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A perpetual bond is quite similar to preferred stock simply because that it has a stated rate which it pays to the holder of the security. Both of them derive their values from taking the interest/dividends and discounting them for perpetuity.
When a company is on the verge of bankruptcy, bond holder get paid first as against preferred stock holders. However, due to this reason, preferred stock has a higher yield when compared to bonds.
On the other hand to hold a common stock with a no-growth attached to it, is as good as holding a perpetual bond or a preferred stock since the only advantage of holding common stock is that the dividend payments grow and hence increase the value of your common stock holding.
Hope this helps.
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