The CEO of UNB Mohammed Abideen said in an interview that the bank may look to issue a bond this year.  He further said that he expects quarterly provisioning to peak this year, however he expects full-year provisioning to be lower Y-o-Y. He also expects the bank to add more branches in Egypt this year. Although UNB’s valuations are undemanding – 2015 P/BV of 0.6x – we believe the stock is unlikely to re-rate meaningfully in the short-term as we expect provisioning pressure in 1H2016, driven by the SME loan book. (Bloomberg, Shabbir Malik, Murad Ansari).