Ann: Pioneer enters five year 'forward flow' agreement with CBA, page-6

That last notified portfolio purchase of $38.5m was classified as largely performing arrangements. I agree with you that it has been normal for all PDPs in the past to basically be non performing but both PNC and CCP have apparently been buying some performing arrangements in more recent times. It might be that it is the only way that they can keep some momentum going. Point is there is usually a big difference in the purchase price if they are performing as can be seen by the cost of that last debt portfolio purchased for $38.5m having a face value of $85m.