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30
Sep 10
Thu

Perpetual bonds

There is a class of bonds, called perpetuities, that do not have a maturity date and keep paying off forever (or at least until they are redeemed). “Consols” are perpetual bonds issued by the British government, and the 2.5% 1923 series has been paying out coupons for almost a century now, having come from a long lineage of bonds starting in the 18th century. They are relatively rare, but recently there has been some demand for them.

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