Dictionary of Finance and Investment Terms: perpetual bond
perpetual bond
bond that has no maturity date, is not redeemable and pays a steady stream of interest indefinitely; also called annuity bond. The only notable perpetual bonds in existence are the consols first issued by the British Treasury to pay off smaller issues used to finance the Napoleonic Wars (1814). Some persons in the United States believe it would be more realistic to issue perpetual government bonds than constantly to refund portions of the national debt, as is the practice.
