At what point do bonds/preferred stock become hard to turn down - example:Bank of America preferred now yielding 6.75% with 60% upside

With treasury yields ticking back up today - getting close to essentially a 25 year high - at what point does it become hard to turn down bonds or preferred stock. That is, put your next investment dollar into bonds or preferred stock instead of equities.

In particular, Bank of America preferred stock BACPRQ is now yielding 6.75% as of today and has a 60% upside relative to its $25 call value (which likely needs fed interest rates to go back down to 2% or lower to get to the point where they would actually be called).

In essence, you're getting paid 6.75% in qualified dividends to simply sit and wait for a 60% upside. Notably, if it took 10 years for interest rates to get cut so it goes back up around $25, you're still looking at something like an 11% compound annual return for that annual return - around the historical annual return of the S&P 500. And, it's preferred stock for the second largest bank (JP Morgan is the first) with a credit rating just below that of JP Morgan. That is, you're getting that return for essentially a top tier credit rating implicating less risk and volatility than the S&P 500.

In my mind that's pretty hard to turn down. Taking a step further, if treasury yields went a bit further up and yield on BACPRQ went up to 7%, translating to a 65% stock price appreciation upside, I think most people would be jumping at the opportunity to buy that instead of stocks.

Thus, my question generally is, at what point do you think the next investment dollar is better off being put into bonds/preferred stock instead of into equities? In my mind we're already there and it's just a question of how much further it pushes into that direction.

Additionally, if you have any particular bonds/preferred stock you think are particularly good value please comment what they are.