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ENSafrica icon

credible differENS

AFRICAN
KNOW‑HOW
NOVEL
SOLUTIONS
PROVEN TRACK
RECORD
diagram diagram

ENSafrica’s Capital Markets team provides sophisticated, novel solutions for listed companies, funds and banks across Africa and beyond.

Within our comprehensive Capital Markets offering, we have deeply specialised Debt Capital Markets (DCM) and Equity Capital Markets (ECM) experts who are known for their high value, complex work across Africa and who bring a collective wealth of diverse experience and perspectives. This enables us to craft high quality, innovative advice that is tailor-made for your business, with fast turnaround times.

Our feet are planted firmly on African soil, with African know-how and capability. We have a large knowledge base of resources and a deep understanding of local nuances and ways of doing business across the continent.

We have many years of practical experience working on the ground throughout Africa and long-standing partnerships with trusted firms whom we work alongside, thereby assuring you of consistent quality and excellent service.

We have significant experience of primary and secondary listings of African businesses across all major exchanges, including the LSE, NYSE, NASDAQ, ASX, HKEX and NSE (India).

In addition, we have substantial experience of listing national and international businesses on African exchanges, including the DSE (Tanzania), GSE (Ghana), JSE (South Africa), NSE (Kenya), NSE (Nigeria), RSE (Rwanda), SEM (Mauritius) and USE (Uganda).

Our Capital Markets team integrates seamlessly with our experts in other areas of law, tax and IP to provide comprehensive, all-inclusive responses to your business requirements.

possesses notable experience of international capital raises
Chambers Global Guide
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your team

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awards and rankings

ENSafrica is recognised by leading international ranking agencies, including Chambers Global, Legal 500, IFLR1000 and the World Tax Guide, for achieving consistently high standards.

Furthermore, the firm is a regular recipient of regional awards such as DealMakers and the African Legal Awards.

In addition, we have won the Capital Markets Firm of the Year Award at the IFLR Africa Awards, as well as the Financial Institutions Deal of the Year Award, the Syndicated Loans Deal of the Year Award and the International Sovereign, Supra & Agency Bond Deal of the Year Award at the Bonds, Loans and Sukuk Africa Awards.

Chambers award Legal500 award Africa Legal Awards award Dealmakers award
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acts for a number of major clients in the financial services, manufacturing and logistics sectors as well as a range of domestic and multinational banking bodies … also represents notable pension funds and investment organisations
Chambers Global Guide
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prominent force in the debt space
Chambers Global Guide
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ENSafrica has a wealth of experience of all aspects of capital markets work
Legal 500 EMEA Guide
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the ENS team’s responsiveness was off the charts, we always knew exactly where we were, what the next steps were and what we needed to do at the particular moment in time to move the deal forward
IFLR1000 Guide
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outstanding debt expertise
Chambers Global Guide
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expertise

Bond issuances Capital raisings Derivatives 
and swaps
Distressed debt 
/ restructuring
Domestic bond 
programmes
European and US 
bond programmes
Exchange 
control
Loan notes Netting Private 
placements
Public 
offerings
Regulatory 
advice
Regulatory 
capital instruments
Secondary 
listings
Securities 
lending
Securitisations Structured 
notes
icon: experiENS icon: experiENS

experiENS

UNSECURED NOTES
Issue by Sasol Financing USA LLC of USD1.5-billion unsecured, unsubordinated, rated notes, fully and unconditionally guaranteed by Sasol Limited, listed on the New York Stock Exchange.
STRUCTURED NOTES
Update by Investec Bank Limited (as issuer, arranger and dealer) of its USD1.5-billion EMTN programme, including a framework allowing the issuance of a range of structured notes and migrating from the Luxembourg Stock Exchange to the Irish Stock Exchange (Euronext Dublin).
SOVEREIGN BONDS
Provision of advice to Citigroup Global Markets Limited, Merrill Lynch International, Rand Merchant Bank, a division of FirstRand Bank Limited (London Branch), Standard Chartered Bank and the Standard Bank of South Africa Limited in connection with the update of Ghana’s Global Medium Term Note Programme and the issuance of sovereign bonds amounting to USD3-billion by the Government of Ghana. This deal won the International Sovereign, Supra and Agency Bond Deal of the Year Award at the 2022 Bonds, Loans and Sukuk Africa Awards.
GREEN AND SOCIAL BONDS
Provision of advice to Citigroup Global Markets Limited, Merrill Lynch International, Rand Merchant Bank, a division of FirstRand Bank Limited (London Branch), Standard Chartered Bank and the Standard Bank of South Africa Limited in connection with the issuance of up to USD2-billion green and social bonds by the Government of Ghana, and a tender offer to holders of some Government of Ghana bonds.
LISTING
Listing of Sun Limited’s MUR5-billion Multi-Currency Note Programme, comprising eight tranches, on the Official Market of the Stock Exchange of Mauritius.
CLOSE-OUT NETTING
Advice to financial markets development company Frontclear Management B.V. and the Bank of Uganda regarding an interim regulation to facilitate close-out netting for Ugandan financial institutions.
SECURITISATION
Various issuances of notes under the South Africa Securitisation Programme (RF) Limited ZAR5-billion Asset Backed Note Programme (sponsored by Sasfin Bank Limited), including notes with a principal amount of ZAR263-million under Series 1 of the programme and notes with a principal amount of ZAR341-million under Series 3 of the programme.
DEBT RESTRUCTURE
Restructuring of the Land and Agricultural Development Bank of South Africa’s ZAR44-billion worth of debt, including listed and unlisted notes and instruments in excess of ZAR26-billion, to ensure the continued operation of the bank, which provides funding to stakeholders in the agricultural industry.
MEDIUM TERM BONDS
Issuance by Stanbic Bank Kenya Limited and SBG Securities Limited of a guaranteed Medium Term Bond Programme of up to KES2-billion in relation to a development project for road infrastructure network in north eastern Kenya.
DEBT RESTRUCTURE
Highly complex group-wide debt restructure for Edcon Group which ensured the continued operation of the largest retailer in sub-Saharan Africa. It involved the capitalisation of ZAR9.3-billion of intra-group debt, the restructure of ZAR10-billion of existing financier debt, and the sourcing of ZAR2.1-billion of additional financing from existing financiers.
REGULATORY CAPITAL NOTES
Issuance by FirstRand Bank of its ZAR2.265-billion and ZAR2.477-billion Additional Tier 1 Capital Notes, a technical and regulatory update of its DMTN programme and changing the basis on which the notes would be treated for accounting purposes from liability accounting to equity accounting.
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ENSafrica icon

credible differENS

AFRICAN
KNOW‑HOW
NOVEL
SOLUTIONS
PROVEN TRACK
RECORD
diagram diagram

ENSafrica’s Capital Markets team provides sophisticated, novel solutions for listed companies, funds and banks across Africa and beyond.

Within our comprehensive Capital Markets offering, we have deeply specialised Debt Capital Markets (DCM) and Equity Capital Markets (ECM) experts who are known for their high value, complex work across Africa and who bring a collective wealth of diverse experience and perspectives. This enables us to craft high quality, innovative advice that is tailor-made for your business, with fast turnaround times.

Our feet are planted firmly on African soil, with African know-how and capability. We have a large knowledge base of resources and a deep understanding of local nuances and ways of doing business across the continent.

We have many years of practical experience working on the ground throughout Africa and long-standing partnerships with trusted firms whom we work alongside, thereby assuring you of consistent quality and excellent service.

We have significant experience of primary and secondary listings of African businesses across all major exchanges, including the LSE, NYSE, NASDAQ, ASX, HKEX and NSE (India).

In addition, we have substantial experience of listing national and international businesses on African exchanges, including the DSE (Tanzania), GSE (Ghana), JSE (South Africa), NSE (Kenya), NSE (Nigeria), RSE (Rwanda), SEM (Mauritius) and USE (Uganda).

Our Capital Markets team integrates seamlessly with our experts in other areas of law, tax and IP to provide comprehensive, all-inclusive responses to your business requirements.

they understand the market practice very well and provide the right advice to their clients
Chambers Global Guide
icon: your team

your team

icon: awards

awards and rankings

ENSafrica is recognised by leading international ranking agencies, including Chambers Global, Legal 500, IFLR1000 and the World Tax Guide, for achieving consistently high standards.

Furthermore, the firm is a regular recipient of regional awards such as the African Legal Awards, where we have been named M&A Team of the Year, and DealMakers, where we have been Legal Advisor for the Deal of the Year three times and are highly ranked in the Deals Tables.

In addition, we have won the Capital Markets Firm of the Year Award, as well as the M&A Deal of the Year Award for Ghana and Uganda at the IFLR Africa Awards.

Chambers award Legal500 award Africa Legal Awards award Dealmakers award
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highly rated for capital markets
Legal 500 EMEA Guide
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a strong equity practice, covering private placements, public offerings and listings
Chambers Global Guide
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ENSafrica has a wealth of experience of all aspects of capital markets work
Legal 500 EMEA Guide
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solution-driven thinking
Chambers Global Guide
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deadline-focused
Chambers Global Guide
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icon: expertise

expertise

Accelerated 
book offerings
B‑BBEE segment 
listings
Capital raisings Delistings Dual listings Foreign exchange 
listings
Investment 
entity listings
IPOs Primary 
listings
Private 
placements
Public 
offerings
Regulatory 
advisory
Rights issues Schemes of 
arrangement
Secondary/inward 
listings
Share 
buy backs
Share incentive 
schemes
SPAC listings Takeovers Unbundlings Underwriting
icon: experiENS icon: experiENS

experiENS

SHARE BUY-BACK
The first ever open market share buy-back programme in East Africa, involving a buy-back by independent media house Nation Media Group on the Nairobi Securities Exchange (NSE), Uganda Securities Exchange (USE), Dar es Salaam Stock Exchange (DSE) and Rwanda Stock Exchange (RSE).
RIGHTS OFFER
ZAR3.95-billion rights offer by South African retail group TFG (The Foschini Group).
RIGHTS ISSUE
Rights issue by hotel group SUN Limited to targeted investors in Mauritius.
DUAL LISTINGS
Listing of Anglo-South African asset management business Ninety One plc on the London Stock Exchange (LSE) and Johannesburg Stock Exchange (JSE), and listing of Ninety One Ltd on the JSE.
DUAL LISTINGS
Listing of a special purpose vehicle set up by the Government of Ghana, on the London Stock Exchange (LSE) and the Ghana Stock Exchange (GSE), with advice given to Merrill Lynch International (Bank of America) and Databank Ghana.
DUAL LISTINGS
Public offering by Karooooo (headquartered in Singapore) to Cartrack’s minority shareholders, including Nasdaq and Johannesburg Stock Exchange (JSE) listings.
REVERSE LISTING
Complete restructure of the IBL Group (Ireland Blyth Limited) by way of amalgamation and reverse listing on the Stock Exchange of Mauritius (SEM).
LISTING BY INTRODUCTION
Listing of multinational mobile telecommunications company MTN on the Rwandan Stock Exchange (RSE).
IPO
Initial public offering (IPO) by Umeme Limited, the main electricity distribution company in Uganda.
IPO
Further privatisation of the National Insurance Corporation Limited through an initial public offering (IPO) of 40% of its equity through the Uganda Securities Exchange (USE).
LISTING AND IPO
Listing of Montauk Renewables Inc, a major renewable energy company, on the Nasdaq (primary) and Johannesburg Stock Exchange (JSE) (secondary) by way of a distribution in specie combined with an underwritten primary and secondary IPO.
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