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. An arbitrage opportunity is an investment strategy that gurantees a positive payoff in some contingency with no possibility of a negative payoff and with no. Then arbitrage ensures that in equilibrium all firms have the same market value.