Anybody ever hear of 'Perpetual Bonds?'

Yes-they are bonds with no maturity date. Here's a quick Wiki.

Are you asking in relation to the recent Credit Union issue with underperforming perpetual bonds?
 
The explanation in the link above should be fairly clear.

An investor (e.g. a CU) buys a bond for €1 million. They receive €50,000 in interest payments 'forever'.

The bond does not mature, i.e. the investor is not guaranteed to receive their 'capital' back at any time, however, the issuer may have the option to call the bond.
 
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