Nationwide offers to buy out 'Pibs' holders

Holders of Nationwide "Pibs" - permanent interest-bearing shares - have in most cases been offered face value or more for their holdings. However, holders of one particular Pibs issue will suffer a "haircut" of almost 10% if they sell their investment back to the society, the Daily Telegraph reports. Pibs are like corporate bonds in that they pay a set amount of interest yearly and trade on the stock market. However, they are "undated", so there is no maturity date and normally the only way for holders to get their money back is to sell to another investor. They also differ from the t...