Yes, that is a possible view. In terms of valuation it might not always be equivalent, though, because one dollar in cash is worth one dollar, for example, whil

Yes, that is a possible view. In terms of valuation it might not always be equivalent, though, because one dollar in cash is worth one dollar, for example, while a zero coupon perpetual bond could have paths to (some) redemption via default or restructuring, for example.