{"id":27717,"date":"2015-02-04T21:53:21","date_gmt":"2015-02-05T02:53:21","guid":{"rendered":"http:\/\/prefblog.com\/?p=27717"},"modified":"2015-02-04T21:53:21","modified_gmt":"2015-02-05T02:53:21","slug":"february-4-2014-2","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=27717","title":{"rendered":"February 4, 2014"},"content":{"rendered":"

The EU is tightening the screws on Greece<\/a>:<\/p>\n

The European Central Bank heaped pressure on Greece\u2019s new government by restricting access to its direct liquidity lines, citing concerns about the country\u2019s commitment to existing bailout pledges.<\/p>\n

The decision marks an escalating standoff between Greek politicians and other officials in the euro area. It came hours after new Greek Finance Minister Yanis Varoufakis met ECB President Mario Draghi to garner support for his government\u2019s plans to tear up its 240 billion-euro ($272 billion) rescue package and renegotiate the nation\u2019s debt.<\/p>\n

\u201cThe ECB today decided to lift the waiver affecting marketable debt instruments issued or fully guaranteed by the Hellenic Republic,\u201d the Frankfurt-based central bank said in an e-mailed statement on Wednesday. \u201cThe Governing Council decision is based on the fact that it is currently not possible to assume a successful conclusion of the program review and is in line with existing Eurosystem rules.\u201d<\/p>\n

Greek lenders, who since 2010 had been able to access funds from the ECB against junk-rated collateral, must now apply for funding from their national central bank at higher rates. While a similar shut-off occurred briefly in 2012, the government and its creditors are this time at odds on how to proceed and the current move risks precipitating a Greek exit from the euro.<\/p><\/blockquote>\n

It was a rip-roaring day for the Canadian preferred share market, with PerpetualDiscounts winning 62bp, FixedResets up 57bp and DeemedRetractibles gaining 13bp. The Performance Highlights table is, well, about what you’d expect, heavily dominated by winning FixedResets. Volume was very high.<\/p>\n

[Added 2015-2-5]<\/b>: PerpetualDiscounts now yield 4.94%, equivalent to 6.42% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 3.6% (!) so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 280bp, a significant widening from the 260bp reported January 28<\/a>.<\/p>\n

For as long as the FixedReset market is so violently unsettled, I\u2019ll keep publishing updates of the more interesting and meaningful series of FixedResets\u2019 Implied Volatilities. This doesn\u2019t 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_150204\"<\/a>
Click for Big<\/i><\/div>\n

Still a very good fit for the TRP FixedResets; the maximum error is for TRP.PR.E, which resets 2019-10-30 at +235, bid at 23.92 to be $0.43 rich.<\/p>\n

\"impVol_MFC_150204\"<\/a>
Click for Big<\/i><\/div>\n

Another excellent fit, but this time the numbers are more perplexing. Implied Volatility for MFC continues to be a conundrum. It is still too high if we consider that NVCC rules will never apply to these issues; it is still too low if we consider them to be NVCC non-compliant issues (and therefore with Deemed Maturities in the call schedule).<\/p>\n

Most expensive is MFC.PR.L, resetting at +216 on 2019-6-19, bid at 24.34 to be $0.66 rich, while MFC.PR.H, resetting at +313 on 2017-3-19, is bid at 25.66 to be $0.61 cheap.<\/p>\n

\"impVol_BAM_150204\"<\/a>
Click for Big<\/i><\/div>\n

Here\u2019s another good fit to reasonable numbers. I hope this market doesn\u2019t start making sense, or I\u2019ll be out of work!<\/p>\n

The cheapest issue relative to its peers is now BAM.PR.X, resetting at +180bp on 2017-6-30, bid at 17.87 to be $0.36 cheap. BAM.PF.B, resetting at +263bp 2019-3-31 is bid at 24.46 and appears to be $0.55 rich.<\/p>\n

\"impVol_FTS_150204\"<\/a>
Click for Big<\/i><\/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 17.00, looks $0.73 cheap and resets 2015-6-1. FTS.PR.K, with a spread of +205bp and resetting 2019-3-1, bid at 23.70, and is $0.92 rich.<\/p>\n

\"pairs_FR_150204\"<\/a>
Click for Big<\/i><\/div>\n

Three Investment Grade FixedReset\/FloatingReset pair are now showing positive break-even average three month bill rates until interconversion!<\/p>\n

On the other hand, the market\u2019s distaste for product linked to Money Market rates does not extend to prime, as shown by the FixedFloater\/RatchetRate pairs:<\/p>\n

\"pairs_FF_150204\"<\/a>
Click for Big<\/i><\/div>\n

Shall we just say that this exhibits a high level of confidence in the continued rapacity of Canadian banks?<\/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>\n1.6234 %<\/td>\n2,194.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.41 %<\/td>\n3.58 %<\/td>\n21,918<\/td>\n18.29<\/td>\n1<\/td>\n-0.6458 %<\/td>\n4,007.5<\/td>\n<\/tr>\n
Floater<\/td>\n3.29 %<\/td>\n3.47 %<\/td>\n57,950<\/td>\n18.58<\/td>\n4<\/td>\n1.6234 %<\/td>\n2,332.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.05 %<\/td>\n1.99 %<\/td>\n98,225<\/td>\n0.37<\/td>\n1<\/td>\n0.0395 %<\/td>\n2,752.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.27 %<\/td>\n4.21 %<\/td>\n32,030<\/td>\n3.97<\/td>\n5<\/td>\n0.1391 %<\/td>\n3,200.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0395 %<\/td>\n2,516.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.33 %<\/td>\n-3.18 %<\/td>\n60,740<\/td>\n0.08<\/td>\n24<\/td>\n-0.1403 %<\/td>\n2,512.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.96 %<\/td>\n4.94 %<\/td>\n134,407<\/td>\n15.50<\/td>\n10<\/td>\n0.6183 %<\/td>\n2,784.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.42 %<\/td>\n3.39 %<\/td>\n219,719<\/td>\n17.08<\/td>\n79<\/td>\n0.5747 %<\/td>\n2,417.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.92 %<\/td>\n1.74 %<\/td>\n108,145<\/td>\n0.23<\/td>\n39<\/td>\n0.1337 %<\/td>\n2,640.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.54 %<\/td>\n3.12 %<\/td>\n81,490<\/td>\n6.42<\/td>\n7<\/td>\n0.3390 %<\/td>\n2,287.3<\/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\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 18.02
\nEvaluated at bid price : 18.02
\nBid-YTW : 3.45 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 3.09 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Premium<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 25.03
\nEvaluated at bid price : 25.23
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 23.18
\nEvaluated at bid price : 24.90
\nBid-YTW : 3.00 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.45
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 23.16
\nEvaluated at bid price : 24.87
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 23.30
\nEvaluated at bid price : 25.15
\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 23.02
\nEvaluated at bid price : 24.60
\nBid-YTW : 3.00 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 14.42
\nEvaluated at bid price : 14.42
\nBid-YTW : 3.49 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 23.01
\nEvaluated at bid price : 24.55
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : 3.34 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 16.83
\nEvaluated at bid price : 16.83
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.41
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 14.30
\nEvaluated at bid price : 14.30
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.65
\nBid-YTW : 3.17 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 2.84 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 23.08
\nEvaluated at bid price : 24.67
\nBid-YTW : 2.96 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 22.67
\nEvaluated at bid price : 23.53
\nBid-YTW : 3.07 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 22.13
\nEvaluated at bid price : 22.75
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 3.09 %<\/td>\n<\/tr>\n
BNS.PR.A<\/td>\nFloatingReset<\/td>\n1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.33
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.34
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.70
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 14.50
\nEvaluated at bid price : 14.50
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n3.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 23.50
\nEvaluated at bid price : 23.85
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n3.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.46
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n3.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.80
\nBid-YTW : 5.09 %<\/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
RY.PR.J<\/td>\nFixedReset<\/td>\n271,103<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.01
\nBid-YTW : 3.26 %<\/td>\n<\/tr>\n
BMO.PR.P<\/td>\nFixedReset<\/td>\n102,200<\/td>\nTD sold 10,000 to Nesbitt at 24.98, then crossed 90,000 at 24.99.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n
TD.PR.Q<\/td>\nDeemed-Retractible<\/td>\n55,840<\/td>\nCalled for redemption March 2<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-03-06
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.59
\nBid-YTW : 1.74 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n51,775<\/td>\nDesjardins crossed 27,100 at 25.74.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 3.18 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n43,250<\/td>\nRBC crossed 40,000 at 25.10.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 24.69
\nEvaluated at bid price : 25.12
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n36,225<\/td>\nRBC bought 10,000 from TD at 25.10.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 24.54
\nEvaluated at bid price : 24.96
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
There were 53 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
BNS.PR.C<\/td>\nFloatingReset<\/td>\nQuote: 23.59 – 24.85
\nSpot Rate : 1.2600
\nAverage : 0.7059<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.59
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset<\/td>\nQuote: 23.40 – 24.20
\nSpot Rate : 0.8000
\nAverage : 0.5222<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 22.48
\nEvaluated at bid price : 23.40
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n

ELF.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.60 – 26.31
\nSpot Rate : 0.7100
\nAverage : 0.4924<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-04-17
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.60
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.45 – 25.90
\nSpot Rate : 0.4500
\nAverage : 0.2955<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-03-06
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.45
\nBid-YTW : -4.02 %<\/td>\n<\/tr>\n

ENB.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.23 – 25.58
\nSpot Rate : 0.3500
\nAverage : 0.2076<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-04
\nMaturity Price : 25.03
\nEvaluated at bid price : 25.23
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset<\/td>\nQuote: 24.65 – 25.30
\nSpot Rate : 0.6500
\nAverage : 0.5135<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.65
\nBid-YTW : 3.17 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The EU is tightening the screws on Greece: The European Central Bank heaped pressure on Greece\u2019s new government by restricting access to its direct liquidity lines, citing concerns about the country\u2019s commitment to existing bailout …<\/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-27717","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27717","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=27717"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27717\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}