Yield to maturity on emerging-market debt as measured by the JP Morgan EMBI Global Diversified Index is roughly 5.37%, compared with roughly 2% for the U.S. 10-year Treasury bond.

WSJ: The Allure of Emerging-Markets Bonds

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

FORBES: Don't Hate All Bonds, Buy Yield To Call Paper

In bond-market lingo, the bond now has a "yield to maturity" of 2%.

FORBES: Magazine Article

Continental Airlines (nyse: CAL - news - people ) paper that carries a 30% yield to maturity.

FORBES: Managing Money

At the same time Vanguard's New York Long-Term Tax-Exempt Fund, with an average duration of 6.8 years, offered a yield to maturity of 3.8%.

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