Actually, CFC-PB is a preferred share in a trust that holds unsecured junior subordinate debentures owed by Bank of America. The trust is a wholly owned subsidiary of Bank of America; but fundamentally you're investing in a partial share of a debenture (bond) owed by BAC. In fact, that's why the tax treatment for trust-preferred dividends is different from regular corporate preferreds - it's because you're effectively investing in a bond.
And that's why it is reasonable to compare the yields to other bond issues from the same issuer. Of course you need to adjust for the additional risk involved, given the debt's inferior security position. In this case, it's reasonable for CFC-PB to have a yield in excess of the 14% currently offered by some after-market senior unsecured BAC debt.
But I still think that 22+% is a bit excessive, given that I think that default is still somewhat remote.