{"id":50152,"date":"2019-04-18T21:01:00","date_gmt":"2019-04-19T01:01:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50152"},"modified":"2025-09-29T21:03:54","modified_gmt":"2025-09-30T01:03:54","slug":"april-18-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50152","title":{"rendered":"April 18, 2019"},"content":{"rendered":"

On March 28<\/a> I highlighted an issue of structured notes from TD. Assiduous Reader AB writes in and provides me with a link to the National Bank Structured Solutions Group page<\/a>, who issued five separate notes “linked to a Canadian preferred share ETF” between April 10 and April 18.<\/p>\n

There was a disorderly close in the market today, as TXPR lost 49bp in the last five minutes<\/a> to close down 28bp from yesterday on high volume of over 4-million shares.<\/p>\n

\"txpr_190418\"<\/a>
Click for Big<\/i><\/div>\n

One of the hard-working geniuses who are such a feature of Canadian investment management made extensive use of the Market-on-Close facility<\/a>, which I assume helped him leave early for the long weekend.<\/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>\n-1.3731 %<\/td>\n2,108.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.3731 %<\/td>\n3,869.0<\/td>\n<\/tr>\n
Floater<\/td>\n5.55 %<\/td>\n5.86 %<\/td>\n49,194<\/td>\n14.11<\/td>\n3<\/td>\n-1.3731 %<\/td>\n2,229.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0050 %<\/td>\n3,284.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.87 %<\/td>\n4.69 %<\/td>\n75,213<\/td>\n3.82<\/td>\n8<\/td>\n0.0050 %<\/td>\n3,922.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0050 %<\/td>\n3,060.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.58 %<\/td>\n-8.49 %<\/td>\n86,667<\/td>\n0.09<\/td>\n10<\/td>\n-0.2043 %<\/td>\n2,953.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.41 %<\/td>\n5.52 %<\/td>\n80,810<\/td>\n14.60<\/td>\n23<\/td>\n-0.4501 %<\/td>\n3,100.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.23 %<\/td>\n5.41 %<\/td>\n185,299<\/td>\n14.84<\/td>\n61<\/td>\n-0.2348 %<\/td>\n2,197.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.22 %<\/td>\n5.82 %<\/td>\n99,895<\/td>\n8.13<\/td>\n27<\/td>\n-0.2627 %<\/td>\n3,074.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n4.23 %<\/td>\n4.35 %<\/td>\n57,414<\/td>\n2.67<\/td>\n5<\/td>\n-0.2798 %<\/td>\n2,414.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.08 %<\/td>\n3.93 %<\/td>\n290,390<\/td>\n2.19<\/td>\n23<\/td>\n-0.4817 %<\/td>\n2,579.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.98 %<\/td>\n4.02 %<\/td>\n149,013<\/td>\n2.69<\/td>\n3<\/td>\n0.0418 %<\/td>\n2,636.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.02 %<\/td>\n6.89 %<\/td>\n109,903<\/td>\n8.25<\/td>\n22<\/td>\n-0.8244 %<\/td>\n2,246.0<\/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
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-5.54 %<\/td>\nNot as unreasonable as it looks, as the issue traded 24,769 shares<\/a> in a range of 20.42-39 before closing at 20.12-21.39. “Range” is kind of a misnomer, since the issue traded at around 21.30 for most of the day, then moved to the 20.42 MOC price with very little in between. The indicated MOC imbalance<\/a> was a sell of 7,286 shares.<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.12
\nBid-YTW : 6.89 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\n-3.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 11.74
\nEvaluated at bid price : 11.74
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-2.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.49
\nBid-YTW : 8.11 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 12.52
\nEvaluated at bid price : 12.52
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n-2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 22.96
\nEvaluated at bid price : 23.27
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 22.59
\nEvaluated at bid price : 22.84
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n-1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.40
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.56
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Prem<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 11.91
\nEvaluated at bid price : 11.91
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 21.76
\nEvaluated at bid price : 22.01
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 20.27
\nEvaluated at bid price : 20.27
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.80
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 16.38
\nEvaluated at bid price : 16.38
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
BNS.PR.H<\/td>\nFixedReset Prem<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nDeemed-Retractible<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset Prem<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.36
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.25
\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 19.19
\nEvaluated at bid price : 19.19
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 12.65
\nEvaluated at bid price : 12.65
\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.71
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 20.12
\nEvaluated at bid price : 20.12
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.45
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 22.08
\nEvaluated at bid price : 22.64
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n<\/table>\n\n\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
CM.PR.T<\/td>\nFixedReset Prem<\/td>\n271,288<\/td>\nIndicated MOC imbalance<\/a> was a buy of 61,601 shares.<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\n252,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 11.74
\nEvaluated at bid price : 11.74
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n218,515<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 21.26
\nEvaluated at bid price : 21.26
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
TD.PF.L<\/td>\nFixedReset Prem<\/td>\n217,051<\/td>\nIndicated MOC imbalance<\/a> was a buy of 3,247 shares.<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n

GWO.PR.R<\/td>\nDeemed-Retractible<\/td>\n140,171<\/td>\nIndicated MOC imbalance<\/a> was a sell of 154,494 shares.<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset Prem<\/td>\n118,662<\/td>\nIndicated MOC imbalance<\/a> was a sell of 55,262 shares.<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 23.26
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n

BIK.PR.A<\/td>\nFixedReset Prem<\/td>\n117,120<\/td>\nIndicated MOC imbalance<\/a> was a buy of 51,183 shares.<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n

BAM.PF.I<\/td>\nFixedReset Prem<\/td>\n109,124<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n105,784<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.27
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
There were 88 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
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.12 – 21.39
\nSpot Rate : 1.2700
\nAverage : 0.7229<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.12
\nBid-YTW : 6.89 %<\/td>\n<\/tr>\n

IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.25 – 21.20
\nSpot Rate : 0.9500
\nAverage : 0.5626<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.25
\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n

CU.PR.I<\/td>\nFixedReset Prem<\/td>\nQuote: 25.65 – 26.41
\nSpot Rate : 0.7600
\nAverage : 0.4676<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 3.22 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.56 – 22.27
\nSpot Rate : 0.7100
\nAverage : 0.4296<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.56
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n

MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.40 – 20.90
\nSpot Rate : 0.5000
\nAverage : 0.3045<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.40
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n

TD.PF.J<\/td>\nFixedReset Disc<\/td>\nQuote: 21.42 – 22.00
\nSpot Rate : 0.5800
\nAverage : 0.3899<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-04-18
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.42
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

On March 28 I highlighted an issue of structured notes from TD. Assiduous Reader AB writes in and provides me with a link to the National Bank Structured Solutions Group page, who issued five separate …<\/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-50152","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50152","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=50152"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50152\/revisions"}],"predecessor-version":[{"id":50153,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50152\/revisions\/50153"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}