{"id":29589,"date":"2015-06-26T21:16:20","date_gmt":"2015-06-27T02:16:20","guid":{"rendered":"http:\/\/prefblog.com\/?p=29589"},"modified":"2015-06-26T21:16:20","modified_gmt":"2015-06-27T02:16:20","slug":"june-26-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=29589","title":{"rendered":"June 26, 2015"},"content":{"rendered":"

I forgot to mention this earlier: Tiff Macklem has gone through the revolving door<\/a>:<\/p>\n

Bank of Nova Scotia appointed Tiff Macklem, a former Bank of Canada senior deputy governor, to its board of directors.<\/p>\n

Macklem stepped down from the Ottawa-based central bank in May 2013 and has been serving as dean of the University of Toronto\u2019s Rotman School of Management since July of that year.<\/p>\n

\u201cTiff\u2019s professional experience and understanding of the financial-services industry makes him a strong addition,\u201d Thomas O\u2019Neill, chairman of the board of directors at Canada\u2019s third-largest bank by assets, said in a statement Monday.<\/p><\/blockquote>\n

The Russell indices were rebalanced today<\/a>:<\/p>\n

The Russell indexes are about to go through their annual rebalancing, leading to what Convergex, the global brokerage firm that’s based in New York, says will “almost certainly be the busiest trading day of the year.”<\/p>\n

What’s more, as much as half of today’s trading volume may come in the last five minutes of the session.<\/p>\n

Russell’s large-cap index includes 1,000 corporate names while the small-cap index has 2,000. Together they cover more than 90 percent of “reasonably investable” U.S. stocks, according to Convergex.<\/p><\/blockquote>\n

It will be interesting to learn whether there is any weeping from the regulators regarding institutional desk ‘trading against their clients’ by accumulating positions in advance. Why not? That’s the sort of idiotic wail we’ve heard about FX fixing.<\/p>\n

As it happens, Convergex’ prediction didn’t come true<\/a>:<\/p>\n

About 8.9 billion shares changed hands in the U.S. today, the third-busiest session of the year. Russell\u2019s U.S. stock indexes, including the Russell 1000 Index and the Russell 2000, are used as benchmarks for $5.2 trillion in assets, according to the company\u2019s website.<\/p><\/blockquote>\n

Bloomberg published a nice chart illustrating Greek bank deposits<\/a>:<\/p>\n

\"GreekDeposits_150626\"<\/a>
Click for Big<\/i><\/div>\n

My old buddy Doug Grieve, who was on the preferred share institutional desk at Nesbitt for a long, long time, has recently become the Portfolio Manager for Lysander-Slater Preferred Share Dividend Fund<\/a>.<\/p>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts off 10bp, FixedResets gaining 30bp and DeemedRetractibles down 13bp. The Performance Highlights table is dominated by winning FixedResets – we haven’t seen that for a while! Volume was below average.<\/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_150626\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.A, which resets 2019-12-31 at +192, is bid at 20.42 to be $0.84 rich, while TRP.PR.C, resetting 2016-1-30 at +154, is $0.82 cheap at its bid price of 16.25.<\/p>\n

\"impVol_MFC_150626\"<\/a>
Click for Big<\/i><\/div>\n

Another excellent fit, but the numbers are 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). The lowest spread issue, MFC.PR.F, is again noticeably off the line defined by the higher-spread issues.<\/p>\n

Most expensive is MFC.PR.L, resetting at +216bp on 2019-6-19, bid at 22.75 to be $0.46 rich, while MFC.PR.H, resetting at +313bp on 2017-3-19, is bid at 25.83 to be $0.31 cheap.<\/p>\n

\"impVol_BAM_150626\"<\/a>
Click for Big<\/i><\/div>\n

The cheapest issue relative to its peers is BAM.PR.R, resetting at +230bp on 2016-6-30, bid at 19.50 to be $0.63 cheap. BAM.PF.E, resetting at +255bp 2020-3-31 is bid at 22.08 and appears to be $0.51 rich.<\/p>\n

\"impVol_FTS_150626\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.H, with a spread of +145bp, and bid at 16.80, looks $0.16 cheap and resets 2020-6-1. FTS.PR.K, with a spread of +205bp and resetting 2019-3-1, is bid at 21.27 and is $0.18 rich.<\/p>\n

\"pairs_FR_150626\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of about 0.30%, including the outlier TRP.PR.A \/ TRP.PR.F at -0.50%. On the junk side there are two outliers: FFH.PR.E \/ FFH.PR.F at -0.54%; and BRF.PR.A \/ BRF.PR.B at -0.25%.<\/p>\n

\"pairs_FF_150626\"<\/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>\n0.3124 %<\/td>\n2,160.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3124 %<\/td>\n3,777.5<\/td>\n<\/tr>\n
Floater<\/td>\n3.58 %<\/td>\n3.60 %<\/td>\n61,691<\/td>\n18.28<\/td>\n3<\/td>\n0.3124 %<\/td>\n2,296.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.78 %<\/td>\n-8.20 %<\/td>\n22,554<\/td>\n0.08<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,781.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.58 %<\/td>\n4.81 %<\/td>\n73,896<\/td>\n3.26<\/td>\n3<\/td>\n0.1742 %<\/td>\n3,254.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n2,543.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.48 %<\/td>\n4.24 %<\/td>\n62,311<\/td>\n0.51<\/td>\n19<\/td>\n0.1339 %<\/td>\n2,516.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.27 %<\/td>\n5.20 %<\/td>\n116,415<\/td>\n15.07<\/td>\n15<\/td>\n-0.0993 %<\/td>\n2,669.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.55 %<\/td>\n3.80 %<\/td>\n235,375<\/td>\n16.09<\/td>\n88<\/td>\n0.2959 %<\/td>\n2,333.2<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.04 %<\/td>\n3.38 %<\/td>\n112,680<\/td>\n0.89<\/td>\n34<\/td>\n-0.1343 %<\/td>\n2,606.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.49 %<\/td>\n2.92 %<\/td>\n56,168<\/td>\n6.09<\/td>\n9<\/td>\n0.0542 %<\/td>\n2,334.7<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n-2.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 21.70
\nEvaluated at bid price : 22.08
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.56
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.24
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 23.07
\nEvaluated at bid price : 23.41
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.27
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 13.51
\nEvaluated at bid price : 13.51
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.83
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 17.70
\nEvaluated at bid price : 17.70
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.65
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 23.00
\nEvaluated at bid price : 24.32
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.51
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 22.14
\nEvaluated at bid price : 22.70
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.12
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.25
\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 22.04
\nEvaluated at bid price : 22.55
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 14.40
\nEvaluated at bid price : 14.40
\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n2.45 %<\/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 : 4.13 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n3.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 16.25
\nEvaluated at bid price : 16.25
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n3.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.75
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n3.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 16.25
\nEvaluated at bid price : 16.25
\nBid-YTW : 4.32 %<\/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
BMO.PR.R<\/td>\nFloatingReset<\/td>\n153,921<\/td>\nDesjardins bought blocks of 17,100 and 85,500 from RBC, both at 24.05. TD crossed 50,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.02
\nBid-YTW : 2.87 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n88,870<\/td>\nTD crossed 74,800 at 18.90.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 18.91
\nEvaluated at bid price : 18.91
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n77,669<\/td>\nScotia crossed 41,900 at 18.20; RBC bought 10,000 from Nesbitt at 18.25.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 18.28
\nEvaluated at bid price : 18.28
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n71,895<\/td>\nNesbitt crossed 35,000 at 25.51.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 3.18 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n45,608<\/td>\nScotia crossed 40,000 at 21.95.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.85
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset<\/td>\n34,865<\/td>\nScotia crossed 30,000 at 18.30.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 18.36
\nEvaluated at bid price : 18.36
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
There were 25 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.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.13 – 22.99
\nSpot Rate : 0.8600
\nAverage : 0.5876<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.13
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n

BAM.PF.B<\/td>\nFixedReset<\/td>\nQuote: 21.56 – 22.00
\nSpot Rate : 0.4400
\nAverage : 0.2957<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.56
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.24 – 22.64
\nSpot Rate : 0.4000
\nAverage : 0.2636<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.24
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset<\/td>\nQuote: 17.25 – 17.84
\nSpot Rate : 0.5900
\nAverage : 0.4554<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.25
\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset<\/td>\nQuote: 19.26 – 19.84
\nSpot Rate : 0.5800
\nAverage : 0.4506<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.26
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n

CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 16.56 – 17.23
\nSpot Rate : 0.6700
\nAverage : 0.5541<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-26
\nMaturity Price : 16.56
\nEvaluated at bid price : 16.56
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I forgot to mention this earlier: Tiff Macklem has gone through the revolving door: Bank of Nova Scotia appointed Tiff Macklem, a former Bank of Canada senior deputy governor, to its board of directors. Macklem …<\/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-29589","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29589","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=29589"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29589\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}