Owning yield to call paper has several advantages.

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One, the yield to the worst call date is much better than yield to maturity of a non-callable bond (aka, bullet bond).

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The yield to the 2014 call is 4.3% and 5.6% to maturity if you pay 109.45.

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The deciding investment metric is their yield-to-worst call as several of these preferreds trade above call prices.

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Currently, their yield to maturity or first call is nearer 2 percent.

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"People yield a deference to what we may call the theatrical show of society, " he wrote.

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An investor in such a bond may wish to know what yield will be realized if the bond is called at a particular call date, to determine whether the prepayment risk is worthwhile.

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Pay 107.50 and the yield to 2014 (which is the first and worst call) is 3.37%.

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The secret to his success has been selectively buying high yield dividend stocks and REITs and some aggressive call and put writing for income.

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