Bonds come with a lot of risks, one of which is ‘call risk’. But if the bond is bought at a sufficient discount to par, then the call might increase the YTM substantially.
03/18/22, I bought Treehouse’s 4s of '28 as much for nostalgia as for an investment. It was a brand I knew from childhood, and despite its B3/CCC+, spec-grade rating, the company’s fundamentals were decent.
My entry price was 83.290, making my projected YTM 7.3%. The call bumps that YTM to 9.2%. Now comes the problem of putting that money back to work at a comparable yield.