I'd echo that re FCLPA. Quite apart from the running yield at...

I'd echo that re FCLPA. Quite apart from the running yield at these rates, if you pick up a portfolio of say 5 similar debt securities at around this 20c in the dollar level (e.g. MXUPA as Watford mentions), you'll still be ahead if 4 of the 5 go under or if only 1 of the 5 makes it to conversion. You can do the arithmetic for the juicy upsides if more make it through or for those currently trading at higher prices. From underestimating & underpricing risk the market has now gone to the other extreme. Obviously the key is to pick a basket of non-basket cases, and the Futuris Hybrid is a reasonable candidate, especially since you'll get 6% of your investment back with the imminent divi.