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Also, my guess is that Toyota will call the fourteen step-coupon bonds of ’25 I own long before they reach maturity. On 02/13, the coupon goes to 6%. On 02/17, it goes to 7%. On 02/21, it goes to 8%. Toyota isn’t going pay that kind of interest on its bonds.

I suppose it all (well, mostly) depends on prevailing interest rates at the time. I wouldn't be at all surprised if prevailing AA/AA-/AA+ (whatever) interest rates in 2/2013 aren't over 6%. In fact, I would be quite surprised if they weren't. Well, maybe the fed will have purchased $20T in treasury bonds by then (and the dollar would be decimated, etc).

On 2/2017, I don't know, but I wouldn't be surprised if interest rates were still elevated.
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