Brookfield Office Properties Inc T.BPO.PR.I

RE:RE:RE:Lower Interest Rate Anticipation in Canada

[SONOFFERGUS]

I was frankly surprised at the violence of the move given that a cut either today or in July should have been baked in the cake.  Also surprised that bond-proxy equities haven't taken off -- the cut was expected by equities but not bonds?  Oh Mr. Market.

Again, great move on the Ts.  Yes, interesting to consider a move to the higher-quality (in terms of fixed spreads and minimum dividends) series.

I need to take a hard look at the $2 premium for Cs vs. Es (which I own a bunch of).  I would like to lighten up on As at some point but I bought them on special in Nov/Dec/Jan so I'd rather defer the tax bill to next year.  Hopefully the natural hedge the BPO complex provides -- if rates come down, BPO credit risk should too -- will hold till then!