PNC, page-36

"Yes but the quality of the debt is completely different, all be it both are unsecured."

Not sure I agree Tarvold. Both PNC and CCP bid for and buy the same type of debt off the same vendors e.g. Westpac. The differentiation being that PNC do not then buy 'lower quality' debt off telcos/utilities etc.

'PNC are very selective about the quality & the price they pay for their debt.'

I do not assume that PNC are more conservative on the price they pay for the same bank debt as CCP. Have you got any specific metrics/info you can share to demonstrate this? I'd be interested to know.

thanks,
T
Disclosure: have invested in both PNC & CCP