SAIB seeks up to EGP 5 bn in maiden debt issuance

EGX-listed SAIB is looking to raise up to EGP 5 bn in its first debt issuance under a new EGP 20 bn, three-year bond program, the lender said in a bourse filing (pdf). The program is pending approvals from the Central Bank of Egypt (CBE) and the Financial Regulatory Authority, and “all or any of its issuances may be listed” on the EGX. The offering timeline has not been disclosed.

The breakdown: SAIB’s first issuance under the program will be split into three tranches: two one-year non-callable notes — one fixed off the 364-day T-bill and one floating off the CBE corridor rate — and a three-year callable note repaid in eight quarterly installments. The bonds will be pitched to institutional and qualified investors through a private placement, though the program itself is broad enough to accommodate public offerings down the line.

OUR TAKE- The move reads like a wholesale funding diversification play: The EGP 5 bn first issuance lands against a loan book of USD 1.44 bn as of 31 March 2026, according to SAIB’s 1Q results (pdf). The more telling number is the deposit base, which shrank to USD 2.69 bn in 1Q 2026, down from USD 2.95 bn by the end of 2025.