PCS would like to thank Standard & Poor's for providing it with an update to its securitisation default table. Six months on, the data shows that, in the sixth year of the worse economic crisis since the war, overall defaults in the PCS eligible asset classes are creeping up but are still only 10 basis points (up from 7 basis points). This is also across the whole capital structure. Today, losses on the senior notes of such transactions – the only ones that are eligible for the PCS label – remains zero. The new table can be found here
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