Not a surprise, really … perpetuals paying $1.50 are an endangered species, but the idea that they might have saved $0.25 p.a. on the redemption price (due to a declining call price) added a little piquancy to the speculation.
What will be interesting is the resolution of the question: will they replace them with a new issue?
Update, 2007-5-10: For some odd reason this post has become the target of spambots. I am therefore disabling comments on this post.