PNC Financial Services Group is positioning itself to issue equipment lease ABS. Steve Geis, managing director at PNC, said the bank is attempting to increase the size of its equipment-lease warehousing facilities through talks with a number of equipment finance companies. Once it has expanded those facilities adequately, the bank plans to begin issuing term deals in the sector. Geis declined to name the companies or give a timeframe for the first possible deal.
PNC has existing relationships with various equipment finance companies, but only as a conduit arranger. "We've identified the equipment-lease sector as a growth sector overall," said Geis of the decision to expand. PNC's efforts, for now, will be focused on small-ticket vendor finance, and construction and agricultural equipment leases.