Building societies represent more than £36bn of publicly listed securities and private placements, issued across a broad spectrum of capital instruments – from covered bonds and senior unsecured debt to Tier 2, Core Capital Deferred Shares (CCDS) and legacy PIBS.
Date: 19 March 2026
Time: 11.00am – 12noon
Despite this scale and sophistication, the sector is often under-researched and, at times, misunderstood by investors.
As a highly regulated and systemically important part of the UK financial infrastructure, building societies play a critical role in the residential mortgage and retail savings markets. Their mutual ownership model, conservative risk profile and strong regulatory oversight create a distinctive credit story – particularly in the context of subordinated and junior capital.
Against a backdrop of improving market pricing and renewed investor appetite for subordinated financial debt, this webinar will examine:
- The current state of the junior capital market for UK building societies
- Structures available, including CCDS, Tier 2 and other subordinated formats
- Investor demand and sentiment across public and private markets
- Key structural and regulatory factors influencing issuance strategy
- Ecology Building Society’s experience raising CCDS
Drawing on Allia C&C’s experience advising on CCDS, Tier 2 and legacy PIBS transactions, the webinar will provide practical insights into how societies can position themselves effectively in today’s market environment.
Speakers:
Ben Hall – Joint Head Advisory & Funding, Allia C&C
Mark Glowery – Head of Fixed Income Sales, Allia C&C
Gareth Griffiths – Chief Executive, Ecology Building Society
Archie Dickinson – Advisory & Funding Senior Manager, Allia C&C
This webinar is run in conjunction with Building Society Association who represent all 42 UK building societies, including both mutual-owned banks, as well as 7 of the largest credit unions that make up the National Credit Union Forum (NCUF).
