British Land bond offering

Am I missing something here, or is this the worst bond offering ever? Duration 'till 2020 Coupon: 0 to 0.5% !!! Conversion at 2020: at 20-27.5% higher than launch share price.
I would have thought that even a blue chip company would have been paying ~2.5% coupon. [Can get 3% in a 5 year bank deposit.]
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fred

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