Perpetual bonds, also known as consols, are a type of debt security that pays interest indefinitely without a maturity date. Investors receive regular interest payments, but they do not get their principal back, making these bonds a unique investment option for those seeking steady income. These bonds are often issued by governments or corporations and can be attractive during low-interest-rate environments. However, they carry risks, such as interest rate fluctuations and credit risk, which investors should carefully consider before investing in perpetual bonds.