As a result of the transfer by Kent Reliance Building Society (KRBS) of its business, assets and liabilities to OneSavings Bank plc (OSB), OSB assumed a liability for £15m 7.875% Permanent Interest Bearing Shares (PIBS) and £22m 6.591% PIBS issued by KRBS. On 1 February 2011, in place of the PIBS, OSB issued £15m 7.875% Perpetual Subordinated Bonds (PSBs) and 22m 6.591% PSBs.
The £22m 6.591% PSBs were fully redeemed and cancelled on 7 September 2021.
The £15m 7.875% PSBs have a current annual coupon rate of 4.6007% with interest payable on 27 February and 27 August and the next coupon reset date of 27 August 2024. The PSBs are listed on London Stock Exchange (ISIN GB00B67JQX63).