A perpetual bond is a type of debt security that does not have a maturity date. This means that the bond issuer, such as a corporation or government, is not obligated to repay the principal amount at any specific time. Instead, investors receive regular interest payments, known as coupons, indefinitely. These bonds are attractive to some investors because they provide a steady income stream. However, since they do not mature, their market value can fluctuate based on interest rates and other economic factors. Investors must consider these risks when investing in perpetual bonds.