U.S. Financial 15 Split Corp. has announced:
it has added PNC Bank to its 15 core holdings as a replacement to Lehman Brothers Holdings.
The weakening of the financial sector in U.S. markets has accelerated in recent weeks and has lead to dramatic losses in market value for many financial services companies in the United States and around the world. Unprecedented U.S. government intervention in the last two weeks has occurred in an attempt to stabilize markets and restore confidence in the credit markets.
PNC Bank is one of the largest financial services companies in the country with over $139 billion in assets and providing personal banking, wealth management, business banking and corporate and institutional services for organizations all over the world.
US Financial 15 invests in a high quality portfolio consisting of 15 U.S. financial services companies as follows: American Express, American International Group, Bank of America, Citigroup, Fifth Third Bancorp, The Goldman Sachs Group, J.P. Morgan Chase, Merrill Lynch, Morgan Stanley, PNC Bank, SunTrust Banks, U.S. Bancorp, Wachovia Corporation, Washington Mutual and Wells Fargo.
FTU.PR.A had asset coverage of just over 1.0:1 as of September 15, according to the company. It was last mentioned on PrefBlog when it had a very exciting time in mid-July and was (very briefly) reviewed in context in my article SplitShares and the Credit Crunch.
FTU.PR.A is tracked by HIMIPref™ and is a member of the “Scraps” index. It would be part of the “SplitShare” index, but there are credit concerns.
[…] was last mentioned on PrefBlog in connection with LEH debacle. FTU.PR.A is tracked by HIMIPref™ and is a member of the “Scraps” index. It would be part of […]