{"id":46893,"date":"2024-06-05T20:08:34","date_gmt":"2024-06-06T01:08:34","guid":{"rendered":"https:\/\/prefblog.com\/?p=46893"},"modified":"2024-06-05T20:08:34","modified_gmt":"2024-06-06T01:08:34","slug":"june-5-2024","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=46893","title":{"rendered":"June 5, 2024"},"content":{"rendered":"

Another private debt fund bites the dust<\/a>:<\/p>\n

Private debt manager Next Edge Capital is gating its flagship credit fund after a surge in redemption requests, meaning clients are unable to get their money out and the portfolio will be wound down over the next two years.<\/p>\n

The decision, announced last week, marks Next Edge\u2019s second wind-down of a private debt fund. Since 2020, the Toronto-based asset manager has also been winding down the Next Edge RCM Private Yield Fund, whose credit adviser is R.C. Morris Capital Management Ltd. The fund reported a 25-per-cent loss in the month of March and an 18-per-cent loss in 2023, as it becomes more concentrated and subject to wider performance fluctuations.<\/p>\n

Based in Vancouver, R.C. Morris is a private lender and has participated in a number of Canadian wealth management deals in recent years. The company lent money to Bridging Finance Inc., the private debt manager that was put in receivership in 2021, and it also backed Gary Ng\u2019s acquisition spree of independent wealth management companies between 2018 and 2020, including PI Financial.
…<\/b>
With so much uncertainty in the sector, a large number of Next Edge\u2019s investors tried to cash out, and the Private Debt Fund dealt with redemption requests worth $145-million in 2023 \u2013 close to half of the fund\u2019s $298-million in total assets under management \u2013 according to an investor memo sent last week.<\/p>\n

Redemption requests have continued this year and currently sit at 20 per cent of total assets. Next Edge believes the best option is to wind down the portfolio and roll its investors into a different fund in the future. In doing so, management has capped the existing fund\u2019s monthly payouts at a 6-per-cent annual yield \u2013 only 1-per-cent higher than some guaranteed investment certificates \u2013 and halted redemptions.<\/p><\/blockquote>\n

A quick search didn’t tell me anything about their investment in Bridging Finance or Gary Ng\u2019s adventure … I was hoping to learn when these had been disposed of (at a loss, presumably) or written down.<\/p>\n

The BoC cut the policy rate today<\/a> as widely expected; GOC-5 was down a bit<\/a> to 3.45%.<\/p>\n

PerpetualDiscounts now yield 6.53%, equivalent to 8.49% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> yielded 5.13% on 2024-5-24 and since then the closing price of ZLC has changed from 14.88 to 15.15, an increase of 181bp in price, implying a decrease of yields of 15bp (BMO reports a duration of 12.35, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.98%. Therefore, the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened substantially to 355bp from the 315bp reported May 29<\/a>.<\/p>\n\n\n\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>\n0.4132 %<\/td>\n2,320.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4132 %<\/td>\n4,450.4<\/td>\n<\/tr>\n
Floater<\/td>\n10.37 %<\/td>\n10.71 %<\/td>\n59,940<\/td>\n8.89<\/td>\n1<\/td>\n0.4132 %<\/td>\n2,564.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0827 %<\/td>\n3,472.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.85 %<\/td>\n6.51 %<\/td>\n33,734<\/td>\n1.65<\/td>\n7<\/td>\n-0.0827 %<\/td>\n4,146.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0827 %<\/td>\n3,235.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3992 %<\/td>\n2,709.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.35 %<\/td>\n6.53 %<\/td>\n56,840<\/td>\n13.10<\/td>\n28<\/td>\n0.3992 %<\/td>\n2,954.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.20 %<\/td>\n7.41 %<\/td>\n115,440<\/td>\n12.30<\/td>\n49<\/td>\n-1.0282 %<\/td>\n2,567.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.30 %<\/td>\n6.41 %<\/td>\n60,285<\/td>\n13.37<\/td>\n20<\/td>\n0.0987 %<\/td>\n2,878.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n9.46 %<\/td>\n9.88 %<\/td>\n34,377<\/td>\n9.73<\/td>\n3<\/td>\n-3.1866 %<\/td>\n2,737.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.35 %<\/td>\n6.55 %<\/td>\n212,431<\/td>\n4.04<\/td>\n7<\/td>\n-0.1525 %<\/td>\n2,532.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.0282 %<\/td>\n2,624.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.09 %<\/td>\n6.79 %<\/td>\n101,230<\/td>\n13.03<\/td>\n14<\/td>\n-1.0604 %<\/td>\n2,792.0<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n-26.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 16.20
\nEvaluated at bid price : 16.20
\nBid-YTW : 9.03 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-9.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 15.97
\nEvaluated at bid price : 15.97
\nBid-YTW : 9.88 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n-7.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 19.56
\nEvaluated at bid price : 19.56
\nBid-YTW : 7.61 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n-7.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 22.23
\nEvaluated at bid price : 22.80
\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n-5.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n-2.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 17.01
\nEvaluated at bid price : 17.01
\nBid-YTW : 7.09 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-1.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 16.55
\nEvaluated at bid price : 16.55
\nBid-YTW : 7.08 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n-1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 16.17
\nEvaluated at bid price : 16.17
\nBid-YTW : 8.64 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 15.20
\nEvaluated at bid price : 15.20
\nBid-YTW : 8.02 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 18.43
\nEvaluated at bid price : 18.43
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.80
\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.85
\nBid-YTW : 6.77 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 21.93
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 22.52
\nEvaluated at bid price : 23.50
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 21.91
\nEvaluated at bid price : 22.46
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 15.07
\nEvaluated at bid price : 15.07
\nBid-YTW : 8.09 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 19.51
\nEvaluated at bid price : 19.51
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Disc<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.77
\nBid-YTW : 7.41 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 20.46
\nEvaluated at bid price : 20.46
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 22.33
\nEvaluated at bid price : 22.60
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n
RY.PR.O<\/td>\nPerpetual-Discount<\/td>\n1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 23.05
\nEvaluated at bid price : 23.30
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n2.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n3.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 17.82
\nEvaluated at bid price : 17.82
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n3.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 19.81
\nEvaluated at bid price : 19.81
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\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
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n317,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 18.51
\nEvaluated at bid price : 18.51
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n287,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 18.58
\nEvaluated at bid price : 18.58
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n270,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 18.67
\nEvaluated at bid price : 18.67
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n203,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 23.07
\nEvaluated at bid price : 23.31
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Disc<\/td>\n201,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 23.07
\nEvaluated at bid price : 23.50
\nBid-YTW : 7.51 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n137,314<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 16.40
\nEvaluated at bid price : 16.40
\nBid-YTW : 8.53 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Prem<\/td>\n110,986<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
There were 34 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
NA.PR.W<\/td>\nFixedReset Disc<\/td>\nQuote: 16.20 – 22.30
\nSpot Rate : 6.1000
\nAverage : 3.2960<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 16.20
\nEvaluated at bid price : 16.20
\nBid-YTW : 9.03 %<\/td>\n<\/tr>\n

GWO.PR.S<\/td>\nInsurance Straight<\/td>\nQuote: 20.46 – 22.48
\nSpot Rate : 2.0200
\nAverage : 1.1713<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 20.46
\nEvaluated at bid price : 20.46
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n

TD.PF.J<\/td>\nFixedReset Disc<\/td>\nQuote: 22.80 – 24.57
\nSpot Rate : 1.7700
\nAverage : 1.0018<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 22.23
\nEvaluated at bid price : 22.80
\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 18.50 – 20.30
\nSpot Rate : 1.8000
\nAverage : 1.1769<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n

SLF.PR.J<\/td>\nFloatingReset<\/td>\nQuote: 15.97 – 17.50
\nSpot Rate : 1.5300
\nAverage : 0.9194<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 15.97
\nEvaluated at bid price : 15.97
\nBid-YTW : 9.88 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.56 – 22.11
\nSpot Rate : 2.5500
\nAverage : 1.9578<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-06-05
\nMaturity Price : 19.56
\nEvaluated at bid price : 19.56
\nBid-YTW : 7.61 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Another private debt fund bites the dust: Private debt manager Next Edge Capital is gating its flagship credit fund after a surge in redemption requests, meaning clients are unable to get their money out and …<\/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-46893","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46893","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=46893"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46893\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}