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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 19 Oct 2018 Nationwide 6.875% PIBS 104.125
GBP 19 Oct 2018 OneSavings Bank 5.9884% Floating Rate Sub 97.75
GBP 19 Oct 2018 Nationwide Building Society 7.25 PIBS 109
GBP 19 Oct 2018 Halifax Plc 12 PIBS 125.25
GBP 4 Sep 2017 Co-operative Bank 11% Sub Notes 28
GBP 19 Oct 2018 Nationwide 7.859% PIBS Receipts 123.614
GBP 19 Oct 2018 Skipton Building Society 12.875 PIBS 197.75
GBP 19 Oct 2018 Manchester Building Society 6.75 PIBS 18.25
GBP 19 Oct 2018 Halifax Plc 9.375 PIBS 165
GBP 19 Oct 2018 Barclays Bank Plc 107.497
GBP 19 Oct 2018 Manchester Building Society 8 PIBS 24.75
GBP 19 Oct 2018 Principality Building Society 7 PIBS 102.471
GBP 19 Oct 2018 Leeds Building Society 13.375 PIBS 202.25
GBP 19 Oct 2018 Yorkshire 5.649% PIBS (call 27/3/2019 @ 100p) 101
GBP 19 Oct 2018 Nottingham Building Society 7.875 PIBS 124.25
GBP 10 May 2018 Nationwide 6.024% PIBS (call 6/2/2013 @ 100p) 100
GBP 19 Oct 2018 Ulster Bank 11 3/4% Sub Bonds 168.75
GBP 19 Oct 2018 Skipton 8 1/2% PIBS 145.5
GBP 19 Oct 2018 Newcastle Building Society 12.625 PIBS 184.5
GBP 19 Oct 2018 Co-operative Group 11% Final Repayment Notes 20/12/2025 128.557
GBP 19 Oct 2018 West Bromwich Building Society 6.15 PIBS 34.5
GBP 19 Oct 2018 Co-operative Group Instalment Repayment Notes 20/12/2025 (pays 1p annually) 6.3
GBP 19 Oct 2018 Newcastle Building Society 10.75 PIBS 158
GBP 19 Oct 2018 Nationwide floating rate (6 month LIBOR + 2.4%) 106
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 19 Oct 2018 OneSavings Bank 6.591% Perp. Sub Bonds (call 7/3/2016 @ 100p) 97.25
GBP 19 Oct 2018 Cheltenham & Gloucester 11 3/4% PIBS 219.787
GBP 19 Oct 2018 Bank Of Ireland 13.375 PIBS 200.5
GBP 10 Aug 2016 Coventry Building Society 12.125 PIBS 195
GBP 19 Oct 2018 Standard & Chart 8.125% Prefs 125.75
GBP 19 Oct 2018 Halifax Plc 8.75 PIBS 124.5