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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 20 Apr 2018 Nationwide 6.875% PIBS 106.25
GBP 20 Apr 2018 OneSavings Bank 5.9884% Floating Rate Sub 101.5
GBP 20 Apr 2018 Nationwide Building Society 7.25 PIBS 109.75
GBP 20 Apr 2018 Halifax Plc 12 PIBS 136
GBP 4 Sep 2017 Co-operative Bank 11% Sub Notes 28
GBP 20 Apr 2018 Nationwide 7.859% PIBS Receipts 124.74
GBP 20 Apr 2018 Skipton Building Society 12.875 PIBS 213.75
GBP 20 Apr 2018 Manchester Building Society 6.75 PIBS 18.25
GBP 20 Apr 2018 Halifax Plc 9.375 PIBS 164.75
GBP 20 Apr 2018 Barclays Bank Plc 112.595
GBP 20 Apr 2018 Manchester Building Society 8 PIBS 24.5
GBP 20 Apr 2018 Principality Building Society 7 PIBS 105.354
GBP 20 Apr 2018 Leeds Building Society 13.375 PIBS 212.5
GBP 20 Apr 2018 Yorkshire 5.649% PIBS (call 27/3/2019 @ 100p) 101.5
GBP 20 Apr 2018 Nottingham Building Society 7.875 PIBS 123.25
GBP 20 Apr 2018 Nationwide 6.024% PIBS (call 6/2/2013 @ 100p) 100
GBP 20 Apr 2018 Ulster Bank 11 3/4% Sub Bonds 169
GBP 20 Apr 2018 Skipton 8 1/2% PIBS 144.5
GBP 20 Apr 2018 Newcastle Building Society 12.625 PIBS 193
GBP 20 Apr 2018 Co-operative Group 11% Final Repayment Notes 20/12/2025 129.023
GBP 20 Apr 2018 West Bromwich Building Society 6.15 PIBS 37.5
GBP 20 Apr 2018 Co-operative Group Instalment Repayment Notes 20/12/2025 (pays 1p annually) 6
GBP 20 Apr 2018 Newcastle Building Society 10.75 PIBS 167.5
GBP 20 Apr 2018 Nationwide floating rate (6 month LIBOR + 2.4%) 107
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 20 Apr 2018 OneSavings Bank 6.591% Perp. Sub Bonds (call 7/3/2016 @ 100p) 97.75
GBP 20 Apr 2018 Cheltenham & Gloucester 11 3/4% PIBS 222.519
GBP 20 Apr 2018 Bank Of Ireland 13.375 PIBS 215.75
GBP 10 Aug 2016 Coventry Building Society 12.125 PIBS 195
GBP 20 Apr 2018 Standard & Chart 8.125% Prefs 137.25
GBP 20 Apr 2018 Halifax Plc 8.75 PIBS 123.5