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Good question. I posted my previous post without thinking too much but how did he arrive to 71% yield and 190% yield ? and is it current yield, YTM, YTC or what ?

I assume he tried to calculate...

LOL. I do know about bonds and I know that I would be nuts to buy a bond with 71% yield, let alone 190%. The yield is what tells you about the credit quality of the issuer... You are right, you are...

Wouldn't it be adding more risk to an already risky position ? Junk bonds are quite risky, even if they are "preferred bonds".