Nashua River Capital Management

Case Solution

Samuel G. Hanson, Aldo Sesia
Harvard Business School ()

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

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