Does it make sense that buying lower coupon bonds at a now discounted price affords some call protection? Or, if called, you effectively accelerate realizing the yield you would have otherwise gotten over the remaining term. I understand some may buy for the coupon payment and the lower coupon would not be desirable, but if looking for total return it seems like a good way to go(?)
Personally I'm fine with low/zero coupons on short duration 1yr or less... preferably less. On the other extreme, I avoid a near 0 coupon 10 year even if the YTM is higher as all of the income (in the form of capital gains) is all in the last year. It might be purely psycho(logical), but I highly prefer to see forward progress on a somewhat regular basis.