Perpetual bonds, also known as consols, are a type of debt security that does not have a maturity date. This means that the issuer, typically a government or corporation, pays interest to bondholders indefinitely without ever repaying the principal amount. Investors receive regular interest payments, known as coupons, for as long as they hold the bond. These bonds are considered a long-term investment and can be appealing to those seeking steady income. However, they also carry risks, such as interest rate fluctuations and the potential for issuer default, which can affect their market value over time.