Fixed interest (usually 10 to 13 percent) non-redeemable security issued by the major UK building societies and traded on the London Stock Exchange (LSE). PIBS offer a fixed income paid twice a year for ever (in perpetuity). Their capital value (market price) moves in direction opposite to that of market interest rates: if rates go up, PIBS lose value, and vice versa. They are less liquid than gilt edged securities because being non-redeemable, they can be cashed only by finding a buyer.