The bond will continue perpetually. The bond issues reserves the right purchase back coupons at 110% of the 15 day average trading price on GLBSE.
Since BITBOND will not be continued in perpetually (or will it stay around alongside BITBOND.ASIC?) will those that don't switch be purchased back at 110% of the 15 day average trading price?
The idea is that BITBOND will converted to BITBOND.ASIC. Bondholders will get a free upgrade automatically. In that way it will continue perpetually. Once ASICs become available I expect difficulty to increase a lot, hence the free upgrade.