Ann: Change in substantial holding, page-3

I put this one back in the too hard basket. A lot of debt with rising interest rates (negating the benefit of any refi the company may be able to make) and, potentially, rising unemployment.

There's not a lot of fat here if a spike in unemployment leads to a write down in PDPs. I'd also argue that the success PNC has had in older vintages over the last few years is symptomatic of how good economic conditions were. Lots of stimulus and record low unemployment probably flattered the collection profile of those older PDP's. Still watching on, but not the time for me to own right now.