Brookfield Office Properties Inc T.BPO.P.A

After Hour Manipulation

[pierrelebel]

Take a look at the trading of several BPO preferred issues.

You will find many issues with a few hundred shares traded at 4:10pm at prices substantially above the 4:00pm closing price.

For example: A closed at $8.91 and RBC purchased a few hundred shares at $9.10

C: closed at $12.39 moved up to $12.34

P: closed at $7.76 and RBC moved it to $8.04

etc... etc.... What games is RBC playing?

[Carena]

Hi Pierre, I did not notice the after hours but I have watched the trading activity in the series I own (ie T N E and G), this week and last, with some intrigue.  It just seems different....it seems the short volumes are still very high at these rock bottom prices but the stocks seem to want to go up on pretty good volume. Going to be an interesting year.  I am starting to wonder if

[Carena]

Hi again, Just noticed like a 300,000 block trade crossed on the N series. More unusual stuff going on.  Has to be ETF activity. Carena

[pierrelebel]

Most issues have seen large blocks trading at or near the close. Volume overall well over 3 million preferred shares today!

[Carena]

Hi Pierre, Now that was a day! Something is up.   757,000 shares of the N traded. I think the most I have ever seen. Have a great weekend! Carena

[rodbhar]

It would be interesting if some brookfield entity is absorbing all the selling from ETFs 

[Carena]

Hi Rod, All I know is it was a very material day for the BPO prefs and we are left guessing as to what happened.  3 million shares traded on shares that usually trade in total, maybe 90,000 shares per day. A few of my thoughts: (i) Could the 3 million in BPO pref shares that traded yesterday be just due to a transfer from some investment grade fund/ETF to a fund/ETF that is allowed to hold

[Carena]

Hi again, I was just reading on Pref Blog that apparently yesterday was the day that the CPD ETF had to divest of their BPO holdings...the question still remains, who is on the buy side of all these shares (millions) and why did the price move up? Lol. Carena

[Carena]

Hi again, Here is a post from PrefBlog who says BPY is buying under the NCIB....we will see.

[Carena]

oops, try the link I guess..... https://prefblog.com/?p=46186#comment-210830

[pierrelebel]

Thank you for the link and background information. Reviewing the trades at 4:00pm for all nine BPO reset issues, it appears clearly that TD was the largest seller.  Buyers were mostly using "anonymous" to hide their identity although BMO and TD were buyers of some large blocks. All in all it was an unusual week as we saw the "A" gain $0.99 (11%) while the "T"

[SONOFFERGUS]

Hi Pierre. As far as I know, these market-on-close trades have strict rules about pricing.  I wonder if the rules are biased to a higher price..  Who benefits --  is RBC pushing prices for BN's account?   Very interesting, thanks for pointing out. John

[pierrelebel]

  4:00 PM - 4:10 PM Price Movement Extension - The PME period is designed to solicit further liquidity to offset a remaining imbalance. If the calculated closing price ("CCP") exceeds the PME range and requires a Price Movement Extension, a new MOC imbalance is calculated and published after which LOC orders opposite to the imbalance are accepted subject