{"id":43839,"date":"2022-07-18T18:43:48","date_gmt":"2022-07-18T23:43:48","guid":{"rendered":"https:\/\/prefblog.com\/?p=43839"},"modified":"2022-07-18T18:43:48","modified_gmt":"2022-07-18T23:43:48","slug":"july-18-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43839","title":{"rendered":"July 18, 2022"},"content":{"rendered":"

David Berman penned a piece in Saturday’s Globe titled Bonds are in the dumps. Here\u2019s why this investor is buying<\/a>:<\/p>\n

Hanif Mamdani, the lead manager of Royal Bank of Canada\u2019s giant PH&N High Yield Bond Fund, offers a high-profile example of an investor looking to take advantage of eye-popping bond yields.<\/p>\n

He\u2019s now prowling for corporate bonds he believes could deliver double-digit annualized returns \u2013 breathtaking gains in the normally staid world of bonds \u2013 within a couple of years.
\n…<\/b>
\nNow, he believes that one of the most promising areas of the market is Canadian corporate bonds with investment grade ratings that are now trading at unusually high yields.<\/p>\n

He pointed to a couple of examples.<\/p>\n

He bought CIBC\u2019s limited recourse capital notes \u2013 or LRCN, a subordinated debt instrument with a five-year term \u2013 with yields as high as 7.4 per cent.<\/p><\/blockquote>\n

The trouble is, of course, that LRCNs are not bonds and are not even genuine subordinated debt, despite OSFI’s best efforts to pull the wool over the eyes of unwary investors. They are preferred shares dressed up as bonds to allow portfolio managers and investment companies to gull the naive. Another problem, of course, is that the term is not, in fact, five years.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref\u2122 Preferred Indices
\nThese values reflect the December 2008 revision of the HIMIPref\u2122 Indices<\/strong>
\nValues are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
\nCurrent
\nYield
\n(at bid)<\/td>\n		Median
\nYTW<\/td>\n		Median
\nAverage
\nTrading
\nValue<\/td>\n		Median
\nMod Dur
\n(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>\n1.1543 %<\/td>\n2,468.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.1543 %<\/td>\n4,735.4<\/td>\n<\/tr>\n
Floater<\/td>\n6.40 %<\/td>\n6.47 %<\/td>\n40,944<\/td>\n13.23<\/td>\n3<\/td>\n1.1543 %<\/td>\n2,729.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0464 %<\/td>\n3,470.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.90 %<\/td>\n5.22 %<\/td>\n44,807<\/td>\n3.14<\/td>\n8<\/td>\n0.0464 %<\/td>\n4,144.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0464 %<\/td>\n3,233.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3640 %<\/td>\n2,846.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.99 %<\/td>\n6.06 %<\/td>\n68,308<\/td>\n13.81<\/td>\n34<\/td>\n0.3640 %<\/td>\n3,104.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.85 %<\/td>\n6.43 %<\/td>\n114,930<\/td>\n13.49<\/td>\n56<\/td>\n-0.1705 %<\/td>\n2,429.2<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.98 %<\/td>\n6.05 %<\/td>\n86,638<\/td>\n13.81<\/td>\n18<\/td>\n0.1481 %<\/td>\n3,006.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.80 %<\/td>\n7.07 %<\/td>\n43,167<\/td>\n12.45<\/td>\n2<\/td>\n-0.3829 %<\/td>\n2,534.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.04 %<\/td>\n5.14 %<\/td>\n125,848<\/td>\n1.93<\/td>\n10<\/td>\n-0.0040 %<\/td>\n2,585.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1705 %<\/td>\n2,483.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.86 %<\/td>\n6.85 %<\/td>\n56,118<\/td>\n13.12<\/td>\n14<\/td>\n-0.6639 %<\/td>\n2,511.1<\/td>\n<\/tr>\n<\/tbody>\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\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
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n-7.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n-5.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n-4.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-3.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 7.45 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-2.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 15.03
\nEvaluated at bid price : 15.03
\nBid-YTW : 8.01 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-2.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 14.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 7.19 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n-2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n-2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.76
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 16.76
\nEvaluated at bid price : 16.76
\nBid-YTW : 7.99 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 18.21
\nEvaluated at bid price : 18.21
\nBid-YTW : 7.13 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 16.55
\nEvaluated at bid price : 16.55
\nBid-YTW : 7.92 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 22.60
\nEvaluated at bid price : 23.20
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n
TD.PF.L<\/td>\nFixedReset Prem<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.52
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 20.81
\nEvaluated at bid price : 20.81
\nBid-YTW : 6.56 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 17.61
\nEvaluated at bid price : 17.61
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n
ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 22.71
\nEvaluated at bid price : 22.95
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 12.85
\nEvaluated at bid price : 12.85
\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 12.81
\nEvaluated at bid price : 12.81
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 18.46
\nEvaluated at bid price : 18.46
\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 19.58
\nEvaluated at bid price : 19.58
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 7.44 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 12.75
\nEvaluated at bid price : 12.75
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n2.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 20.95
\nEvaluated at bid price : 20.95
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n4.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 19.81
\nEvaluated at bid price : 19.81
\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n8.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Disc<\/td>\n8.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 21.88
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
\nTraded<\/td>\n		Notes<\/td>\n<\/tr>\n
TD.PF.K<\/td>\nFixedReset Disc<\/td>\n301,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.85
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n58,971<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 23.68
\nEvaluated at bid price : 24.55
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Disc<\/td>\n51,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 21.88
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n44,952<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
TD.PF.M<\/td>\nFixedReset Prem<\/td>\n41,650<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n40,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 22.25
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
There were 11 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\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 Ins Non<\/td>\nQuote: 18.46 – 21.50
\nSpot Rate : 3.0400
\nAverage : 1.8712<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 18.46
\nEvaluated at bid price : 18.46
\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n

TD.PF.D<\/td>\nFixedReset Disc<\/td>\nQuote: 19.80 – 21.99
\nSpot Rate : 2.1900
\nAverage : 1.2730<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n

BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 22.76 – 24.00
\nSpot Rate : 1.2400
\nAverage : 0.7825<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.76
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n

RY.PR.J<\/td>\nFixedReset Disc<\/td>\nQuote: 20.10 – 21.75
\nSpot Rate : 1.6500
\nAverage : 1.2384<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n

MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\nQuote: 21.35 – 22.35
\nSpot Rate : 1.0000
\nAverage : 0.6293<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n

BAM.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 18.20 – 19.35
\nSpot Rate : 1.1500
\nAverage : 0.8692<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-18
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 7.54 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

David Berman penned a piece in Saturday’s Globe titled Bonds are in the dumps. Here\u2019s why this investor is buying: Hanif Mamdani, the lead manager of Royal Bank of Canada\u2019s giant PH&N High Yield Bond …<\/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-43839","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43839","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=43839"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43839\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}