GILTS, BONDS & PIBS

 

Permanent interest-bearing securities (Pibs)

Pibs, which are also known as perpetual subordinated bonds, 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. This allows investors to benefit from a long stream of income flows, but leaves them reliant on the market price when they wish to liquidate their investments.

Pibs are also subordinated debt, ranking lower than deposits and senior bonds in the event of the issuer entering liquidation. Many Pibs also have calls, an option that allows the issuer to repurchase the bond at par. Click on the security name to see more data and price charts.

CurrencyUpdateIssuerPrice
GBP 17 May 2019  OneSavings Bank 5.9884% Floating Rate Sub 97.72 
GBP 17 May 2019  Nationwide Building Society 7.25 PIBS 109.225 
GBP 17 May 2019  Halifax Plc 12 PIBS 119 
GBP 4 Sep 2017  Co-operative Bank 11% Sub Notes 28 
GBP 17 May 2019  Nationwide 7.859% PIBS Receipts 121.848 
GBP 17 May 2019  Skipton Building Society 12.875 PIBS 197.75 
GBP 17 May 2019  Manchester Building Society 6.75 PIBS 16.125 
GBP 17 May 2019  Halifax Plc 9.375 PIBS 157 
GBP 17 May 2019  Barclays Bank Plc 100.979 
GBP 17 May 2019  Manchester Building Society 8 PIBS 18 
GBP 17 May 2019  Principality Building Society 7 PIBS 101.313 
GBP 17 May 2019  Leeds Building Society 13.375 PIBS 206.25 
GBP 28 Mar 2019  Yorkshire 5.649% PIBS (call 27/3/2019 @ 100p) 99.5 
GBP 17 May 2019  Nottingham Building Society 7.875 PIBS 127.5 
GBP 10 May 2018  Nationwide 6.024% PIBS (call 6/2/2013 @ 100p) 100 
GBP 17 May 2019  Ulster Bank 11 3/4% Sub Bonds 169 
GBP 17 May 2019  Skipton 8 1/2% PIBS 142 
GBP 17 May 2019  Newcastle Building Society 12.625 PIBS 191 
GBP 17 May 2019  Co-operative Group 11% Final Repayment Notes 20/12/2025 123.479 
GBP 17 May 2019  West Bromwich Building Society 6.15 PIBS 37.5 
GBP 17 May 2019  Co-operative Group Instalment Repayment Notes 20/12/2025 (pays 1p annually) 5.47 
GBP 17 May 2019  Newcastle Building Society 10.75 PIBS 161 
GBP 17 May 2019  Nationwide floating rate (6 month LIBOR + 2.4%) 102.125 
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 17 May 2019  OneSavings Bank 6.591% Perp. Sub Bonds (call 7/3/2016 @ 100p) 96.695 
GBP 17 May 2019  Cheltenham & Gloucester 11 3/4% PIBS 208.885 
GBP 17 May 2019  Bank Of Ireland 13.375 PIBS 202.276 
GBP 10 Aug 2016  Coventry Building Society 12.125 PIBS 195 
GBP 17 May 2019  Standard & Chart 8.125% Prefs 133.75 
GBP 17 May 2019  Halifax Plc 8.75 PIBS 115