How would one calculate yield to first call for a debt security which is currently and always callable?

External question — Quantitative Finance Stack Exchange Author: slothish1 Original post: https://quant.stackexchange.com/questions/79113 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. If an asset manager has multiple extended warehouse lines outstanding and each one is currently callable (some with penalties, some without), is it simply the case that a ‘to first call’ performance scenario (for instance, for yield to first call analyses) across the portfolio would show every single line paying off tomorrow?

External answer — Quantitative Finance Stack Exchange Author: TourEiffel Original post: https://quant.stackexchange.com/a/79114 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. The scenario of analyzing YTC across a portfolio with multiple callable extended warehouse lines involves considering the earliest date at which each individual line can be called, but it doesn’t necessarily mean that every line will pay off tomorrow.