Perpetual Annuity (Consol), sometimes referred to as Perpetuity, is a debt security. It is a form of bond that has no maturity (maturity is infinite). Yield in this type of bond are coupons that are paid regularly.
Consol is a British government bond, which has been traded since 18th century. It is one of the rare examples of perpetual bond.
Perpetuity in practice: A bond can be used by the issuer to obtain additional funds. On the contrary, it can be used as a financial investment, if we want to evaluate the available financial resources. Still existing consols are an example of perpetual annuity issued at the time of the Napoleonic wars.
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