Yes but the quality of the debt is completely different, all be it both are unsecured.
PNC are very selective about the quality & the price they pay for their debt. CCP issue debt comparable to junk, the bottom rung & the first to default. If the economy went bad PNC defaults would be much lower than CCP. That's why CCP are so much more 'conservative' with their treatment, the starting points aren't the same.
PNC, page-35
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