Mandatory convertibles
Automatically be converted into stock at a specified time, unlike normal convertibles, which the holder has the right to convert at any time.
As of Dec. 31, 1996, they represented 19.5 percent of
total convertible market value, up from 9.8 percent in
Holders of mandatory convertibles may have voting
They have the same downside risk as the underlying
common stocks except for the yield advantage.