Barclays 9% PIBS

[MickR]

Hi

does anyone have any experience of the Barclays 9% PIBS?

https://www.hl.co.uk/shares/shares-sear ... plc-9-pibs

They seem good value at the minute, trading about par. Almost to good to be true. Are they?

Mick

[BullDog]

Hi

does anyone have any experience of the Barclays 9% PIBS?

https://www.hl.co.uk/shares/shares-sear ... plc-9-pibs

They seem good value at the minute, trading about par. Almost to good to be true. Are they?

Mick

It seems to me even if they are called in you're going to get your money back.

Caveat, I know little to nothing about this kind of security.

[Alaric]

They seem good value at the minute, trading about par. Almost to good to be true. Are they?

I see from the link it's a very small issue. There might be difficulty in trading any sort of volume at the quoted prices. As it's designated as PIBS, which former Building Society did it arise from?

[MickR]

They seem good value at the minute, trading about par. Almost to good to be true. Are they?

I see from the link it's a very small issue. There might be difficulty in trading any sort of volume at the quoted prices. As it's designated as PIBS, which former Building Society did it arise from?

looks like they were issued directly by Barclays

https://home.barclays/content/dam/home- ... DF-1MB.pdf

T's&C's seem to suggest they are the same as most other PIBS.

Mick

[Alaric]

T's&C's seem to suggest they are the same as most other PIBS.

They are referred to as Capital Bonds in the prospectus. There's a sting in the tail in that the interest payments are conditional on the Bank's solvency. As such the FCA might regard them as unsuitable for the private investor and so an individual might find it difficult to deal in them.

[BullDog]

T's&C's seem to suggest they are the same as most other PIBS.

They are referred to as Capital Bonds in the prospectus. There's a sting in the tail in that the interest payments are conditional on the Bank's solvency. As such the FCA might regard them as unsuitable for the private investor and so an individual might find it difficult to deal in them.

OP posts a link to HL for this security. So tradeable on that platform?

[BobGe]

Seems quite illiquid and not tradeable on-line with HL. https://www.londonstockexchange.com/sto ... mpany-page

[BondSquared]

little point to buy now - the offer wil always be above par, and they will highly likely be called on 11 Oct 2023 (when the redemption price upon call moves from gilts flat to par).
To break even with short-dated gilts of similar maturity (yielding 5.18%) you'd need to pick them up at 100.827 or cheaper - good luck, and even then you'd have an investment for a few weeks.

[GoSeigen]

I see from the link it's a very small issue. There might be difficulty in trading any sort of volume at the quoted prices. As it's designated as PIBS, which former Building Society did it arise from?

looks like they were issued directly by Barclays

https://home.barclays/content/dam/home- ... DF-1MB.pdf

T's&C's seem to suggest they are the same as most other PIBS.

They're not PIBS! They're Tier 2 bonds.

HL have labelled them incorrectly.

GS

[MickR]

little point to buy now - the offer wil always be above par, and they will highly likely be called on 11 Oct 2023 (when the redemption price upon call moves from gilts flat to par).
To break even with short-dated gilts of similar maturity (yielding 5.18%) you'd need to pick them up at 100.827 or cheaper - good luck, and even then you'd have an investment for a few weeks.

Ahh Thank you. Not a long term investment then

Mick