Yale School of Management

International Center for Finance

Providing academic and professional support for research in financial economics.

Perpetual Bonds: Bonds that Never Mature

Professor Geert Rouwenhorst is Deputy Director of the Yale ICF and a financial history expert. He specializes in empirical finance and asset pricing. His research interests include risk and return in international equity markets, commodity investments, and the history of financial innovation.

Listen as Professor Rouwenhorst discusses the rarity and uniqueness of perpetual bonds on a podcast about the “Forever Bond.” He also shares the fascinating story behind the Yale ICF’s purchase of a 373-year-old water bond still pays interest to this date!

View a high-resolution image of the Yale ICF’s perpetual water bond:
Click here to read more about the Yale ICF’s perpetual water bond.

Click here to read and listen to the 99% Invisible podcast about the “Forever Bond” online.

About the author

Electra Ferriello

Assistant Director ICF