A plague on arbitrageurs

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The adjective initially volunteered by most convertible bond arbitrageurs when asked to characterise the year so far is ‘interesting’. Some managers are less euphemistic: “Convertible arbitrage funds are getting smacked around across the board; nearly everyone is feeling the pain,” says Andrew Pernambuco, principal at Alexandra Investment Management, a New York-based convertible arbitrage hedge fund manager with around $1.2 billion under management. Alexandra’s Master Fund is one of

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