irredeemable bond

As can be seen from Table 3.1, there are nine government stocks outstanding which have no final maturity; they are irredeemable bonds.

An exception is an irredeemable bond, such as Consols, which is a perpetuity, i.e. a bond with no maturity.

The Company enticed bondholders to convert their high-interest, irredeemable bonds to low-interest, easily-tradeable stocks by offering apparently preferential financial gains.

The Bank of England began its career by lending the government £1.2m. in irredeemable bonds, and in return was given a pledge that no other joint-stock company would be allowed to open a bank.