Latest news with #MiguelAzevedo
Business Insider
a day ago
- Business
- Business Insider
African borrowers are regaining access to international capital markets
African governments and companies are beginning to regain access to international capital markets, offering a renewed chance to diversify funding sources. African countries are beginning to access international capital markets again after prolonged challenges. Decreasing rates and narrowing sovereign spreads have contributed to this market accessibility. European funds are increasingly flowing into Africa, surpassing U.S. investments in impact. African governments and companies are beginning to regain access to international capital markets, offering a renewed chance to diversify funding sources after years of being effectively shut out, according to Citigroup Inc. 'With rates coming down now, I think the markets are reopening to African issuers, namely the European markets,' said Miguel Azevedo, managing director and vice-chair of investment banking for the Middle East and Africa at Citigroup. Azevedo pointed to Guaranty Trust Holding Co. of Nigeria's international share sale earlier this month, its first ever, as a sign of renewed investor interest. In a separate development, the Ivory Coast raised 50 billion yen ($338 million) last week through its debut Samurai bond issuance, Bloomberg reported. The improving outlook for African borrowers is reflected in narrowing sovereign spreads. The premium investors demand to hold African dollar bonds over U.S. Treasuries has fallen to 429 basis points, its lowest since December, according to JPMorgan Chase & Co. indexes. The spread has tightened by more than 200 basis points since April, when U.S. President Donald Trump's tariff announcements triggered market volatility. Shift toward local trade Azevedo also highlighted the growing flow of European funds into Africa relative to U.S. investments, calling it a potential 'blessing in disguise.' The trend, he said, is supporting economic diversification and enhancing intra-African trade. 'Forcing local trade I think it will be good for Africa,' he said. 'The world is becoming less global and it may actually help Africa. When you look at trade in Africa, it's all about how much you can do domestically these days.'
Bloomberg
4 days ago
- Business
- Bloomberg
Citigroup Says Capital Markets Reopening to African Borrowers
African borrowers are regaining access to international capital markets, offering governments and companies a fresh opportunity to diversify their funding sources after years of being locked out, according to Citigroup Inc. 'With rates coming down now, I think the markets are reopening to African issuers, namely the European markets,' Miguel Azevedo, managing director and vice-chair of investment banking for Middle East & Africa at Citigroup, said at the EurAfrican Forum near Lisbon on Friday. He cited an international share sale this month by Guaranty Trust Holding Co. of Nigeria, the lender's first such offering, as an example.
Bloomberg
21-07-2025
- Business
- Bloomberg
Citi's Azevedo Sees Busy 2H for Gulf Listings
The UAE is seeing renewed momentum in equity capital markets heading into the second half of 2025. Planned deals are building on the successful debut of a residential real estate investment trust -- which helped revive sentiment after several disappointing listings late last year. Meanwhile, the picture is somewhat muted over in Saudi Arabia, as firms eyeing share sales face investor caution over valuations. Miguel Azevedo, Managing Director & Investment Banking Vice-Chair for Middle East & Africa at Citi spoke to Horizons Middle East and Africa anchor Joumanna Bercetche. (Source: Bloomberg)
