Brookfield Office Properties Inc T.BPO.PR.A

RE:RE:RE:Sonoffergus, how do you like your R's ??? I see you passed

[SONOFFERGUS]

Oh CrazySold.

Rates are coming down, no?  Mr. Market is ttransitioning out of tech and into Russell2K on the macro theory that lower short-term rates benefit lesser credits.  Same deal for real estate -- all else equal, lower short rates are positive. Try BBU, which holds a bunch of companies with floating debt and will rock when rates finally drop.

As has been said many times here, BPY/BPO might have had a tough time as a stand-alone entity, but papa will make everything fine.  BPO.PR.C is $17 and BPO.PR.floater is $9.X.  How do these pari passu issues trade so far apart if BPO is headed for BK?  

HNU?  I think you are confusing me with mon ami Pierre.

I hope you learned something from your time here.  I also hope that you find your cojones and get long again.  The entire BPO complex is going to trade up over the next couple of years as rates move down.  I would be surprised if the worst series is not in the $20s by then, and there is a decent chance that BN decides to reorg and clean up all $3b of its BPO pref headache at sweet premiums.