{"id":31049,"date":"2015-10-29T22:40:39","date_gmt":"2015-10-30T03:40:39","guid":{"rendered":"http:\/\/prefblog.com\/?p=31049"},"modified":"2015-10-29T22:40:39","modified_gmt":"2015-10-30T03:40:39","slug":"october-29-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=31049","title":{"rendered":"October 29, 2015"},"content":{"rendered":"

There are more rumblings about Toronto’s housing market<\/a>:<\/p>\n

In a new quarterly forecast on the housing market, Canada Mortgage and Housing Corp. said it saw scant evidence of serious problems in the Canadian housing market over all, but warned that home prices are now outstripping economic fundamentals in 11 out of 15 major markets and that four cities \u2013 Toronto, Winnipeg, Regina and now Saskatoon \u2013 face serious headwinds because of high prices and a surge in the supply of new homes under construction.<\/p>\n

CMHC previously warned in August that the housing market in the Greater Toronto Area was at \u201chigh risk\u201d for a correction amid soaring home prices that have outstripped income growth, along with a glut of unsold condos. Since then, resale prices, particularly of single-detached homes, have continued to soar at double-digit annual rates. At the same time, the region is also faced with high levels of unsold, newly built condos, although the number of units under construction has fallen from earlier in the year and now appears to be manageable, the housing agency said.<\/p><\/blockquote>\n

It’s a bit strange talking about “the” Toronto housing market – there are at least two: condos and houses. The two segments have certainly decoupled over the past years, but whether this is evidence of an overheated market or simply a reflection of realities such as lack of possible new supply (for houses), growing congestion and increases in the relative incomes of people who can afford houses in the first place is a matter for speculation and conjecture. Everything will be perfectly obvious once it has happened; and the newspapers will heap accolades on the people who guessed right.<\/p>\n

It was another mixed day for the Canadian preferred share market in a pattern that is becoming familiar, with PerpetualDiscounts up 39bp, FixedResets off 12bp and DeemedRetractibles gaining 23bp. The Performance Highlights table is relatively manageable today, but still of inordinate length considering the overall market activity when compared to more normal times. Volume was above 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_151029\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 19.00 to be $0.66 rich, while TRP.PR.C, resetting 2016-1-30 at +154, is $0.85 cheap at its bid price of 12.93.<\/p>\n

\"impVol_MFC_151029\"<\/a>
Click for Big<\/i><\/div>\n

Most expensive is MFC.PR.L, resetting at +216bp on 2019-6-19, bid at 20.14 to be 0.97 rich, while MFC.PR.J resetting at +261bp on 2018-3-19, is bid at 20.08 to be 1.14 cheap.<\/p>\n

\"impVol_BAM_151029\"<\/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 16.46 to be $1.36 cheap. BAM.PF.E, resetting at +255bp on 2020-3-31 is bid at 20.00 and appears to be $0.87 rich.<\/p>\n

\"impVol_FTS_151029\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 19.01, looks $0.75 expensive and resets 2019-3-1. FTS.PR.H, with a spread of +145bp and resetting 2020-6-1, is bid at 14.05 and is $0.48 cheap.<\/p>\n

\"pairs_FR_151029\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -0.84%, with no outliers. The distribution is bimodal, with bank NVCC non-compliant pairs averaging -1.03% and other issues averaging -0.45%. There are four junk outliers above 0.00% and one below -2.00%.<\/p>\n

\"pairs_FF_151029\"<\/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>\n-1.0721 %<\/td>\n1,740.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.0721 %<\/td>\n3,043.8<\/td>\n<\/tr>\n
Floater<\/td>\n4.27 %<\/td>\n4.29 %<\/td>\n63,570<\/td>\n16.82<\/td>\n3<\/td>\n-1.0721 %<\/td>\n1,850.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6350 %<\/td>\n2,730.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.58 %<\/td>\n5.52 %<\/td>\n89,967<\/td>\n2.94<\/td>\n6<\/td>\n-0.6350 %<\/td>\n3,199.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6350 %<\/td>\n2,496.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.85 %<\/td>\n5.43 %<\/td>\n69,226<\/td>\n0.08<\/td>\n5<\/td>\n0.0080 %<\/td>\n2,488.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.57 %<\/td>\n5.68 %<\/td>\n82,233<\/td>\n14.34<\/td>\n33<\/td>\n0.3935 %<\/td>\n2,563.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.92 %<\/td>\n4.45 %<\/td>\n213,977<\/td>\n15.89<\/td>\n76<\/td>\n-0.1240 %<\/td>\n2,077.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.19 %<\/td>\n5.14 %<\/td>\n111,057<\/td>\n5.44<\/td>\n33<\/td>\n0.2294 %<\/td>\n2,573.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.47 %<\/td>\n3.74 %<\/td>\n60,686<\/td>\n5.83<\/td>\n9<\/td>\n-0.0112 %<\/td>\n2,172.2<\/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\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n-3.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.08
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-2.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n-2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 11.11
\nEvaluated at bid price : 11.11
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.32
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 20.53
\nEvaluated at bid price : 20.53
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 16.46
\nEvaluated at bid price : 16.46
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 20.74
\nEvaluated at bid price : 20.74
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.30
\nBid-YTW : 9.52 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 19.01
\nEvaluated at bid price : 19.01
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 10.91
\nEvaluated at bid price : 10.91
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 18.40
\nEvaluated at bid price : 18.40
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 15.65
\nEvaluated at bid price : 15.65
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.27
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/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 : 20.64
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nDeemed-Retractible<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 14.45
\nEvaluated at bid price : 14.45
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.69
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 19.69
\nEvaluated at bid price : 19.69
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 19.31
\nEvaluated at bid price : 19.31
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.49
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 20.88
\nEvaluated at bid price : 20.88
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.10
\nBid-YTW : 9.69 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 21.99
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n2.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n4.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.35 %<\/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.B<\/td>\nDeemed-Retractible<\/td>\n71,243<\/td>\nNesbitt crossed 50,000 at 24.94.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-11-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.92
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nDeemed-Retractible<\/td>\n34,686<\/td>\nRBC bought 17,100 from anonymous at 25.70.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-11-28
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.45
\nBid-YTW : 2.98 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n33,996<\/td>\nDesjardins bought 18,600 from anonymous at 20.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n23,812<\/td>\nRBC crossed 19,900 at 15.66.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 15.65
\nEvaluated at bid price : 15.65
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
PVS.PR.E<\/td>\nSplitShare<\/td>\n23,300<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.52
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n23,169<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 22.85
\nEvaluated at bid price : 23.22
\nBid-YTW : 5.26 %<\/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.M<\/td>\nFixedReset<\/td>\nQuote: 20.64 – 21.78
\nSpot Rate : 1.1400
\nAverage : 0.8725<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.64
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 20.90 – 21.69
\nSpot Rate : 0.7900
\nAverage : 0.5332<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset<\/td>\nQuote: 20.08 – 20.88
\nSpot Rate : 0.8000
\nAverage : 0.5925<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.08
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset<\/td>\nQuote: 20.58 – 21.29
\nSpot Rate : 0.7100
\nAverage : 0.5043<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.58
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.30 – 22.90
\nSpot Rate : 0.6000
\nAverage : 0.4017<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 21.99
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset<\/td>\nQuote: 20.86 – 21.56
\nSpot Rate : 0.7000
\nAverage : 0.5083<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-29
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There are more rumblings about Toronto’s housing market: In a new quarterly forecast on the housing market, Canada Mortgage and Housing Corp. said it saw scant evidence of serious problems in the Canadian housing market …<\/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-31049","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/31049","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=31049"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/31049\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}