Ann: Pioneer appoints CIO to lead transformational change, page-4

The video mainly covers the usual points that Keith Johns puts into the public domain. If you want to watch it and have not received a direct link from The Capital Network then try vimeo.com/837753329 in your browser. If it does not work for you then I will pick the main points for you as - 1. slight decrease in repayment level of 3% as things tighten 2. Strong tailwinds and good quality of PDP purchases available 3. Focus is on big banks and no lower grade credit purchased 4. Lots of good quality debt coming from non-bank lending sector 5. Portfolios taking about 4-6 years to realise full value 6. Investing from $80-150m in PDP purchases going forward.

I think we just need to remember that the funding terms are still very high. Keith is currently in the middle of striving for new lower terms based on new metrics. If he pulls this move off the RaaS report will look even better. But as I said I am not totally convinced that all of the figures in that commissioned report are achievable. Hopefully they have forwarded that report to all shareholders and you can check it out for yourselves.