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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 23 Aug 2019 OneSavings Bank 5.9884% Floating Rate Sub 95
GBP 23 Aug 2019 Nationwide Building Society 7.25 PIBS 110
GBP 23 Aug 2019 Halifax Plc 12 PIBS 117
GBP 4 Sep 2017 Co-operative Bank 11% Sub Notes 28
GBP 23 Aug 2019 Nationwide 7.859% PIBS Receipts 122.52
GBP 23 Aug 2019 Skipton Building Society 12.875 PIBS 204
GBP 23 Aug 2019 Manchester Building Society 6.75 PIBS 15.25
GBP 23 Aug 2019 Halifax Plc 9.375 PIBS 156.5
GBP 24 Jun 2019 Barclays Bank Plc 100.064
GBP 23 Aug 2019 Manchester Building Society 8 PIBS 17.25
GBP 23 Aug 2019 Principality Building Society 7 PIBS 100.592
GBP 23 Aug 2019 Leeds Building Society 13.375 PIBS 211.5
GBP 28 Mar 2019 Yorkshire 5.649% PIBS (call 27/3/2019 @ 100p) 99.5
GBP 23 Aug 2019 Nottingham Building Society 7.875 PIBS 129.75
GBP 10 May 2018 Nationwide 6.024% PIBS (call 6/2/2013 @ 100p) 100
GBP 23 Aug 2019 Ulster Bank 11 3/4% Sub Bonds 169.5
GBP 23 Aug 2019 Skipton 8 1/2% PIBS 138.5
GBP 23 Aug 2019 Newcastle Building Society 12.625 PIBS 191.25
GBP 23 Aug 2019 Co-operative Group 11% Final Repayment Notes 20/12/2025 126
GBP 23 Aug 2019 West Bromwich Building Society 6.15 PIBS 38.25
GBP 23 Aug 2019 Co-operative Group Instalment Repayment Notes 20/12/2025 (pays 1p annually) 5.5
GBP 23 Aug 2019 Newcastle Building Society 10.75 PIBS 164.125
GBP 23 Aug 2019 Nationwide floating rate (6 month LIBOR + 2.4%) 101
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 23 Aug 2019 OneSavings Bank 6.591% Perp. Sub Bonds (call 7/3/2016 @ 100p) 93.35
GBP 23 Aug 2019 Cheltenham & Gloucester 11 3/4% PIBS 208.517
GBP 23 Aug 2019 Bank Of Ireland 13.375 PIBS 209
GBP 10 Aug 2016 Coventry Building Society 12.125 PIBS 195
GBP 23 Aug 2019 Standard & Chart 8.125% Prefs 137.05
GBP 23 Aug 2019 Halifax Plc 8.75 PIBS 112.5