There was a thread about C7 bash completion back in August last year, but it doesn't have answers for this problem.
Example: "yum install /path/to/local/package" works fine with tab completion to fill in the path and package bits.
However, "yum --debuglevel="1" install ..." just gets stuck and doesn't offer anything. The only option is to type everything out, or type enough to use a wildcard. After more testing, I found that any option argument that is quoted breaks completion. Which in turn makes me think this is not even specific to yum but bash completion in general.
Bug? Upstream bug?