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.