I am a holder but I am not sure 3.9% margin for hybrid equity is expensive. Note ANZ hybrid going for around 3.1% and Brookfield bonds which are much higher quality thatn MXFG just went off for high 3% over........I think the redemption case lies more with the reputational issues for Brookfield in this market i.e they have a very very bad reputation and redeeming may lead to "redemption" in some peoples eyes......so I am with you but not for the reasons you outline
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fiig rates mxupa as exceptional value, page-44
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