{"id":27080,"date":"2014-12-10T01:27:01","date_gmt":"2014-12-10T06:27:01","guid":{"rendered":"http:\/\/prefblog.com\/?p=27080"},"modified":"2014-12-10T01:27:01","modified_gmt":"2014-12-10T06:27:01","slug":"december-9-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=27080","title":{"rendered":"December 9, 2014"},"content":{"rendered":"

Securities market participants will be gratified to learn that the tradition of administrative efficiency in Canadian securities regulation will be continued<\/a> by the national securities regulator:<\/p>\n

Canada\u2019s new securities regulator is facing another delay on the bumpy road to its launch in 2015.<\/p>\n

The group of participating provinces announced Friday that the regulations to outline the operating details of the new Cooperative Capital Markets Regulator will now be delayed until early spring and will not be out by Dec. 19, as previously anticipated.<\/p><\/blockquote>\n

Greek markets are beginning to resemble Canadian ones<\/a>:<\/p>\n

Greek stocks suffered their steepest daily fall in more than a quarter century on Tuesday and its bond yields jumped after Prime Minister Antonis Samaras brought forward a presidential election in a gamble over his, and the country\u2019s future.<\/p>\n

If Mr. Samaras fails to secure victory in parliament for his presidential candidate, snap national elections will be called that the leftist Syriza party – a fierce opponent of Greece\u2019s bailout deal with the European Union and IMF – is likely to win.
…<\/b>
The Athens general stock index tumbled 12.8 pe rcent, its biggest loss in a day since 1987. An index of Greece\u2019s listed banks fell 14.7 per cent, with Attica Bank down 27.5 per cent.<\/p>\n

The decision sent 10-year Greek government bond yields up 74 basis points to 8.09 per cent.<\/p><\/blockquote>\n

Canadian preferred share investors are currently looking for indicators to guide them through current market turmoil:<\/p>\n

\"imagesQWLPGS53\"<\/a><\/div>\n

The Canadian preferred share market took another good whacking today, with PerpetualDiscounts losing 41bp, FixedResets down 39bp and DeemedRetractibles off 20bp. The performance highlights table contains its usual lengthy list of FixedReset losers, but it is of interest to note that a large number of the credit-uncertain Enbridge issues<\/a> were included. Volume was above average.<\/p>\n

For as long as the FixedReset market is so violently unsettled, I’ll keep publishing updates of the more interesting and meaningful series of FixedResets’ Implied Volatilities. This doesn’t include Enbridge because although Enbridge has a large number of issues outstanding, all of which are quite liquid, the range of Issue Reset Spreads is too small for decent conclusions. The low is 212bp (ENB.PR.H; second-lowest is ENB.PR.D at 237bp) and the high is a mere 268 for ENB.PF.G.<\/p>\n

Remember that all rich \/cheap assessments are
\n\u00bb based on Implied Volatility Theory only
\n\u00bb are relative only to other FixedResets from the same issuer
\n\u00bb assume constant GOC-5 yield
\n\u00bb assume constant Implied Volatility
\n\u00bb assume constant spread<\/p>\n

Here\u2019s TRP:<\/p>\n

\"ImpVol_TRP_141209\"<\/a>
Click for Big<\/i><\/div>\n

So according to this, TRP.PR.A, bid at 21.37, is $0.44 cheap, but it has already reset. TRP.PR.B, bid at 17.46, is $0.18 cheap, but it resets 2015-6-30. TRP.PR.C, bid at 19.55, is $0.21 expensive, but it resets 2016-1-30. The TRP issues seem to be steadily rationalizing.<\/p>\n

The MFC series is just weird.<\/p>\n

\"ImpVol_MFC_141209\"<\/a>
Click for Big<\/i><\/div>\n

Clearly MFC.PR.F, resetting at +141 on 2016-06-19, is out of step with the others and is screwing up the calculation. To the extent that one can trust both Implied Volatility Theory AND the market’s reasonably more-or-less consistent application of it, MFC.PR.F should be bid significantly higher than its current 20.00 and the calculated Implied Volatility should be higher than the distorted value of 28%. The fit is pretty poor – all one can really tell is that the Spread is more than about 80bp and the Implied Volatility is more than about 13%.<\/p>\n

\"ImpVol_MFC_varSpread_141209\"<\/a>
\n
Click for Big<\/i>
\n\"ImpVol_MFC_varVol_141209\"<\/a>
Click for Big<\/i>\n<\/div>\n

The BAM series is now also a little out of whack:<\/p>\n

\"ImpVol_BAM_141209\"<\/a>
Click for Big<\/i><\/div>\n

BAM.PR.X, with a +180bp spread, bid at 20.91, looks $0.68 cheap and doesn\u2019t reset until 2017-6-30 \u2013 but Implied Volatility continues to drop rapidly (a reduction in Implied Volatility flattens the curve and causes low-spread issues to underperform). BAM.PR.R, with a +230bp spread, bid at 25.34, looks $1.43 rich and resets 2016-6-30. So go figure that one out, wise guy.<\/p>\n

\"ImpVol_FTS_141209\"<\/a><\/div>\n

This is just weird because the middle is expensive and the ends are cheap but anyway \u2026 FTS.PR.H, with a spread of +145bp, and bid at 19.82, looks $0.35 cheap and resets 2015-6-1. FTS.PR.K, with a spread of +205bp, and bid at 24.62, looks $0.53 expensive and resets 2019-3-1<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2129 %<\/td>\n2,523.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2129 %<\/td>\n3,994.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.99 %<\/td>\n3.11 %<\/td>\n62,134<\/td>\n19.38<\/td>\n4<\/td>\n-0.2129 %<\/td>\n2,682.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.41 %<\/td>\n-6.18 %<\/td>\n28,767<\/td>\n0.08<\/td>\n2<\/td>\n-0.2345 %<\/td>\n2,752.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.29 %<\/td>\n4.01 %<\/td>\n39,096<\/td>\n3.73<\/td>\n5<\/td>\n0.0202 %<\/td>\n3,178.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2345 %<\/td>\n2,516.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.44 %<\/td>\n-1.52 %<\/td>\n72,150<\/td>\n0.09<\/td>\n20<\/td>\n0.0196 %<\/td>\n2,476.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.19 %<\/td>\n5.12 %<\/td>\n112,430<\/td>\n15.22<\/td>\n15<\/td>\n-0.4110 %<\/td>\n2,639.6<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.27 %<\/td>\n3.74 %<\/td>\n199,857<\/td>\n16.40<\/td>\n75<\/td>\n-0.3933 %<\/td>\n2,520.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.00 %<\/td>\n1.77 %<\/td>\n102,744<\/td>\n0.21<\/td>\n40<\/td>\n-0.2029 %<\/td>\n2,598.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.54 %<\/td>\n1.89 %<\/td>\n60,996<\/td>\n3.47<\/td>\n5<\/td>\n0.0000 %<\/td>\n2,550.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n-3.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.06
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-3.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n-3.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 20.68
\nEvaluated at bid price : 20.68
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset<\/td>\n-2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 22.73
\nEvaluated at bid price : 23.93
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset<\/td>\n-2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 21.65
\nEvaluated at bid price : 22.00
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset<\/td>\n-2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 22.68
\nEvaluated at bid price : 23.86
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset<\/td>\n-1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 22.73
\nEvaluated at bid price : 23.90
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.90
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 22.53
\nEvaluated at bid price : 23.25
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 22.21
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 23.83
\nEvaluated at bid price : 25.34
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 23.61
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.69
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 20.91
\nEvaluated at bid price : 20.91
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 19.55
\nEvaluated at bid price : 19.55
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.92
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.74
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 22.67
\nEvaluated at bid price : 23.60
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 23.61
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.60
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
CGI.PR.D<\/td>\nSplitShare<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2023-06-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.09
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-12-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 17.46
\nEvaluated at bid price : 17.46
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n3.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.75
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n619,946<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 23.16
\nEvaluated at bid price : 25.01
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
BMO.PR.P<\/td>\nFixedReset<\/td>\n133,054<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.32
\nBid-YTW : 0.37 %<\/td>\n<\/tr>\n
IAG.PR.E<\/td>\nDeemed-Retractible<\/td>\n125,050<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 26.00
\nEvaluated at bid price : 25.97
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n113,648<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.37
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n83,910<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 22.41
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n77,745<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 23.21
\nEvaluated at bid price : 25.07
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
There were 39 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\nQuote: 24.06 – 25.06
\nSpot Rate : 1.0000
\nAverage : 0.5532<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.06
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n

PVS.PR.C<\/td>\nSplitShare<\/td>\nQuote: 25.61 – 26.83
\nSpot Rate : 1.2200
\nAverage : 0.8660<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.61
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n

ELF.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.35 – 26.00
\nSpot Rate : 0.6500
\nAverage : 0.4410<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 24.88
\nEvaluated at bid price : 25.35
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 19.36 – 19.99
\nSpot Rate : 0.6300
\nAverage : 0.4257<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.36
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n

TRP.PR.C<\/td>\nFixedReset<\/td>\nQuote: 19.55 – 20.14
\nSpot Rate : 0.5900
\nAverage : 0.4054<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 19.55
\nEvaluated at bid price : 19.55
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n

TRP.PR.D<\/td>\nFixedReset<\/td>\nQuote: 24.90 – 25.34
\nSpot Rate : 0.4400
\nAverage : 0.2816<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-12-09
\nMaturity Price : 23.18
\nEvaluated at bid price : 24.90
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Securities market participants will be gratified to learn that the tradition of administrative efficiency in Canadian securities regulation will be continued by the national securities regulator: Canada\u2019s new securities regulator is facing another delay on …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-27080","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27080","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=27080"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27080\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}