A security with no set redemption date. With such a security the borrower has only the obligation to pay interest as agreed, and need not redeem it. An undated security may be irredeemable, in which case the borrower has no right to redeem it, or it may be redeemable at the borrower’s discretion, as in the case of UK ‘consols’ (Consolidated Fund Annuities), where the government has the right but no obligation to redeem them at par at any time.