Better re-read what you read on quantumonline about the put.... Yo udid what I did initially I think. The put is ONLY exercisable if the coupon rate is repriced DOWNWARD. So the put would be valueless in a climbing interest rate environment.
I do agree that the comparative rate maybe be closer to Treasuries today than when originally issued, BUT, TVA just issued more Electronotes at 4 3/4%. Looking at the daily volume on these, these don't look like anymore of an institutional issue than Electronotes nowadays.... obviously some better liquidity, but still, these remain too high imho.