Do Performing notes always come with a low discount?

[Cameron York]

I am learning and integrating myself into the note investing business and up to today, I have always seen performing notes as very tight gripped by banks/investors and usually have an incredibly low discount (due to the obvious reasons including that no one wants to give a discount to a sure thing regarding monthly income). So my question is, is this true? Typically, how are the discounts for cleaner performing notes? And what is the point in even investing in it if is true?