Seems I for one didn't notice the different terminology used by NCT and HSBC.
Guessing both are proper, but I missed the subtle difference.
NCT used the headline of 4.2 billion "unpaid principal balance" being bought for 3.2 billion.
On the other hand HSBC chose to use 3.4 billion "face value" for the portfolio and facility being sold for 3.2 billion.
Here it is NCT/spring leaf is paying 3.2B for the portfolio. HSBC has valued it at 3.4B. The portfolio has an UPB of 4.2B. So the reality of it is if everything paid off NCT is looking at 4.2B plus interest. I would prefer to state the portfolio in terms of real numbers such as UPB. A valuation is arbitrary and can be modeled to whatever the holder wants. HSBC can state they are taking a small loss from what they paid, but what is their definition of small. Arbitrary! NCT in true fashion stating the numbers.