January 7, 2020
Rouwenhurst, on behalf of Yale’s Center for International Finance, actually purchased one of the oldest active bonds to date — a 1648 corporate Dutch water authority bond written on goatskin that was originally issued to raise money for the construction of a pier. Most of the oldest active perpetual bonds are from this very same Dutch water board, because this board has been in charge of maintaining all of the dams and levees and dikes in a given corner of the Netherlands for hundreds of years and is very stable. You don’t need a record of ownership to keep the bond active, but the catch is that the bearer of the bond needs to travel to the water board’s registrar’s office to have it notated, meaning the staff at Yale needs to travel all the way to Holland to maintain it.
