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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 18 Mar 2019 OneSavings Bank 5.9884% Floating Rate Sub 97.55
GBP 18 Mar 2019 Nationwide Building Society 7.25 PIBS 107.625
GBP 18 Mar 2019 Halifax Plc 12 PIBS 120.25
GBP 4 Sep 2017 Co-operative Bank 11% Sub Notes 28
GBP 18 Mar 2019 Nationwide 7.859% PIBS Receipts 122.199
GBP 18 Mar 2019 Skipton Building Society 12.875 PIBS 192.625
GBP 18 Mar 2019 Manchester Building Society 6.75 PIBS 14.875
GBP 18 Mar 2019 Halifax Plc 9.375 PIBS 153.75
GBP 18 Mar 2019 Barclays Bank Plc 102.92
GBP 18 Mar 2019 Manchester Building Society 8 PIBS 16.375
GBP 18 Mar 2019 Principality Building Society 7 PIBS 101.14
GBP 18 Mar 2019 Leeds Building Society 13.375 PIBS 199.5
GBP 18 Mar 2019 Yorkshire 5.649% PIBS (call 27/3/2019 @ 100p) 99.5
GBP 18 Mar 2019 Nottingham Building Society 7.875 PIBS 120
GBP 10 May 2018 Nationwide 6.024% PIBS (call 6/2/2013 @ 100p) 100
GBP 18 Mar 2019 Ulster Bank 11 3/4% Sub Bonds 167
GBP 18 Mar 2019 Skipton 8 1/2% PIBS 139.5
GBP 18 Mar 2019 Newcastle Building Society 12.625 PIBS 185.5
GBP 18 Mar 2019 Co-operative Group 11% Final Repayment Notes 20/12/2025 122.391
GBP 18 Mar 2019 West Bromwich Building Society 6.15 PIBS 35.25
GBP 18 Mar 2019 Co-operative Group Instalment Repayment Notes 20/12/2025 (pays 1p annually) 5.45
GBP 18 Mar 2019 Newcastle Building Society 10.75 PIBS 158
GBP 18 Mar 2019 Nationwide floating rate (6 month LIBOR + 2.4%) 103
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 18 Mar 2019 OneSavings Bank 6.591% Perp. Sub Bonds (call 7/3/2016 @ 100p) 96.625
GBP 18 Mar 2019 Cheltenham & Gloucester 11 3/4% PIBS 207.738
GBP 15 Mar 2019 Bank Of Ireland 13.375 PIBS 197.892
GBP 10 Aug 2016 Coventry Building Society 12.125 PIBS 195
GBP 18 Mar 2019 Standard & Chart 8.125% Prefs 122.6
GBP 18 Mar 2019 Halifax Plc 8.75 PIBS 117.75