I don't know if there is a good reason.Other than general...

I don't know if there is a good reason.

Other than general widening of credit spreads, GBP flash crash. USD strength, vol etc.
Maybe some institution is clearing out a position, or there is some issue regarding Perpetual's acquistion of Pendal. either way, I have bought in from 88-92..
its enough of a discount to NTA that running yield is close to 7%..(or will be as BBSW increases). assuming they achieve their target of o/n +300.
at 88 its a 18.5% discount to NTA.. if that closes back to a 5% discount in a year, that is a 24% return including dividends.. hard to beat that.
I rate this lower risk than MOT, which along with MXT and PCI all had a similar move in June with the bank and Tier 1 hybrid sell off.
I participated in that but sold out of MXT and MOT
This time Tier 1's are still bid, MOT is only at 4% discount to NTA , MXT is 3% discount to NTA. So certainly PCI is the better value. Credit spreads could easily widen from here, but it appears that we are being more than fairly compensated.

its always a bit scary when you can't find a good reason... i've asked a lot smarter people than me, and no one I know has come up with a good explanation...

keep searching..
Good luck.