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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 7 Aug 2020 Nationwide Building Society 7.25 PIBS 104.125
GBP 7 Aug 2020 Halifax Plc 12 PIBS 108.357
GBP 4 Sep 2017 Co-operative Bank 11% Sub Notes 28
GBP 7 Aug 2020 Nationwide 7.859% PIBS Receipts 122.244
GBP 7 Aug 2020 Skipton Building Society 12.875 PIBS 192.5
GBP 7 Aug 2020 Manchester Building Society 6.75 PIBS 21.566
GBP 6 Aug 2020 Halifax Plc 9.375 PIBS 165.5
GBP 24 Jun 2019 Barclays Bank Plc 100.064
GBP 7 Aug 2020 Manchester Building Society 8 PIBS 24.332
GBP 6 Aug 2020 Principality Building Society 7 PIBS 104.5
GBP 7 Aug 2020 Leeds Building Society 13.375 PIBS 201.5
GBP 28 Mar 2019 Yorkshire 5.649% PIBS (call 27/3/2019 @ 100p) 99.5
GBP 7 Aug 2020 Nottingham Building Society 7.875 PIBS 119.061
GBP 10 May 2018 Nationwide 6.024% PIBS (call 6/2/2013 @ 100p) 100
GBP 30 Jul 2020 Ulster Bank 11 3/4% Sub Bonds 169
GBP 7 Aug 2020 Skipton 8 1/2% PIBS 133.763
GBP 7 Aug 2020 Newcastle Building Society 12.625 PIBS 187.977
GBP 7 Aug 2020 Co-operative Group 11% Final Repayment Notes 20/12/2025 122.257
GBP 7 Aug 2020 West Bromwich Building Society 6.15 PIBS 30.25
GBP 7 Aug 2020 Co-operative Group Instalment Repayment Notes 20/12/2025 (pays 1p annually) 4.95
GBP 7 Aug 2020 Newcastle Building Society 10.75 PIBS 143.797
GBP 7 Aug 2020 Nationwide floating rate (6 month LIBOR + 2.4%) 87
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 7 Aug 2020 OneSavings Bank 6.591% Perp. Sub Bonds (call 7/3/2016 @ 100p) 87
GBP 7 Aug 2020 Cheltenham & Gloucester 11 3/4% PIBS 205.895
GBP 7 Aug 2020 Bank Of Ireland 13.375 PIBS 194.5
GBP 10 Aug 2016 Coventry Building Society 12.125 PIBS 195
GBP 7 Aug 2020 Standard & Chart 8.125% Prefs 129.25
GBP 7 Aug 2020 Halifax Plc 8.75 PIBS 115