For instance, this FFCB bond (3133EN4Q0). Right now, YtM and YtW are quoted to me (fidelity and schwab) as about 15 basis points (if I'm calculating basis points correctly: 5.83 versus 5.69).

If YtW is supposed to account for the callable nature, and it's continuously callable with a "par call", how on earth could these numbers be so close? If I buy the bond and it's called within in the first year, I'm losing something like 9 years of coupons.

What am I missing?


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