The recent stress tests showed Spanish banks had a total of $ 12 billion in mandatory
convertible bonds outstanding, much of them sold to retail clients at branches throughout the country.
Gergely Szalka of MSCI's Valuation Research Group and I studied all U.S.
convertible bonds outstanding over the two - year period ending December 31, 2016 for which the MSCI database had a rating from Standard & Poor's ¹ and a continuous price history.