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Brookfield Office Properties Inc T.BPO.PR.A

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

Brookfield Office Properties Inc > Which witch is ......
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Comment by SONOFFERGUSon Jun 03, 2024 10:13am
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Post# 36069154

RE:RE:RE:RE:RE:RE:RE:Which witch is ......

RE:RE:RE:RE:RE:RE:RE:Which witch is ......Correct, CRAZY, but only a part of the story.

What credit risk is implied by current prices?  How will  that change?

Not an easy thing to quantify.

First cut:

The $10 discount to par for Ts -- having reset recently at GoC5 close to spot rate)  is the best indication of the additional risk premium (that is, in addition to the fixed spread) Mr. Market requires for the fixed resets.

The floaters give a discount of $15+.  Some of that discount might reflect people hating on 70% of prime versus T-bills + spread.  Okay.  Gap between PWF.PR.A (70%P) and PFW.PR.Q (T-bills +160) is $3.  Way too much, but fine.  So floaters are giving say a $12+ discount for additional credit risk versus $10.

Current yield would be about even with cuts of 125bps.  

Cuts will definitely reduce floating dividends, may or may not affect GoC5.

Which is the better buy?




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