The value of announced M&A transactions involving Sub-Saharan African targets reached $5.7bn during the first quarter of 2015, almost double the value recorded during the same period in 2014 ($2.9bn), according to Thomson Reuters's quarterly investment banking analysis for the SSA region.

Sneha Shah, Managing Director, Africa, Thomson Reuters, said: "The most targeted nation by value was South Africa, accounting for 48% of activity, followed by Nigeria (33%). South Africa was also the most active buyer in the region, while Canada was the most active foreign buyer."

As for M&A activity during the first quarter of 2015, Eroton Exploration & Production Company acquired a 45% stake in the Oil Mining Lease 18 (OML 18) of the Nigerian state-owned Nigerian National Petroleum Corporation for $1.1bn in March.

The deal was the largest in the region during the first quarter of 2015.

Boosted by this deal, energy & power was the most active sector during the first quarter of 2015, accounting for 29% of M&A activity.

Rand Merchant Bank topped the 1Q 2015 announced any Sub-Saharan African involvement M&A ranking, with $1.4bn, while Investec topped the Sub-Saharan African target M&A ranking.

Equity and equity-linked issuance in Sub-Saharan Africa totalled $2.5bn during the first quarter of 2015, according to the same analysis.

During the first three months of 2015, follow-on offerings dominated the market, with the largest from South African Aspen Pharmacare Holdings in March; 69% of deals, by proceeds raised, involved a South African issuer.

The healthcare, financial, and energy & power sectors were the most active for equity issuance in the region during the first quarter of 2015.

UBS and Citi shared the top spot in the Sub-Saharan African equity capital markets league table during the first quarter of 2015.

Debt capital markets in Sub-Saharan Africa recorded the highest first quarter total in the region since 2011, according to Thomson Reuters.

South African Eskom issued the largest bond in the region so far this year.

The state-run utility sold $1.2bn in 10-year fixed-rate bonds in February.

Deutsche Bank took the top spot in the Sub-Saharan African debt ranking during the first quarter of 2015 with $1.0bn, or a 26% share.

Rand Merchant Bank and Standard Bank Group followed in second and third positions.