{"id":49496,"date":"2018-07-11T23:23:00","date_gmt":"2018-07-12T03:23:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49496"},"modified":"2025-08-19T23:24:07","modified_gmt":"2025-08-20T03:24:07","slug":"july-11-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49496","title":{"rendered":"July 11, 2018"},"content":{"rendered":"<p>A good day for FixedResets, presumably due to the <a href=\"https:\/\/www.bankofcanada.ca\/2018\/07\/fad-press-release-2018-07-11\/\">Bank of Canada policy hike<\/a> and anticipation of increasing five-year Canada yields.<\/p>\n<p>PerpetualDiscounts now yield 5.47%, equivalent to 7.11% interest at the standard equivalency factor of 1.3x. <a href=\"https:\/\/www.ftse.com\/products\/FTSETMX\/Home\/Indices\">Long corporates<\/a> now yield about 3.85%, so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is now about 325bp, unchanged from <a href=\"https:\/\/prefblog.com\/?p=36893\">July 4<\/a><\/p>\n<table border=\"1\">\n<tr>\n<td colspan=\"8\"><strong>HIMIPref&trade; Preferred Indices<br \/>\nThese values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>\nValues are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>\nCurrent<br \/>\nYield<br \/>\n(at bid)<\/td>\n<td>Median<br \/>\nYTW<\/td>\n<td>Median<br \/>\nAverage<br \/>\nTrading<br \/>\nValue<\/td>\n<td>Median<br \/>\nMod Dur<br \/>\n(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>1.3727 %<\/td>\n<td>3,106.7<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>1.3727 %<\/td>\n<td>5,700.7<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.24 %<\/td>\n<td>3.44 %<\/td>\n<td>70,208<\/td>\n<td>18.68<\/td>\n<td>4<\/td>\n<td>1.3727 %<\/td>\n<td>3,285.3<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.0793 %<\/td>\n<td>3,184.3<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.61 %<\/td>\n<td>4.70 %<\/td>\n<td>61,802<\/td>\n<td>4.93<\/td>\n<td>5<\/td>\n<td>-0.0793 %<\/td>\n<td>3,802.7<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.0793 %<\/td>\n<td>2,967.0<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.64 %<\/td>\n<td>-15.63 %<\/td>\n<td>61,148<\/td>\n<td>0.09<\/td>\n<td>9<\/td>\n<td>0.0306 %<\/td>\n<td>2,906.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.38 %<\/td>\n<td>5.47 %<\/td>\n<td>56,026<\/td>\n<td>14.70<\/td>\n<td>26<\/td>\n<td>-0.0279 %<\/td>\n<td>2,986.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.30 %<\/td>\n<td>4.60 %<\/td>\n<td>134,249<\/td>\n<td>4.29<\/td>\n<td>106<\/td>\n<td>0.4840 %<\/td>\n<td>2,558.1<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.14 %<\/td>\n<td>5.92 %<\/td>\n<td>63,454<\/td>\n<td>5.49<\/td>\n<td>27<\/td>\n<td>-0.0920 %<\/td>\n<td>2,968.2<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>3.25 %<\/td>\n<td>3.72 %<\/td>\n<td>34,409<\/td>\n<td>3.39<\/td>\n<td>9<\/td>\n<td>0.2727 %<\/td>\n<td>2,832.5<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"4\"><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.F<\/td>\n<td>FixedReset<\/td>\n<td>1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 19.09<br \/>\nBid-YTW : 7.54 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.J<\/td>\n<td>FixedReset<\/td>\n<td>1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2023-03-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.00<br \/>\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.64<br \/>\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 17.63<br \/>\nEvaluated at bid price : 17.63<br \/>\nBid-YTW : 3.44 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.05 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.19<br \/>\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.T<\/td>\n<td>Deemed-Retractible<\/td>\n<td>1.05 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.05<br \/>\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.J<\/td>\n<td>FloatingReset<\/td>\n<td>1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 20.27<br \/>\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-12-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.53<br \/>\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>1.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 17.53<br \/>\nEvaluated at bid price : 17.53<br \/>\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>1.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 19.84<br \/>\nEvaluated at bid price : 19.84<br \/>\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>1.23 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 18.98<br \/>\nBid-YTW : 7.61 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 20.49<br \/>\nEvaluated at bid price : 20.49<br \/>\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.G<\/td>\n<td>FixedReset<\/td>\n<td>1.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 23.34<br \/>\nEvaluated at bid price : 24.37<br \/>\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.37 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 21.44<br \/>\nEvaluated at bid price : 21.44<br \/>\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.46 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 22.31<br \/>\nEvaluated at bid price : 22.94<br \/>\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>1.52 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 20.66<br \/>\nEvaluated at bid price : 20.66<br \/>\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.F<\/td>\n<td>FixedReset<\/td>\n<td>1.64 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 24.37<br \/>\nEvaluated at bid price : 24.73<br \/>\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.72 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 17.77<br \/>\nEvaluated at bid price : 17.77<br \/>\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>1.93 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.15<br \/>\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>2.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.75<br \/>\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>2.62 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 17.60<br \/>\nEvaluated at bid price : 17.60<br \/>\nBid-YTW : 3.45 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>3.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 20.21<br \/>\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.M<\/td>\n<td>FixedReset<\/td>\n<td>3.31 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.71<br \/>\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"4\"><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>\nTraded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.G<\/td>\n<td>Perpetual-Premium<\/td>\n<td>408,060<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-04-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.22<br \/>\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset<\/td>\n<td>150,700<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 17.05<br \/>\nEvaluated at bid price : 17.05<br \/>\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>104,234<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 22.86<br \/>\nEvaluated at bid price : 23.13<br \/>\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.H<\/td>\n<td>Perpetual-Premium<\/td>\n<td>94,500<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2018-08-10<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.38<br \/>\nBid-YTW : -15.79 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>75,456<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.95<br \/>\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>75,000<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 23.60<br \/>\nEvaluated at bid price : 24.30<br \/>\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 43 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"3\"><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>EIT.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 25.11 &#8211; 26.11<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.6790<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2024-03-14<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.11<br \/>\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 20.49 &#8211; 21.40<br \/>\nSpot Rate  :  0.9100<br \/>\nAverage  :  0.7225<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 20.49<br \/>\nEvaluated at bid price : 20.49<br \/>\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.E<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 22.61 &#8211; 22.98<br \/>\nSpot Rate  :  0.3700<br \/>\nAverage  :  0.2307<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 22.00<br \/>\nEvaluated at bid price : 22.61<br \/>\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 23.79 &#8211; 24.17<br \/>\nSpot Rate  :  0.3800<br \/>\nAverage  :  0.2696<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 23.52<br \/>\nEvaluated at bid price : 23.79<br \/>\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n<tr>\n<td>W.PR.M<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.60 &#8211; 25.85<br \/>\nSpot Rate  :  0.2500<br \/>\nAverage  :  0.1671<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-10-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.60<br \/>\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 24.21 &#8211; 24.55<br \/>\nSpot Rate  :  0.3400<br \/>\nAverage  :  0.2600<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-11<br \/>\nMaturity Price  : 23.17<br \/>\nEvaluated at bid price : 24.21<br \/>\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>A good day for FixedResets, presumably due to the Bank of Canada policy hike and anticipation of increasing five-year Canada yields. PerpetualDiscounts now yield 5.47%, equivalent to 7.11% interest at the standard equivalency factor of &hellip;<\/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-49496","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49496","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=49496"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49496\/revisions"}],"predecessor-version":[{"id":49497,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49496\/revisions\/49497"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}