Does anyone know what happens to the price of PIBS when a call is passed and the terms are reset ? I have some Principality and some Nationwide PIBS that have calls in 2020 and 2021 respectively. The `re-set' terms are in both cases based on the gross yield to redemption of 5-year gilts with a significant premium (3% and 3.88% respectively. So I am not that concerned about loss of income if the call is passed. But in those circumstances will not the price of the PIBS be wholly dependent on the expected income stream, as there is no redemption and no further call date ? Am I not likely to be looking at a substantial capital loss as the price will no longer be supported by the securities' face value ? I seem to recall that Principality have passed the call before. Perhaps what happened then would provide an indication of the likely effect in future ?