AUD is 80c, they are killing it cause the exchange is locked at 75c.
The overall cost in USD terms is effectively lower.
There is no incentive for them to keep the bonds as the % rate is on par with 1 year US Treasuries.
At this point in time, they can effectively convert, and sell for massive gains. Then buy safer US Treasuries, if they wanted to.
Ann: Partial Conversion of Convertible Bonds and Appendix 3B, page-32
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