OK, what are we missing here (I know the answer but will go through my thought process first).

I can see from the trade history that it traded at $32 earlier today and has been steadily going down over the last year - but even at $85, it matures in two days.

Admittedly I know nothing about this company or their risk of default but it appears you can buy it today at $85 and simply let it mature in two days at $100.

So let's do some research...

Well, that didn't take long. ;)

(Helps that I posted about this earlier today one another board.)

http://www.cnbc.com/id/100542201

WUXI, China, March 11, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest producers of solar panels, today announced that it has signed a forbearance agreement with the holders of more than 60% of the Company's 3% Convertible Notes (the "Notes"). Under the forbearance agreement, in the event the Company does not make payments due under the Notes on March 15, 2013, the signing bondholders agree not to exercise their rights under the Notes and the related indenture until May 15, 2013, subject to certain market-standard early termination events.

---------

Some savvy bond trader likely snatched those up at $25-$35 and offered them today at $85. I bet they would have had more traction if they offered them at $95 instead of $85. $15 gain in two days makes them simply too good to be true - probably would actually get more suckers if it deal didn't seem so sweet.