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.

CyUpdatedIssuerISIN▼ CpnMaturityLifePriceYield
GBP 8 Mar 2021 Co-operative Group Instalment Repayment Notes 20/12/2025 (pays 1p annually) GB00BFXWHQ29 1.0% 4.4
GBP 8 Mar 2021 Nationwide floating rate (6 month LIBOR + 2.4%) GB0001918076 3.0924% 88.625 2.820%
GBP 8 Mar 2021 Nationwide Building Society 6.25 PIBS GB0033627968 6.25% 106.875
GBP 8 Mar 2021 OneSavings Bank 6.591% Perp. Sub Bonds (call 7/3/2016 @ 100p) GB00B61ZXL72 6.591% 88.875 4.227%
GBP 8 Mar 2021 Manchester Building Society 6.75 PIBS GB00B0712W15 6.75% 34.662 0.714%
GBP 5 Mar 2021 Principality Building Society 7 PIBS GB00B010CN56 7.0% 104.5
GBP 8 Mar 2021 Nationwide Building Society 7.25 PIBS GB0031049215 7.25% 5 Dec 2021 9 mths 104 1.754%
GBP 8 Mar 2021 Nationwide 7.859% PIBS Receipts GB0001777886 7.859% 13 Mar 2030 9 yrs 123.678 4.592%
GBP 8 Mar 2021 Nottingham Building Society 7.875 PIBS GB0030517931 7.875% 127.663 6.168%
GBP 8 Mar 2021 Manchester Building Society 8 PIBS GB0008775057 8.0% 39.004 0.637%
GBP 8 Mar 2021 Standard & Chart 8.125% Prefs GB0008399700 8.25% 143.25
GBP 8 Mar 2021 Skipton 8 1/2% PIBS GB0004440623 8.5% 137.42 6.185%
GBP 8 Mar 2021 Halifax Plc 8.75 PIBS GB0000395102 8.75% 115 7.606%
GBP 8 Mar 2021 Halifax Plc 9.375 PIBS GB0005242879 9.375% 181
GBP 8 Mar 2021 Nationwide CCDS GB00BBQ33664 10.25% 184.74 5.547%
GBP 8 Mar 2021 Newcastle Building Society 10.75 PIBS GB0006371529 10.75% 161 6.676%
GBP 8 Mar 2021 Co-operative Group 11% Final Repayment Notes 20/12/2025 GB00BFXW0630 11.0% 18 Dec 2025 4 yrs 9 mths 127.165 4.538%
GBP 30 Jul 2020 Ulster Bank 11 3/4% Sub Bonds IE0004325514 11.75% 169 6.952%
GBP 8 Mar 2021 Cheltenham & Gloucester 11 3/4% PIBS GB0001905362 11.75% 205.712 5.711%
GBP 8 Mar 2021 Halifax Plc 12 PIBS GB0000395094 12.0% 30 Jan 2022 10 mths 108.78 1.984%
GBP 8 Mar 2021 Coventry Building Society 12.125 PIBS GB0002290764 12.125% 214.375 5.656%
GBP 8 Mar 2021 Newcastle Building Society 12.625 PIBS GB0006361371 12.625% 202.143 6.246%
GBP 8 Mar 2021 Skipton Building Society 12.875 Perp. PIBS GB0008194119 12.875% 191 6.740%
GBP 8 Mar 2021 Leeds Building Society 13.375 PIBS GB0005104913 13.375% 211.5 6.323%
GBP 8 Mar 2021 Bank Of Ireland 13.375 PIBS GB0000510312 13.375% 211.875 6.313%
GBP 8 Mar 2021 Bank of Scotland,13 5/8% Perp. Sub Bonds GB0000394915 13.625% 220
GBP 8 Mar 2021 West Bromwich Building Society 6.15 PIBS GB00B0CX2M20 37