Arab Finance: The board of Societe Arabe Internationale De Banque (SAIB) approved the detailed conditions of its bonds issuance program at a maximum amount of EGP 20 billion to finance its activities, according to a bourse disclosure.

Under the program, the bank will issue include tradable, non-convertible bonds in multiple tranches with an annual return over a three-year period, with a nominal value of EGP 100 per bond. The may be listed on the Egyptian Exchange (EGX), either partially or in full.

The program is subject to the approval of the Central Bank of Egypt (CBE) and the Financial Regulatory Authority (FRA).

Additionally, the board greenlighted the inaugural issuance of the program at a value of EGP 5 billion over two tranches.

Tranche 1 includes tradable, non-convertible, and non-callable bonds with a maturity of 12 months from the closing date of the subscription period. The bonds will be redeemed in a single installment and will be divided into Tranche (A) and Tranche (B).

Tranche (A) carries a fixed annual return linked to the yield on 364-day treasury bills (T-bills) announced on the business day preceding the start date of the first interest period, plus a margin.

Meanwhile, Tranche (B) holds a variable annual return calculated based on the average corridor rate announced by the CBE on the business day preceding the start date of each interest period, plus a margin.

The second tranche (Trading C) comprises tradable, non-convertible bonds with a maturity of 36 months and an early call option. These bonds will be repaid through eight equal quarterly installments, beginning after the full redemption of the first tranche.

In May, SAIB launched two new three-year savings certificates in Egyptian pounds, namely Excellence and Prime, as part of its strategy to offer diversified savings products with competitive returns tailored to individual customers.