Will there ever be a situation.....

VIGILANT22

The majority of PIBS are only tradable in relatively large, predetermined tranches, and investors are usually required to commit a substantial sum when buying. Permanent Interest Bearing Shares cannot be sold back to the society, they must be bought and sold on the stock exchange. Commission rates for buying and selling PIBS are generally similar to those for other fixed interest securities. Investors will only be able to sell their PIBS if there are buyers in the market at the same time; this is often reflected in wide bid-offer spreads.