high yield hybrid

MXUPA
price @ 50 (face 100)
step up July 2010; yield on perpetual basis 20% per annum.
Assuming redemption post credit crisis say Apr 2015 equates to a rate of return of around 32% per annum. (assumes average bank bills 6%); At 4% bank bills, return is 28.6% per annum. (bulk of return is buying at 50 cents in dollar)