Capital structure arbitrageurs focus on individual issuers. They look for valuation differentials between a company's debt and equity securities.Arbitrage is the simultaneous purchase and sale of the same asset in different markets in order to profit from a difference in its price. The Illinois Treasurer believes that our government should mirror the diversity in our state. And beyond that, diversity is good for business. Arbitrage is the strategy of taking advantage of price differences in different markets for the same asset. The arbitrage model.