{"id":24297,"date":"2014-01-24T23:24:22","date_gmt":"2014-01-25T04:24:22","guid":{"rendered":"http:\/\/prefblog.com\/?p=24297"},"modified":"2014-01-24T23:24:22","modified_gmt":"2014-01-25T04:24:22","slug":"some-bad-omens-for-bonds","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24297","title":{"rendered":"Some Bad Omens for Bonds"},"content":{"rendered":"<p>Andrew Allentuck was kind enough to quote me in his recent <i>Investment Executive<\/i> piece, <a href=\"http:\/\/www.investmentexecutive.com\/back-issue-details\/-\/asset_publisher\/ckhOCmynNQq8\/content\/some-bad-omens-for-bonds?page=2\">Some Bad Omens for Bonds<\/a>:<\/p>\n<blockquote><p>Liquidity can be an issue for corporate issues as well. For example, an A-rated Canadian Utilities Ltd. issue due November 2022 was recently priced to yield 3.67%, a 100-bps spread over a federal issue of similar term. And of that 100-bps point spread, no more than 20 bps can be attributed to default risk, says James Hymas, president of Hymas Investment Management Inc., a specialty fixed-income investment firm in Toronto. As the credit rating declines, he adds, default risk rises, but the largest premium remains the illiquidity premium.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Andrew Allentuck was kind enough to quote me in his recent Investment Executive piece, Some Bad Omens for Bonds: Liquidity can be an issue for corporate issues as well. For example, an A-rated Canadian Utilities &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-24297","post","type-post","status-publish","format-standard","hentry","category-press-clippings"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24297","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=24297"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24297\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}