Afreximbank tops the loan market rankings in Bloomberg’s 2023 Capital Markets league tables for Sub-Saharan Africa
Cairo, 4 March 2024: – African Export-Import Bank (Afreximbank) has been ranked number one in all three categories in the Bloomberg Capital Markets League Tables Report for African Capital Markets. Afreximbank is ranked as number one Mandated Lead Arranger, Bookrunner, and Administrative Agent for Sub-Saharan Africa Borrower Loans. These rankings recognize the Bank’s leadership role in facilitating capital from within and outside of the continent, from a diverse range of investors and stakeholders to fulfill the financing needs of African member states and organizations.
Topping these prestigious rankings in all three categories simultaneously for the first time in the Bank’s 30-year history is a testament to the Bank’s remarkable growth, its systemic relevance on the continent, and its leading market position in the African loan markets. Despite the challenges faced by the African syndicated loan market in 2023, with volumes remaining relatively subdued at US$32 billion and a total of 82 loans only closing during the year, the rankings reflect Afreximbank’s unwavering commitment to its mandate.
Notably, the Bank has almost doubled its market share in both the Mandated Lead Arranger (MLA) and Bookrunner categories, rising from 8% and 9% in 2022 to an impressive 19% and 14% in 2023, respectively. In the Loans Agency category, Afreximbank retained a significant 15% market share, while achieving a remarkable milestone of securing the position of the number one facility agent for the first time ever. The Bank’s specialized agency team is committed to growing the provision of these loans’ agency and security trustee services and is actively managing some of the largest loans on the continent.
These statistics reflect Afreximbank’s pivotal role in proactively stepping in to close the funding gap across various industry sectors and recognise the Bank’s continued leadership in mobilising and leveraging African capital from within and international capital from outside the continent from a diverse range of investors and stakeholders to meet the financing needs of African borrowers.
Afreximbank’s increased market share is particularly noteworthy in the challenging sectors of oil and gas and sovereign finance. Landmark financings in 2023 facilitated by the Bank include the US$1.3 billion Project Gleam facility for Angolan Ministry of Finance , the most significant “Green Loan” in Africa to date; partial prefunding of the US$2.7 billion multi-sourced financing for Ministry of Finance & Planning Tanzania’s backed development of Lots 3-4 of the Standard Gauge Railway; the US$ 1.3 billion annual facility for Angolan national oil company Sonangol; and a US$ 2,25 billion initial commitment of the US$ 3.3 billion crude oil prepayment facility for the Nigerian National Petroleum Company (NNPC).
Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, commented;
“These outstanding rankings in the Bloomberg League tables underscore Afreximbank’s commitment to driving economic growth, facilitating capital flows within the African continent while reflecting our resilience and ability to navigate challenging market conditions. The success of our rankings is a testament to the hard work and commitment of my colleagues and reinforces our position as a trusted financial partner for African organizations. We look forward to servicing their financing requirements for many years to come.”
The Bloomberg Capital Markets tables showcase the top arrangers, bookrunners and advisors across a broad array of deal types in the financial sector including loans, bonds, equity and M&A transactions.
ENDS
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of September 2023, Afreximbank’s total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com