{"id":305,"date":"2006-11-18T00:41:59","date_gmt":"2006-11-18T04:41:59","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=305"},"modified":"2006-11-18T00:41:59","modified_gmt":"2006-11-18T04:41:59","slug":"bamprs-called-for-redemption","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=305","title":{"rendered":"BAM.PR.S Called for Redemption"},"content":{"rendered":"

All good things must come to an end.<\/p>\n

BAM.PR.S has been a wonderful issue, paying $2.0875 interest every year but it’s time to wave farewell to the old friend.<\/p>\n

Brookfield called it for redemption<\/a>:<\/p>\n

\n

Brookfield Asset Management Inc. (NYSE\/TSX: BAM) announced today that it intends to redeem its 8.35% Preferred Securities (\u201cSecurities\u201d) on January 2, 2007 for C$25.00 per Security plus accrued interest of C$0.01144, representing a total Redemption Price of C$25.01144 per Security.<\/p>\n<\/blockquote>\n

Enjoy the company of BAM.PR.T while you can, because it’s going to get called shortly as well (or, at least, so I predict). These were all issued during a small craze for interest-bearing prefs … they were a bit expensive compared to regular bonds, but these things had a stated term of 50-years. Not only could Brookfield not issue 50-year regular\u00a0bonds (at least, I don’t think they could) but still get away with offering the preferred securities, but I believe there is some accounting convention whereby a 50-year bond is considered equity for at least some capital adequacy purposes.<\/p>\n

Update 2007-01-05<\/b> : This post\u00a0has been singled out for spamming\u00a0for some odd reason; I have therefore disabled the comment function.\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

All good things must come to an end. BAM.PR.S has been a wonderful issue, paying $2.0875 interest every year but it’s time to wave farewell to the old friend. Brookfield called it for redemption: Brookfield …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-305","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=305"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/305\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}