The timing of the cashflows from these PDPs are quite attractive. I imagine if you are able to look through at the actual collections at a granular level and not rely on public accounts, as Nomura would, then the decision to fund is quite simple. Unfortunately for PNC the scale of the debt remains the issue. That this PDP was purchased through a non-recourse SPV says something about PNC's ability to raise further debt, imo.
News: PNC Pioneer Credit Says Acquired A Debt Portfolio From Panthera Finance, page-10
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