half of 2025, a decline of 17% compared to a year ago and a five-year low.
• Ivory Coast was the most active issuer nation during the first half of 2025, accounting for 56% of total bond proceeds, followed by South Africa (12%) and Kenya (8%).
• Government & Agencies issuance accounted for 70% of proceeds raised during the first half of 2025, with 17% raised by issuers in the financial sector and the remaining 13% raised from Materials, Energy & Power and Consumer Products & Services.  
• Citi took the top spot in the Sub-Saharan African bond bookrunner ranking during the first half of 2025 with US$2.6 billion of related proceeds, or a 14% market share.  JP Morgan and BofA Securities round out the top three bookrunners during the first half of 2025, with 11% and 7% market share, respectively.