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The answer is simple-Never. However like you i'm surprised by current move in price given the next reset in the interest rate later this year will likely be less than currently being paid which is 3.63%. Mechanism for reset is 1.5% plus 1yr swap currently at about 2%, maybe marginally higher. Delicate balance between low interest rate environment and maybe some inflation?? to come given USA signalling rate increases December and beyond.
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