{"id":9679,"date":"2025-07-21T03:49:29","date_gmt":"2025-07-21T03:49:29","guid":{"rendered":"https:\/\/www.biddeasy.com\/blog\/?p=9679"},"modified":"2025-07-21T08:02:34","modified_gmt":"2025-07-21T08:02:34","slug":"perpetual-bonds-forever-yours-or-forever-risky","status":"publish","type":"post","link":"https:\/\/www.biddeasy.com\/blog\/perpetual-bonds-forever-yours-or-forever-risky\/","title":{"rendered":"Perpetual Bonds: Forever Yours or Forever Risky?"},"content":{"rendered":"<h4><b>Understanding the Bond That Never Matures<\/b><\/h4>\n<h3><b>Quick Question to Begin:<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">What if you bought a<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bond<\/span><\/a><span style=\"font-weight: 400;\">\u2026<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> That never matures?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">No end date. No fixed repayment. Just ongoing interest payments.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> Sounds like passive income forever \u2014 but what if the issuer stops paying interest?<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> Or decides to call it early?<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> Or worse \u2014 chooses never to call it at all?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Welcome to the world of <\/span><b>Perpetual Bonds<\/b><span style=\"font-weight: 400;\"> \u2014 also known as \u201cPerps.\u201d<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> Because they can go on perpetually.<\/span><\/p>\n<h3><b>What Is a Perpetual Bond?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Most<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bonds<\/span><\/a><span style=\"font-weight: 400;\"> come with a maturity date \u2014 say 1, 3, or 10 years.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> You invest, wait, and eventually get your capital back.<\/span><\/p>\n<p><b>Perpetual<\/b><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bonds<\/b><\/a><span style=\"font-weight: 400;\"> don\u2019t come with that finish line.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> You receive periodic interest (called coupons), but <\/span><b>there is no defined date when your principal is returned.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Think of it this way:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Regular<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bond<\/span><\/a><span style=\"font-weight: 400;\">: Renting a car for a specific term<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Perpetual<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bond<\/span><\/a><span style=\"font-weight: 400;\">: Leasing indefinitely \u2014 with no end date<\/span>&nbsp;<\/li>\n<\/ul>\n<h3><b>Why Would Anyone Buy a Perpetual Bond?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The answer lies in <\/span><b>higher returns<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">While typical fixed deposits or shorter-term<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bonds<\/span><\/a><span style=\"font-weight: 400;\"> might offer 6\u20137%, perpetual<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bonds<\/span><\/a><span style=\"font-weight: 400;\"> may offer 8.5%\u201310% or more.<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Some are issued by well-established entities like large banks or public-sector undertakings (PSUs).<\/span>&nbsp;<\/li>\n<\/ul>\n<p><b>Potential Benefits:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Regular coupon income (as long as the issuer continues payments)<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Backing of reputed institutions in some cases<\/span>&nbsp;<\/li>\n<\/ul>\n<h3><b>What\u2019s the Risk?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Despite the appeal, perpetual<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bonds<\/span><\/a><span style=\"font-weight: 400;\"> carry notable complexities:<\/span><\/p>\n<h4><b>1. No Maturity = No Guaranteed Exit<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">There is no assurance of getting your capital back at a specific point.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> Issuers may include a <\/span><b>call option<\/b><span style=\"font-weight: 400;\"> (right to repurchase the<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bond<\/span><\/a><span style=\"font-weight: 400;\">) after a few years \u2014 but they\u2019re <\/span><b>not obligated to use it<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h4><b>2. Interest Payments Are Not Guaranteed<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In many cases \u2014 especially with bank-issued perps \u2014 coupon payments may be <\/span><b>discretionary<\/b><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> If the issuer faces financial stress, they may <\/span><b>defer or skip<\/b><span style=\"font-weight: 400;\"> interest payments.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> In such cases, investors typically <\/span><b>cannot take legal action<\/b><span style=\"font-weight: 400;\"> to enforce payment.<\/span><\/p>\n<h4><b>3. Subordination Risk<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Perpetual<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bonds<\/span><\/a><span style=\"font-weight: 400;\"> are often <\/span><b>subordinated<\/b><span style=\"font-weight: 400;\">, meaning they rank below other debt in repayment order during liquidation.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> In case of bankruptcy:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Equity holders may lose value<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">But perpetual<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bond<\/span><\/a><span style=\"font-weight: 400;\"> holders are also exposed to potential full or partial loss<\/span>&nbsp;<\/li>\n<\/ul>\n<h3><b>Real-Life Example<\/b><\/h3>\n<p><b>Perpetual Bond A<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Coupon<\/b><span style=\"font-weight: 400;\">: 9%<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Issuer<\/b><span style=\"font-weight: 400;\">: Leading private bank<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Callable<\/b><span style=\"font-weight: 400;\">: After 5 years<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span> <b>Status<\/b><span style=\"font-weight: 400;\">: Stable interest history; likely to be called \u2014 lower risk<\/span>&nbsp;<\/li>\n<\/ul>\n<p><b>Perpetual Bond B<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Coupon<\/b><span style=\"font-weight: 400;\">: 10.5%<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Issuer<\/b><span style=\"font-weight: 400;\">: Small NBFC<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Callable<\/b><span style=\"font-weight: 400;\">: Unclear<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span> <b>Status<\/b><span style=\"font-weight: 400;\">: Coupon missed last year, limited secondary market activity \u2014 significantly higher risk<\/span>&nbsp;<\/li>\n<\/ul>\n<h3><b>Why Do Issuers Love Perpetual Bonds?<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">They are <\/span><b>flexible forms of capital<\/b>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">There is <\/span><b>no mandatory repayment timeline<\/b>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Issuers can <\/span><b>defer interest<\/b><span style=\"font-weight: 400;\"> without breaching terms<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For banks, perps count as <\/span><b>Tier 1 capital<\/b><span style=\"font-weight: 400;\"> \u2014 helping them meet regulatory requirements<\/span>&nbsp;<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In short: a win for issuers \u2014 but a complex instrument for investors.<\/span><\/p>\n<h3><b>How to Evaluate a Perpetual Bond?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Ask yourself:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Who is the issuer?<\/b><span style=\"font-weight: 400;\"> Reputed bank or lesser-known NBFC?<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>When is the call date?<\/b><span style=\"font-weight: 400;\"> Is there historical precedent for the issuer calling previous perps?<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Is the coupon fixed or variable?<\/b>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Has the issuer ever deferred interest?<\/b>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>What\u2019s the credit rating?<\/b>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Is it listed and traded regularly?<\/b><span style=\"font-weight: 400;\"> Liquidity can be critical if you need to exit.<\/span>&nbsp;<\/li>\n<\/ul>\n<h3><b>Why It Matters<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">On the surface, perpetual<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bonds<\/span><\/a><span style=\"font-weight: 400;\"> may appear to offer:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">High, ongoing income<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Long-term yield certainty<\/span>&nbsp;<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">But in practice:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exit options may be limited<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Income may not be reliable<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your capital may be locked indefinitely<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You may be exposed to issuer-specific stress<\/span>&nbsp;<\/li>\n<\/ul>\n<h3><b>Quick Recap: Should You Go Perpetual?<\/b><\/h3>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" data-sheets-root=\"1\" data-sheets-baot=\"1\">\n<colgroup>\n<col width=\"198\" \/>\n<col width=\"394\" \/><\/colgroup>\n<tbody>\n<tr>\n<td style=\"text-align: center;\">Factor<\/td>\n<td style=\"text-align: center;\">Details<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">Maturity<\/td>\n<td style=\"text-align: center;\">None \u2014 indefinite holding<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">Interest (Coupon)<\/td>\n<td style=\"text-align: center;\">Attractive, but may be deferred or missed<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">Liquidity<\/td>\n<td style=\"text-align: center;\">Can be low, especially for unlisted perps<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">Call Option<\/td>\n<td style=\"text-align: center;\">Issuer may call, but is under no obligation<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">Risk<\/td>\n<td style=\"text-align: center;\">Elevated \u2014 especially in weaker market cycles<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><b><\/b><b style=\"font-size: 16px;\">Final Thoughts<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Perpetual<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bonds<\/span><\/a><span style=\"font-weight: 400;\"> are not inherently \u201cbad\u201d \u2014 but they require <\/span><b>caution, understanding, and a strong risk appetite<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before you invest, ask:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is the issuer credible and financially sound?<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Can I tolerate not getting my capital back in the foreseeable future?<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Am I prepared for coupon uncertainty?<\/span>&nbsp;<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Because in<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <span style=\"font-weight: 400;\">bond<\/span><\/a><span style=\"font-weight: 400;\"> investing, <\/span><b>return is only one side of the story<\/b><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span> <b>Control, flexibility, and transparency<\/b><span style=\"font-weight: 400;\"> matter just as much.<\/span><\/p>\n<p><b>Forever is a long time. Choose wisely.<\/p>\n<p><\/b><\/p>\n<p><b><strong data-start=\"84\" data-end=\"99\">Disclaimer: <\/strong><\/b>This blog is intended solely for educational and informational purposes. It should not be construed as investment advice, a recommendation, or an offer to buy or sell any financial products. Please consult a registered financial advisor before making any investment decisions.<b><br \/>\n<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Understanding the Bond That Never Matures Quick Question to Begin: What if you bought a bond\u2026 That never matures? No end date. No fixed repayment. Just ongoing interest payments. Sounds like passive income forever \u2014 but what if the issuer stops paying interest? Or decides to call it early? Or worse \u2014 chooses never to [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":9680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-9679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bonds-debt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Perpetual Bonds: Forever Yours or Forever Risky? - Bidd Easy -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.biddeasy.com\/blog\/perpetual-bonds-forever-yours-or-forever-risky\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Perpetual Bonds: Forever Yours or Forever Risky? - Bidd Easy -\" \/>\n<meta property=\"og:description\" content=\"Understanding the Bond That Never Matures Quick Question to Begin: What if you bought a bond\u2026 That never matures? 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Or worse \u2014 chooses never to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.biddeasy.com\/blog\/perpetual-bonds-forever-yours-or-forever-risky\/\" \/>\n<meta property=\"og:site_name\" content=\"Bidd Easy -\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-21T03:49:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-21T08:02:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/21034920\/20.-Perpetual-Bonds_-Forever-Yours-or-Forever-Risky_.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1087\" \/>\n\t<meta property=\"og:image:height\" content=\"721\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adnan Hussain\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adnan Hussain\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.biddeasy.com\/blog\/perpetual-bonds-forever-yours-or-forever-risky\/\",\"url\":\"https:\/\/www.biddeasy.com\/blog\/perpetual-bonds-forever-yours-or-forever-risky\/\",\"name\":\"Perpetual Bonds: Forever Yours or Forever Risky? 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- Bidd Easy -","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.biddeasy.com\/blog\/perpetual-bonds-forever-yours-or-forever-risky\/","og_locale":"en_US","og_type":"article","og_title":"Perpetual Bonds: Forever Yours or Forever Risky? - Bidd Easy -","og_description":"Understanding the Bond That Never Matures Quick Question to Begin: What if you bought a bond\u2026 That never matures? No end date. No fixed repayment. Just ongoing interest payments. Sounds like passive income forever \u2014 but what if the issuer stops paying interest? Or decides to call it early? 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