Capital Structure Arbitrage: the past, present and future
Capital structure arbitrage (CSA) has been the most popular new hedge fund strategy for the last two years.It is more than a short-lived trend; it is a step forward in the way investors look at the markets
Fifty years of modern finance and a surge in liquidity of derivative products has opened up a new field of relative value trading strategies. Regardless if they are directly involved in trading CSA, credit, equity and volatility market participants should learn how to gain from information arbitrage for trading, pricing and managing risk purposes. CSA is more than a new strategy for sophisticated hedgefunds; it is a new framework for examining and understanding the markets. New
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