Arbitrage is the simultaneous purchase and sale of the same asset in different markets in order to profit from a difference in its price. Capital structure arbitrageurs focus on individual issuers.They look for valuation differentials between a company's debt and equity securities. Capital expenditures, debt. 1700s: The origins are rooted with early religious investors who promoted screens avoiding gambling, tobacco gaming and other "sin stocks.". The California Debt and Investment Advisory Commission (CDIAC) provides information, education, and technical assistance on debt issuance and public.