RE:Eventually Brookfield Will Redeem All Remainder BPO PrefersCrazy.
I have put you on freeze for a week but will give you another chance. Last one!
I agree that BN may decide to do a reorg, not so much because of reporting cost, but instead in order to get the spotlight off of BPY performance, its big drag on BN stock price, and the shenanigans that they will undertake in order to keep BPY creditors and us happy. However, BN has built quite the tangled web, putting it mildly, and there may be externalities that make a reorg tough to accomplish. If the goal is simply to get BPO pref prices high enough that they don't scream "BPO is worthless, default is imminent" to BN analysts and investors, then BN may be getting close to their objective.
"Everyone is redeeming their preferred shares" needs a citation -- TD with excess capital, who else? CFOs and CEOs (and their intternal teams and external advisors) are smart folks -- they spend a lot of time on the right side of the balance sheet and how to optimize it given their business plans and outlook for funding rates and availibility. They are going to redeem only with good reason, and with credit spreads wide and significant trouble filling a capital hole, I don't see a lot of redemptions happening in the near term.
You understand NCIBs have rules, right? Daily limits, annual limit 10% of float. It makes great sense for BN/BPO given their objectives, but doesn't make sense in normal situations. As far as I know, BCE is the only other issuer running an active NCIB on prefs, and they may be doing it for the same reasons as BN. I think banks are as sav(v)y as they come, but you must have some insight that they are missing.
All just my opinion/view/thinking/guessing/noticing lol.