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.

CyUpdatedIssuer▼ ISINCpnMaturityLifePriceYield
GBP 20 Nov 2020 Bank of Scotland,13 5/8% Perp. Sub Bonds GB0000394915 13.625% 215
GBP 20 Nov 2020 Halifax Plc 12 PIBS GB0000395094 12.0% 30 Jan 2022 1 yr 2 mths 108.502 4.494%
GBP 20 Nov 2020 Halifax Plc 8.75 PIBS GB0000395102 8.75% 115 7.610%
GBP 20 Nov 2020 Bank Of Ireland 13.375 PIBS GB0000510312 13.375% 195.698 6.836%
GBP 20 Nov 2020 Nationwide 7.859% PIBS Receipts GB0001777886 7.859% 13 Mar 2030 9 yrs 4 mths 123.062 4.734%
GBP 20 Nov 2020 Cheltenham & Gloucester 11 3/4% PIBS GB0001905362 11.75% 207.713 5.657%
GBP 20 Nov 2020 Nationwide floating rate (6 month LIBOR + 2.4%) GB0001918076 3.0924% 85 2.903%
GBP 20 Nov 2020 Coventry Building Society 12.125 PIBS GB0002290764 12.125% 202.5 5.987%
GBP 20 Nov 2020 Skipton 8 1/2% PIBS GB0004440623 8.5% 137.229 6.194%
GBP 20 Nov 2020 Leeds Building Society 13.375 PIBS GB0005104913 13.375% 205.75 6.500%
GBP 20 Nov 2020 Halifax Plc 9.375 PIBS GB0005242879 9.375% 178
GBP 20 Nov 2020 Newcastle Building Society 12.625 PIBS GB0006361371 12.625% 187.895 6.718%
GBP 20 Nov 2020 Newcastle Building Society 10.75 PIBS GB0006371529 10.75% 157.279 6.834%
GBP 20 Nov 2020 Skipton Building Society 12.875 Perp. PIBS GB0008194119 12.875% 192.5 6.687%
GBP 20 Nov 2020 Standard & Chart 8.125% Prefs GB0008399700 8.25% 134.75
GBP 20 Nov 2020 Manchester Building Society 8 PIBS GB0008775057 8.0% 28.595 0.845%
GBP 20 Nov 2020 Nottingham Building Society 7.875 PIBS GB0030517931 7.875% 123.888 6.356%
GBP 20 Nov 2020 Nationwide Building Society 7.25 PIBS GB0031049215 7.25% 5 Dec 2021 1 yr 1 mth 106 1.405%
GBP 20 Nov 2020 Nationwide Building Society 6.25 PIBS GB0033627968 6.25% 105.75
GBP 19 Nov 2020 Principality Building Society 7 PIBS GB00B010CN56 7.0% 104.5
GBP 20 Nov 2020 Manchester Building Society 6.75 PIBS GB00B0712W15 6.75% 28.081 0.855%
GBP 20 Nov 2020 West Bromwich Building Society 6.15 PIBS GB00B0CX2M20 33.5
GBP 20 Nov 2020 OneSavings Bank 6.591% Perp. Sub Bonds (call 7/3/2016 @ 100p) GB00B61ZXL72 6.591% 88.5 3.851%
GBP 20 Nov 2020 Nationwide CCDS GB00BBQ33664 10.25% 175.111 5.853%
GBP 20 Nov 2020 Co-operative Group 11% Final Repayment Notes 20/12/2025 GB00BFXW0630 11.0% 18 Dec 2025 5 yrs 1 mth 124.889 5.280%
GBP 20 Nov 2020 Co-operative Group Instalment Repayment Notes 20/12/2025 (pays 1p annually) GB00BFXWHQ29 1.0% 5.15
GBP 30 Jul 2020 Ulster Bank 11 3/4% Sub Bonds IE0004325514 11.75% 169 6.952%