Capital structure arbitrageurs build a following

Trading strategies

In May, French financial conglomerate Axa set up a trading desk within its structuredand alternative investment management group in London to concentrate solely oncapital structure arbitrage. Axa says it wanted to use the credit expertise ithad built up over the years as a major buy-side institution to take advantageof opportunities in this trading strategy, which exploits discrepancies in thetrading behaviour of a company’s credit and equity.

“We are one of the largest CDO [collateralised debt

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