IDBank Launches Perpetual Dollar Bonds: 8.25% for the First Three Years

Summary. IDBank began placing perpetual US-dollar bonds under identifier AMANLBBM9ER1 on 2 November 2026. The annual coupon is fixed at 8.25% for the first 36 months, then switches to SOFR + 4.35%, subject to a 6.25% floor and a 9.25% cap.

This is not sponsored content or personal investment advice. Data were checked on 2 November 2026 at 14:15 Yerevan time.

What IDBank is offering

According to the bank’s official page, the issue totals USD 30 million: 30,000 bonds with a USD 1,000 face value each. Placement started on 2 November and is scheduled to run through 30 December 2026. Coupons are paid semi-annually.

Identifier: AMANLBBM9ER1
Currency: US dollar
Face value: USD 1,000
Total issue: USD 30 million
First 36 months: 8.25% per year
Thereafter: SOFR + 4.35%, minimum 6.25%, maximum 9.25%
Coupon frequency: semi-annual
Placement end: 30 December 2026

One bond costs USD 1,000 on the first placement day. IDBank’s price table shows the price increasing with accrued coupon thereafter; for 30 December it lists USD 1,013.2182. That does not change the face value: the difference is accrued interest.

What 8.25% means in money

On a USD 1,000 face value, an 8.25% annual rate corresponds to USD 82.50 in gross annual coupon income during the first three years. With semi-annual payments, a full six-month period is approximately USD 41.25 before tax and other applicable deductions. The actual first payment and day-count convention must be checked in the final terms.

Why “perpetual” is the key word

This is not a standard three- or five-year bond. The official page gives no fixed maturity date and refers only to an issuer early redemption or repurchase option under the prospectus. Investors should therefore not assume that the USD 1,000 principal will be returned on a predetermined date. If funds are needed earlier, selling on the secondary market may be necessary, at the price and liquidity available then.

Main risks

Issuer risk: the bond is a debt obligation of the bank, and payments depend on the issuer’s financial condition and the legal terms.
Perpetual and liquidity risk: there is no mandatory fixed redemption date, and a quick sale at the desired price may not always be possible.
Interest-rate risk: if market rates rise, the market price of an existing bond may fall. After month 36, the coupon moves with SOFR within the stated floor and cap.
Currency risk: principal and income are in dollars; the result measured in Armenian drams will depend on USD/AMD.
Terms and tax risk: taxation, any call mechanism and coupon calculations must be verified in the final terms and prospectus.

What this means for readers

An 8.25% dollar coupon is eye-catching, but it should be compared with dollar deposits on more than rate alone. Maturity, liquidity, redemption rights and credit risk matter. The instrument may suit only money an investor can leave invested for a long period and can expose to market and currency fluctuations.

The practical next step is to read the final terms and programme prospectus before applying, verify taxes and any custody or transaction fees, and ask how the bond can be sold before any issuer call.

Sources

Published: 2 November 2026. Data checked: 2 November 2026.