Perpetual Bonds 永久债券/永续债券

永久债券也称无期债券，指的是不规定到期期限，债权人也不能要求清偿但可按期取得利息的一种债券。

永久债券的利息一般高于浮动利息，债券的发行人一般多为商业银行。其发行目的是为了扩充银行的自有资金实力。

永久性债券与股票的性质相近，可以获得长期投资资本，但持有者购买的不是股票，因此不能参与企业的经营管理和利润分配，仍属于一种间接投资。从债务偿还地位来讲，当永久债券发行人发生债务危机时，一般债务偿还在先，永久债券偿还在后。

永久债券的持有者除因发现公司破产或有重大财务事件外，一般不能要求公司偿还，而只能定期地获得利息收入，实际上这种债券以失去了一般公司债的性质，并且具有股票的特征，因而有人认为这是一种最彻底的公司债。在美国有一种期限为数十年甚至百年以上的公司债，也可认为是一种变相的永久公司债。

Perpetual bonds – which are also referred to as perpetuals or just “perps” for short – are bonds with no maturity date. They pay interest to investors in the form of coupon payments, just as with most bonds, but the bond’s principal amount does not come with a set date for redemption (repayment). The coupon payments on perpetual bonds will, theoretically, be paid forever – in perpetuity – hence the name, perpetual bonds.

Perpetual bonds are, effectively, a debt obligation, but an obligation in name only, as the issuer is not required to repay the debt as long as they continue making the interest (coupon) payments due to bondholders. Some economists liken perpetuals to equity investments that pay a dividend amount. However, the similarity between perpetual bonds and dividend stocks is an extremely limited one and, at best, only superficial in nature. 以下为具体例句，供参考：

例句1

Perpetual bonds exist within a small niche of the bond market. This is mainly due to the fact that there are very few entities that are safe enough for investors to invest in a bond where the principal will never be repaid.

永久债券存在于债券市场的一个小领域。这主要是因为很少有实体对投资者来说足够安全，可以投资于本金永远不会得到偿还的债券。

例句2

Some of the notable perpetual bonds in existence are those that were issued by the British Treasury for World War I and the South Sea Bubble of 1720. Some in the U.S. believe the federal government should issue perpetual bonds, which may help it avoid the refinancing costs associated with bond issues that have maturity dates.

现存的一些著名的永久债券是由英国财政部为第一次世界大战和1720年南海泡沫发行的。一些美国人认为，联邦政府应该发行永久债券，这可能有助于避免与有到期日的债券发行相关的再融资成本。

例句3

Since perpetual bond payments are similar to stock dividend payments, as they both offer some sort of return for an indefinite period of time, it is logical that they would be priced the same way. The price of a perpetual bond is, therefore, the fixed interest payment, or coupon amount, divided by some constant discount rate, which represents the speed at which money loses value over time (partly due to inflation).

由于永续债券支付类似于股票股息支付，因为它们都在无限期内提供某种回报，因此它们的定价方式相同是合乎逻辑的。因此，永久债券的价格是固定利息支付或票面金额除以某个常数贴现率，该贴现率代表货币随时间贬值的速度（部分原因是通货膨胀）。

例句4

A perpetual bond, also known colloquially as a perpetual or perp, is a bond with no maturity date, therefore allowing it to be treated as equity, not as debt. Issuers pay coupons on perpetual bonds forever, and they do not have to redeem the principal. Perpetual bond cash flows are, therefore, those of a perpetuity.

永续债券，俗称永久债券，是一种没有到期日的债券，因此可以被视为权益，而不是债务。发行者永远支付永续债券的息票，他们不必赎回本金。因此，永续债券的现金流是永久的。