PNC faces significant challenges from its low capitalisation and its poor quality asset portfolio.
Total asset backed securities of $28bn comprising: RMBS $20.7bn (either US govt agency issued or rated AAA), CMBS $4.9bn and other ABS $2.4bn.
The loan portfolio totals HELOCs $14.1bn and home mortgages of $1.8bn of which 61% are second lien.
PNC provides off-balance sheet liquidity commitments to Market Street of $7.8 billion and other credit enhancements of $0.7 billion. With a CP market once again illiquid, these assets will now be migrating to PNC’s balance sheet and the credit risks will now be sheeted home to PNC. The assets of Market Street consist primarily of automobile loans, purchased receivables, and credit card loans. At least this is not sub-prime mortgages.
Based on this situation, PNC’s present total assets of $131bn will increase $8.5bn to almost $140bn. The book equity of $14.5bn will be significantly reduced post writedowns of its assets by around $6.8bn (based on market assumptions). This will decrease BV equity to around $8bn. Tier 1 capital is now only 7.5% and this writedown will drop below the regulatory minimum of 4%.
Expect share price to drop over next 6 months to around $25 to $35.
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Shoe size,also known as shoe,common in the following standard method: international, European,U.S.and UK.
International standards is the shoe that the foot a few millimeters long.
Chinese standards adopt a few millimeters or centimeters. Such as: 245 millimeters,24 1/2 centimeters,that the same size.
Conversion formula:
Cm system of few × 2-10 = Europe (EU system +10) ÷ 2 = centimeters
Centimeters -18 +0.5 = US-made American +18-0.5 = centimeters
Centimeters -18-0.5 = +18 + 0.5 inch Inch = centimeters
Shoe table:
Shoes
Foot length cm 22.5 23 23.5 24 24.5 25 25.5 26
Europe EUR 35 36 37 38 39 39 40 40
U.S. US 5 5.5 6 6.5 7 7.5 8 8.5
UK UK 4 4.5 5 5.5 6 6.5 7 7.5
Men
Foot length cm 24.5 25 25.5 26 26.5 27 27.5 28
Europe EUR 39 40 41 42 43 44 45 46
U.S. US 7 7.5 8 8.5 9 9.5 10 10.5
UK UK 6 6.5 7 7.5 8 8.5 9 9.5 erwetuyiytrewrtyu
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Shoe size,also known as shoe,common in the following standard method: international,European,U.S.and UK.
International standards is the shoe that the foot a few millimeters long.
Chinese standards adopt a few millimeters or centimeters. Such as: 245 millimeters,24 1 / 2 centimeters,that the same size.
Conversion formula:
Cm system of few × 2-10 = Europe (EU system +10) ÷ 2 = centimeters
Centimeters -18 +0.5 = US-made American +18-0.5 = centimeters
Centimeters -18-0.5 = +18 + 0.5 inch Inch = centimeters
Shoe table:
Shoes
Foot length cm 22.5 23 23.5 24 24.5 25 25.5 26
Europe EUR 35 36 37 38 39 39 40 40
U.S. US 5 5.5 6 6.5 7 7.5 8 8.5
UK UK 4 4.5 5 5.5 6 6.5 7 7.5
Men
Foot length cm 24.5 25 25.5 26 26.5 27 27.5 28
Europe EUR 39 40 41 42 43 44 45 46
U.S. US 7 7.5 8 8.5 9 9.5 10 10.5
UK UK 6 6.5 7 7.5 8 8.5 9 9.5 cvbcxhgjhgdghjgfd
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