A bond without a final maturity date, usually issued by the government. – Theoretically, their term is infinite. However, they almost always contain a call option on the part of the issuer, often in the form of an exchange offer. – See gilt, consols.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/

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