Interesting call both ways. PP repricings do happen, but the KXL management is solid enough that I doubt it.

There is a worldwide temporary shortage of cash, with all the bad mortgage paper affecting e.g. wide array of mutual funds. Canadian mutual funds have "misplaced" $40 billion (google Cdn asset backed commercial paper and the $40b number). I even had the experience recently of calling a major brokerage for some old cash (2 yrs sitting there) I wanted transferred out of my account, and was told that I couldn't have it ... yet. Soonishly, apparently. Someone close to me is involved in mine financings and some of their principals have for all intents lost their few $100m each (yeah, they can have it back in 2020).

The point of the lack of cash is that it sucks the wind out of everything. Things bounce back though.