35 per cent p.a. return on alz step up hybrids

Check out code AAZPB. Do the maths. $5 coupon payment and $100 cash return in 6 months time translates to 35% per annum yield. I am advised company should return capital rather than pay 2.5% step up interest or issue equity at low share price. Others presenting similar value are BEPPA, TIMPB, BNBG, TPAPA, GNSPA and MXUPA. They all rank ahead of equity in terms of dividend payment and any wind up.