Newbie's bond portfolio - Trade #8

I bought SGD1 million notional of Unicredit SPA 5.5% SGD 2023 as my eighth trade. This is an IPO.

At a client price of 100, it works out to:
YTM = 5.5%
YTC (first call date 30th July 2018) = 5.5%

I will be using a combination of SGD cash and loans to fund the purchase.

Assuming this bond is fully supported by SGD loans up till the approved lending ratio, the projected Net leveraged yields are:
Leveraged YTM = 14.81%
Leveraged YTC = 14.81%

Rationale for purchase:
High coupon SGD bonds by investment grade issuers are very rare. Given I am a Singapore resident where bulk of my expenses are in SGD, the SGD coupons received from this SGD bond could be easily used for my day to day expenditure if required.
This SGD 10 year bond pays 5.55% till 2018 and then resets to 5 year rate + 4.47% from 2018 if not called then.

Unicredit SPA is the largest bank in Italy and I believe that it is too big to fail. It has a current Market Capitalisation of EUR23 billion. The bank remains profitable in the current challenging European banking environment. The coupon structure is very favourable as it resets to buffer for future interest rate hikes.

I expect this bond to be very popular among fund managers who invest in SGD denominated bonds as such high quality/coupon SGD bonds are very rare. To hit this level of coupons for investment grade SGD bonds, they are typically perpetuals and this is a 10 year bond, callable at year 5.