Bond Prices & Yields
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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.

CyUpdated▼ IssuerISINCpnMaturityLifePriceYield
GBP 18 Sep 2020 Bank Of Ireland 13.375 PIBS GB0000510312 13.375 195.875 6.826
GBP 17 Sep 2020 Bank of Scotland,13 5/8% Perp. Sub Bonds GB0000394915 13.625 210 n/a
GBP 18 Sep 2020 Cheltenham & Gloucester 11 3/4% PIBS GB0001905362 11.75 206.555 5.688
GBP 17 Sep 2020 Co-operative Group 11% Final Repayment Notes 20/12/2025 GB00BFXW0630 11.0 18 Dec 2025 5 yrs 3 mths 124.322 5.527
GBP 18 Sep 2020 Co-operative Group Instalment Repayment Notes 20/12/2025 (pays 1p annually) GB00BFXWHQ29 1.0 5.05 n/a
GBP 18 Sep 2020 Coventry Building Society 12.125 PIBS GB0002290764 12.125 196 6.186
GBP 17 Sep 2020 Halifax Plc 12 PIBS GB0000395094 12.0 30 Jan 2022 1 yr 4 mths 108.628 5.251
GBP 18 Sep 2020 Halifax Plc 8.75 PIBS GB0000395102 8.75 110 7.956
GBP 17 Sep 2020 Halifax Plc 9.375 PIBS GB0005242879 9.375 159.5 n/a
GBP 18 Sep 2020 Leeds Building Society 13.375 PIBS GB0005104913 13.375 201.5 6.637
GBP 18 Sep 2020 Manchester Building Society 6.75 PIBS GB00B0712W15 6.75 19.376 1.112
GBP 18 Sep 2020 Manchester Building Society 8 PIBS GB0008775057 8.0 24.38 0.952
GBP 17 Sep 2020 Nationwide 7.859% PIBS Receipts GB0001777886 7.859 13 Mar 2030 9 yrs 6 mths 122.385 4.853
GBP 17 Sep 2020 Nationwide Building Society 6.25 PIBS GB0033627968 6.25 105 n/a
GBP 17 Sep 2020 Nationwide Building Society 7.25 PIBS GB0031049215 7.25 5 Dec 2021 1 yr 3 mths 105.5 2.586
GBP 18 Sep 2020 Nationwide floating rate (6 month LIBOR + 2.4%) GB0001918076 3.0924 86 2.905
GBP 18 Sep 2020 Newcastle Building Society 10.75 PIBS GB0006371529 10.75 144.158 7.456
GBP 18 Sep 2020 Newcastle Building Society 12.625 PIBS GB0006361371 12.625 186.23 6.779
GBP 18 Sep 2020 Nottingham Building Society 7.875 PIBS GB0030517931 7.875 120.179 6.552
GBP 18 Sep 2020 OneSavings Bank 6.591% Perp. Sub Bonds (call 7/3/2016 @ 100p) GB00B61ZXL72 6.591 87.75 0.000
GBP 17 Sep 2020 Principality Building Society 7 PIBS GB00B010CN56 7.0 104.5 n/a
GBP 18 Sep 2020 Skipton 8 1/2% PIBS GB0004440623 8.5 136.272 6.237
GBP 18 Sep 2020 Skipton Building Society 12.875 Perp. PIBS GB0008194119 12.875 192.5 6.688
GBP 18 Sep 2020 Standard & Chart 8.125% Prefs GB0008399700 8.25 127.6 n/a
GBP 30 Jul 2020 Ulster Bank 11 3/4% Sub Bonds IE0004325514 11.75 169 6.952
GBP 18 Sep 2020 West Bromwich Building Society 6.15 PIBS GB00B0CX2M20 32 0.000