It's policy at Brookfield to structure debt for its various vehicles to be non-recourse to the parent company. Personally, i don't think MXUPA will be redeemed at face value come April 2010; as non-recourse funding will cost a similar margin in line with company policy. Interestingly, MXUPA is trading at a lower running yield than AAZPB which essentially reflects the market's expectation that the notes will step-up rather than be redeemed.
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