As part of your 5.5% portfolio, I'd recommend a MeadWestVaCo bond, 6.8% of 11/2032. Its selling below par, so the yield must be at least 7%. I think its a good risk/reward ratio. If the stock (MWV) drops below 27 and hasn't changed its dividend, or had any outrageous news, you could also try the buy/write strategy.
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