fmg delivers $1bn 1half-year profit, page-10

it is during crisis that we see discounts of convertible notes arise in all markets. I don't have a great deal of knowledges about those markets. However, I would assume that if other companies' C/N are trading at a heavy discount, then the buyers will only look for companies with good assets and buy these notes with a view that arbitrage is possible. Then on the sellers side, if they want to get out because they just need the money (and in crisis, money is king), there is no way that they can sell at good value when there are hundreds of other C/N offering at a discount and thus they have to accept lower price..... Yep, crisis provide opportunity.......

Even then, there are always risks in play for FMG like: iron ore price, Chinese consumption, labour cost, and possible hyperinflation in later years..... For the moment, FMG's operation look reasonable to support its future going forward.