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Bond prices & Yields > PIBS & others

PIBS are Permanent Interest Bearing Securities. These have been issued by many UK Building Societies and are a class of subordinated debt. Coupons are fixed and the bonds have no fixed redemption date. Investors purchasing PIBS can benefit from a long stream of income flows. However, the lack of a fixed redemption date means that holders will be reliant on the market price when they wish to liquidate their investments.

Investors should be aware that PIBS are subordinated debt, and rank lower than deposits and/or senior bonds in the event of the issuer being forced into liquidation. Many PIBS also have calls, an option that allows the issuer to repurchase the bond at par at certain dates.  Thus, caution should be exercised if paying above par.

CyUpdatedIssuerPrice
GBP 12 Dec 2017 Nationwide 6.875% PIBS 110.75
GBP 12 Dec 2017 OneSavings Bank 5.9884% Floating Rate Sub 101.75
GBP 12 Dec 2017 Nationwide Building Society 7.25 PIBS 119
GBP 12 Dec 2017 Halifax Plc 12 PIBS 140.5
GBP 4 Sep 2017 Co-operative Bank 11% Sub Notes 28
GBP 12 Dec 2017 Nationwide 7.859% PIBS Receipts 122.447
GBP 12 Dec 2017 Skipton Building Society 12.875 PIBS 226.75
GBP 12 Dec 2017 Manchester Building Society 6.75 PIBS 18.75
GBP 12 Dec 2017 Halifax Plc 9.375 PIBS 173.5
GBP 12 Dec 2017 Barclays Bank Plc 117.504
GBP 12 Dec 2017 Manchester Building Society 8 PIBS 27.25
GBP 12 Dec 2017 Principality Building Society 7 PIBS 107.142
GBP 12 Dec 2017 Leeds Building Society 13.375 PIBS 227
GBP 12 Dec 2017 Yorkshire 5.649% PIBS (call 27/3/2019 @ 100p) 101.5
GBP 12 Dec 2017 Nottingham Building Society 7.875 PIBS 128
GBP 12 Dec 2017 Nationwide 6.024% PIBS (call 6/2/2013 @ 100p) 100
GBP 12 Dec 2017 Ulster Bank 11 3/4% Sub Bonds 170.5
GBP 12 Dec 2017 Skipton 8 1/2% PIBS 148
GBP 12 Dec 2017 Newcastle Building Society 12.625 PIBS 208.5
GBP 12 Dec 2017 Co-operative Group 11% Final Repayment Notes 20/12/2025 128.438
GBP 12 Dec 2017 West Bromwich Building Society 6.15 PIBS 59.25
GBP 12 Dec 2017 Co-operative Group Instalment Repayment Notes 20/12/2025 (pays 1p annually) 6.7
GBP 12 Dec 2017 Newcastle Building Society 10.75 PIBS 177
GBP 12 Dec 2017 Nationwide floating rate (6 month LIBOR + 2.4%) 105.75
GBP 26 Oct 2016 Nationwide Building Society 6.25 PIBS 107.75
GBP 24 Nov 2016 Halifax 13 5/8% Perp. Sub Bonds 214.5
GBP 12 Dec 2017 OneSavings Bank 6.591% Perp. Sub Bonds (call 7/3/2016 @ 100p) 97
GBP 12 Dec 2017 Cheltenham & Gloucester 11 3/4% PIBS 235
GBP 12 Dec 2017 Bank Of Ireland 13.375 PIBS 230.75
GBP 10 Aug 2016 Coventry Building Society 12.125 PIBS 195
GBP 12 Dec 2017 Standard & Chart 8.125% Prefs 154.5
GBP 12 Dec 2017 Halifax Plc 8.75 PIBS 125