[downvotetruth]

Yale finance could argue that the https://en.wikipedia.org/wiki/Perpetual_bond has priority with the oldest example being 1624 as the holder has the option to collect coupon payment. Currently, Yale has the opportunity to write up and sell the option on the coupons (back to the water board if they wanted to make it a little less unfeasible of being "perpertual") and turn the original "bond" into a zero coupon "bond"? (more of an annuity given the principal can never be collected - unless doubtfully they were written as callable).