However some such instruments may have no fixed maturity date.

Preferreds pay a stated dividend but have no fixed maturity date.

They have no fixed maturity date.

Like C.D.'s, guaranteed investment contracts usually offer a fixed rate of interest, a fixed maturity date - and early withdrawal penalties.

They may offer coupon regular payments during the life of the security and have a fixed maturity date where the nominal value of the bond is redeemable by the holder.

MTNs can be issued with a fixed maturity date (noncallable) or can be issued with embedded call or put options and triggers where the notes will redeem early based on certain parameters.

The perpetual preferred, which will not accrue interest before the settlement date of June 13, does not have a fixed maturity date and was rated A-2 by Moody's and A- by S.& P. Underwriters noted that this issue is noncallable for five years.

With their fixed maturity date, fixed dividend rate and seniority over common stock, the preferred shares have many of the characteristics of a bond, and thus one might expect their value on the secondary market to vary inversely with the prevailing interest rates, just like a bond.