Boston Properties (A)

Case Solution

Ryan D. Taliaferro, Aldo Sesia
Harvard Business School ()

Investment manager Eliza Baena faces what appears to be a convertible arbitrage opportunity when she discovers that the spread between two Boston Properties (BXP) bonds – a convertible bond and a simple one – tightened after Lehman’s bankruptcy in 2008. Baena must decide if there is an opportunity, how to structure an operation to take advantage of it and how much of its fund capital to allocate. The case presentation includes descriptions of basic financing agreements that support arbitration strategies, such as B. Reputation and margin loans.

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