Actually it does.

This is the main reason that sbd stops being printed at a 10% debt ratio.

When the debt ratio is below 10% and the sbd price is below 1 USD, the it becomes profitable to buy sbd on the external market and use the conversion function inside the blockchain.

But the catch here is that the conversions,while it reduces the debt, it also increase the inflation.

That is why sbd conversion start to be less profitable (less steem paid for 1 sbd) when the debt is above 10%