摘要
永續債的歷史淵源悠久，概念起源於17世紀的荷蘭。不同於一般債券，永續債(perpetual bonds)是一種永久、沒有到期期限的債券，購買者可每一期向發行機構收取一定的利息金額，如同收取年金一樣。永續債券的市場非常龐大，在2015年，永續債發行量已達1000億美元以上。以財務的角度來說，永續債是一種亦為債券、亦為股票的金融工具。永續債券可以被視為「債券中的股票」，僅在公司被清算時才有權要求本金的償還，償還順序在特別股和普通股之前。永續債券由於其特殊性，常伴隨特別條款，例如贖回條款、利息支付條款、股息推動和停發條款、無違約/交叉違約條款、償還順序次級性條款、無擔保條款、利率重製條款，而在2008年金融風暴後，永續債券的限制條款產生了許多的改變，加入「損失吸收條款」和永續可轉債(Contingent Convertible Bonds，簡稱CoCo)。一般投資人對於永續債券的了解較淺，因此本研究選出五張不同性質和擁有不同條款的永續債券進行介紹、說明和比較。此外，本研究亦針對Basel III和新的CoCo債券進行探討和說明。
並列摘要
Perpetual bonds can trace their history to as far back as the 17th century. Unlike normal bonds, perpetual bonds are a type of bond that never mature (ie, have no maturity date); investors earn bond dividends much in the same manner as from perpetual annuities and can theoretically continue collecting interest payments forever. In 2015, the amount of perpetual bonds issued had surpassed 100 billion US dollars, showing that there is an active market and trading base for perpetual bonds. From a financial viewpoint, perpetual bonds are a type of investment tool that combine the characteristics of both bonds and stocks. Perpetual bonds can be viewed as a "stock-type bond" in that it claims prior to preferred stock and common stock in the event of default. Due to their perpetual nature, perpetual bonds tend to have various clauses and provisions that normal bonds may not (for example call provisions, interest payment provisions, dividend provisions, breach of contract provisions, claim provisions, guarantee provisions, interest rate provisions, and so on). After the financial crisis of 2008, additional changes were made to perpetual bond provisions, such that perpetual bonds could be written down or converted to common stock in the event of a trigger event. Most investors lack knowledge concerning perpetual bonds and tend to overstate the risk involved in investing in perpetual bonds; therefore this study has chosen five different perpetual bonds for analysis and comparison, to show the characteristics of different perpetual bonds. Furthermore, this study also explains the effect of Basel III and CoCo clauses on perpetual bonds.