Often referred to as 'swirly bokeh" or "circular bokeh" or "circle bokeh"...
What lens type causes the circular blur bokeh Archive - Rangefinderforum.com
One optical expert there says its caused by spherical aberration that is ALSO accompanied by another optical aberration, called
coma. There are people who actually like this swirly bokeh, or blur, and who go to great lengths to seek out the many old communist-era manual focus lenses, some of which have exceptionally strong swirly bokeh rendering characteristics.
There have been some lenses made in the distant past that had VERY pronounced circular bokeh, and it can have its appeal! it's part of that imperfect, "lensy" look that some people are now seeking out;this optical defect disappeared for the most part when computer designed lenses came on the scene.
I'm not sure if it would be under-corrected or over-corrected spherical aberration, but the geeky fellow there insists its spherical aberration that MUST also be accompanied by the presence of a pretty fair amount of coma. Coma makes small points of light render not as dots or points, but as sort of elongated orbs, sometimes looking like footballs in profile, and I've even seen it look almost like the profile of seagulls or other birds in flight.(seriously!)
A LOT of normal, regular high-speed lenses like 50/1.4 lenses, and even f/2.8 professional grade zoom lenses have strong coma problems at wide-open, and it typically gets better one stop closed down, and by two stops closed down it's better, and then at three stops down, the coma is usually minor enough that points of light render as "dots"; this is a huuuuuuuuge deal for star photography, and other types of night-time shooting, where there are street lights or Christmas lights, or whatnot; correcting a lens for coma at its widest aperture costs a LOT of money, more than many people are willing to pay on 'regular' lenses, but for lenses optimized for ultra-dark environments, coma correction becomes one of those Rolls-Royce amenities.