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Brookfield Office Properties Inc T.BPO.PR.A

Alternate Symbol(s):  BRPPF | BOPPF | T.BPO.PR.C | BKAAF | T.BPO.PR.N | BRKFF | T.BPO.PR.P | BROAF | T.BPO.PR.R | T.BPO.PR.T | T.BPS.PR.U | T.BPO.PR.W | T.BPO.PR.Y | T.BPO.PR.X | BKEEF | T.BPO.PR.E | BROPF | T.BPO.PR.G | BKOFF | T.BPO.PR.I

Brookfield Office Properties Inc. is a global office property company. The Company owns, manages, and develops premier assets in the resilient markets. The Company's signature properties define the skylines of dynamic cities around the globe, including New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, London, Berlin, Sydney and Perth. From Brookfield Places in New York City, Toronto and Perth to Bankers Hall in Calgary and Bank of America Plaza in Los Angeles, its distinguished portfolio attracts financial, energy, government and professional service organizations which have high credit ratings and maintain long-term leases.


TSX:BPO.PR.A - Post by User

Comment by SONOFFERGUSon Jan 26, 2024 5:13pm
320 Views
Post# 35847927

RE:RE:RE:RE:RE:BPO Prefs

RE:RE:RE:RE:RE:BPO PrefsNicely done!

Indeed, I didn't buy prefs (or frankly look at them) this century, so I missed the markdowns and now am happily rummaging through the discount bin.

Virtually every fixed reset, floater, ratchet floater I look at seems so cheap. 

In fixed income (my primary) world, term floaters don't deviate much from par given their short duration unless there's a change in credit/liquidity/tax circumstances from issuance. See, for example, the chart of XFR, which holds government floaters and trades like it should.

Pref floaters as a whole trade at half price and yield 10%+. Yes, credits have deteriorated since issue but this is nuts. See PWF.PR.A as the poster child for a mispriced floater. Cumulative and pays 70% of prime on par, which provides a lovely floor if we get back to a low bank rate. I can understand this issue trading in the low $20s given that Power Financial Corp. was a AA credit way back when versus A(high) now and bid/offer is wide, but $12.75 yielding almost 140% of prime? Nope. Nope nope nope. It is so laughably off of theoretical value and makes it easy to think that the whole market is due for a big move up.

 My working assumption is that retail drives pricing across the market except in special situations -- hello BPO -- and won't buy because of previous losses, the terrible 10-year price chart, or lack of info because there are no new issues and hence no brokers pushing/covering the market.

I see the upcoming BN Q4 call (Feb 8) and dividends (Mar 15) as good reasons for shorts to cover. I see fixed resets as a whole bubbling up -- ZPR has marched up every day this month. I see markets, rightly or wrongly, repositioning for lower rates. I see BPO profits!

That was a lot. Thx for your response and good luck out there!

Sonoffergus




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