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. "Arbitrage and Use of Proceeds Certificate" means the Arbitrage and Use of Proceeds. Arbitrage is the strategy of taking advantage of price differences in different markets for the same asset. Q. Please define the cost of common equity capital. Asset swaps are playing various roles in the structured credit market.