13 May 2026
4 mins read
A perpetual bond is a type of bond that has no fixed maturity date. The issuer pays regular coupon payments to investors indefinitely, but the original principal amount is generally not repaid. These bonds are usually issued by banks, governments, or financial institutions to raise long-term capital. This article explains the meaning of perpetual bonds, their features, coupon payments, pricing methods, examples, advantages, risks, and the types of investors who may consider them.
A perpetual bond is a financial instrument that is, essentially, an investor loan to a bank, company, or government. A perpetual bond is different than a regular bond because it does not have a maturity date (the date when the principal is repaid).
Once the investor buys the perpetual bond, they receive interest payments for as long as the bond exists. Since it has no maturity date, the payments could continue indefinitely.
For instance, if you buy a perpetual bond at ₹1,000 with 7% interest, you will receive ₹70 (so long as no premium or discount applies) each year. You will receive ₹70 as interest each consecutive year until the issuer stops paying interest. However, at no time will you receive the ₹1,000 back.
A perpetual bond is a type of bond that does not have a fixed maturity date. The issuer pays regular coupon payments to investors for as long as the bond remains active, but the original investment amount is usually not repaid.
The perpetual bond meaning refers to a bond that provides continuous fixed income through coupon payments without a defined end date. These bonds are generally issued by banks, governments, or financial institutions for long-term capital requirements.
A perpetual bond works like a fixed payment agreement. The issuer receives money from the investor. In return, the issuer pays a fixed coupon at set intervals.
Here is how the process works step by step:
The investor gives money to the issuer. The issuer uses this money to raise funds. No date is set for repaying the original amount.
The issuer pays a coupon at fixed intervals. This could be monthly, quarterly, or yearly. The coupon rate is fixed at the time of issue.
The investor receives these payments with no end date. The payments go on as long as the bond is held. There is no maturity date.
The issuer may have a call option. Some perpetual bonds give the issuer the right to repay the principal after a set number of years. This is called a call option. It is not an obligation.
The bond can be traded in the secondary market. An investor can sell the bond to another investor. The price in the market changes based on interest rates.
A rise in interest rates reduces the bond price. While a fall raises it, a key risk for investors who sell before redemption rather than holding to maturity.
One notable example of a perpetual bond is HSBC Holdings’ issuance of Additional Tier 1 (AT1) bonds. These bonds are designed to strengthen the bank’s capital reserves as per Basel III norms.
They pay a high coupon to investors but come with provisions such as interest deferral and principal write-down under stress. Similar perpetual instruments have also been issued by financial institutions like Barclays and Deutsche Bank, offering long-term capital without fixed maturity.
In India, the State Bank of India (SBI) issued ₹5,000 crore worth of AT1 bonds in January 2024, offering a coupon rate of 8.34%. These perpetual bonds come with a call option after 10 years and are designed to bolster the bank's core capital base.
The issuance received strong investor interest, reflecting confidence in SBI's financial stability. Such instruments are crucial for banks to meet regulatory capital requirements while providing investors with higher yields, albeit with increased risk.
Perpetual bonds have a few main characteristics that help them to be different than other bonds:
Unlimited coupon payments– You will receive interest payments as long as the issuer is solvent.
No principal repayment– You will not receive your investment back (unless the issuer calls in the bond).
No maturity date– There is no end date, therefore “yield to maturity” does not apply.
Callable option– Perpetual bonds have a call option for the issuer after a set time.
Additional Read: Benefits of investing in bonds
Theoretically, yes. Since there is no maturity date, coupon payments will go on forever. However, in reality, things are a little more complex.
Banks, for example, may skip or defer interest payments if they face financial losses. Certain perpetual bonds, particularly Additional Tier 1 (AT1) bonds, provide issuers with the option to suspend payments in times of stress. The more extreme scenario is when the bonds can be written off entirely and it's bye-bye money for investors.
In this respect, there's nothing inherently wrong with perpetual bonds. There's a promise for income for an indefinite period of time ahead, but it comes down to the financial health of the issuer which is crucial. This pretty much means that it is very important for investors to check out who is actually issuing the bond.
Perpetual bonds are primarily issued by large financial institutions, including banks, corporations, and governments. These entities leverage perpetual debt as a means to raise capital without the obligation to repay the principal amount.
For banks, perpetual bonds play a crucial role in enhancing their capital base, classified under Tier 1 capital. This allows them to meet regulatory requirements while maintaining a stable financial footing.
Corporations also issue perpetual bonds to fund significant projects or refinance existing debt. The appeal of these bonds lies in the higher yields they offer compared to traditional bonds with fixed maturities.
Investors are often attracted to the steady income from coupon payments, aligning well with their financial objectives. Understanding what is perpetual bond in this context helps investors evaluate the risks and rewards associated with these instruments.
Additional Read: What is Green Bonds and How They Work?
There are many reasons why investors buy perpetual bonds:
Perpetual bonds pay interest periodically just like a bond with a maturity date. This is useful for some people investing for income such as retirees.
Perpetual bonds typically pay a higher interest than regular government or corporate bonds.
A perpetual bond can give your investment portfolio more diversity, and balance your stocks and other fixed income products.
A family believes perpetual bonds can provide ongoing income for their family, and even the next generation.
Investing in perpetual bonds includes many risks, even with the benefits to retirement income:
An issuer could go bankrupt and if they do, it is possible (if they are no public tradeable bonds) your interest payments can stop. Further, because this is a perpetual bond, if the principal is never returned your loss can be permanent.
The coupon rate on a perpetual bond is fixed. When inflation rises to a rate above the bonds interest rate, consumer prices will eat into the real return of the bond, yielding lower purchasing power.
If the issuer makes a call option bond a primary trait, the issuer could call the bond early, and you would forgo future payments you would expect from the implied contract.
Due to these risks, perpetual bonds are not considered to be appropriate for all investors.
The price of a perpetual bond is based on its coupon payment and the discount rate. The discount rate is the rate used to find the present value of future payments.
The formula used is:
Present Value = D ÷ R
Where:
D = the fixed coupon payment per period
R = the discount rate applied to the bond
Here is a simple example:
A perpetual bond pays a coupon of ₹10,000 per year.
The discount rate is 5% (written as 0.05).
Present Value = ₹10,000 ÷ 0.05 = ₹2,00,000
This means the bond is valued at ₹2,00,000 at a 5% discount rate.
If the discount rate rises to 10%:
Present Value = ₹10,000 ÷ 0.10 = ₹1,00,000
The price falls when the discount rate rises. This shows how sensitive perpetual bond prices are to changes in interest rates.
Perpetual bonds have certain benefits. These benefits apply to specific types of investors and conditions.
Fixed regular income: The investor receives a fixed coupon at set intervals. The amount does not change with market conditions.
Higher coupon rate: Perpetual bonds often carry a higher coupon than regular bonds, compensating investors for not receiving the principal back.
Can be traded: The bond can be sold in the secondary market. This gives the investor a way to exit without waiting for a maturity date.
Price may rise when rates fall: A decline in market interest rates can increase the bond's price in the secondary market, which may benefit investors looking to sell.
Useful for long-term income needs: Institutional investors such as pension funds and insurance companies may use perpetual bonds for long-term income planning.
Perpetual bonds carry a defined set of risks. These must be understood before making any investment decision.
No principal repayment: The investor does not get the original amount back unless the issuer exercises a call option. The money is locked in as long as the bond is held.
Interest rate risk: If market interest rates rise, the price of the bond falls. This affects investors who wish to sell in the secondary market.
Credit risk: The issuer may face financial difficulty. This can result in delayed or missed coupon payments. Investors must assess the credit quality of the issuer.
Call option risk: The issuer may redeem the bond early through a call option. This stops future coupon payments. The investor must then reinvest at the rates available at that time.
Regulatory risk for AT1 bonds: In India, AT1 bonds issued by banks can be written down or converted under RBI guidelines if the bank faces a financial crisis. (Source: RBI Master Circular — rbi.org.in)
Lower priority in liquidation: In the event of the issuer being wound up, perpetual bondholders are paid after other creditors. This adds to the risk.
Additional Read: How to Buy Bonds
Bonds which do not have a term of maturity, which means their issuer does not have to pay their principal back and instead has to pay interest forever are called perpetual bonds. Meanwhile, regular bonds have a date of maturity, which means their issuer has to pay the principal to their investors on that date.
The interest on perpetual bonds is paid forever. Usually, it’s paid once in a year (annual basis) or twice in a year (semi-annual basis).
There are two main advantages of investing in such bonds. One, perpetual bonds offer a steady stream of interest income. Two, typically, they offer a higher interest rate than other bonds.
If the issuer of a perpetual bond goes insolvent, he will not be able to pay the interest due on them. If the inflation increases to such an extent that it's higher than the interest payable on a perpetual bond, then the investors of such bonds will earn a negative return after considering the inflation.
Only those investors who want to earn a steady interest income for an extremely long period of time should think of investing in perpetual bonds. This is because such bonds do not pay back the principal to investors in most cases, while they pay interest forever.
Perpetual bond ratings significantly influence investment potential. Higher ratings indicate lower credit risk, attracting investors seeking stable income. Conversely, lower ratings can diminish confidence and demand, affecting the bond's market value. Understanding these ratings is essential for evaluating perpetual debt investments.
Typically, perpetual bonds cannot be converted into equity. They are designed as fixed-income securities that provide continuous interest payments without maturity. While some hybrid instruments may allow conversions, standard perpetual bonds focus solely on generating income rather than equity benefits.
Banks, large corporations, and governments frequently issue perpetual debt instruments. Banks utilize them to enhance Tier 1 capital, while corporations issue these bonds to fund projects or refinance debt. In India, governments may also issue perpetual bonds for infrastructure financing.
In India, perpetual bonds are regulated by the Reserve Bank of India (RBI). Guidelines ensure issuers maintain adequate capital and transparency. Specific rules govern banks' issuance of perpetual debt instruments, balancing risk and financial stability for investors in the market.
They can be tricky. There’s no maturity date, so your money stays locked unless you sell. Interest may be skipped, prices can fluctuate, and returns depend heavily on the issuer’s stability.
A perpetual bond is a fixed-income instrument with no specified maturity date, structured to provide interest payments indefinitely for as long as the issuer continues to service the bond.
Perpetual bonds are usually less volatile than stocks and offer steady income. However, they still carry credit risk. Stocks can fluctuate more but may provide higher long-term growth potential.
AT1 bonds are a specific type of perpetual bond issued by banks to act as a loss-absorbing capital buffer. On the other side, perpetual bonds come with no maturity date. Also, not all perpetual bonds are AT1 bonds.
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IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
