Consol Bond Law and Legal Definition

Consol bond is a form of British government bond that has no maturity and that pays a fixed coupon. The value of a console bond was equivalent to its face value. Its origin can be traced back to 18th century. The first consol bond was originally issued in 1751. Usually, the consol bonds bear upon their face the contract of the State to receive the coupons of the same for taxes. Consols are basically the rare examples of actual perpetual bonds.