Equity-neutral CBs return as Michelin takes juicy arbitrage

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Equity-neutral CBs return as Michelin takes juicy arbitrage

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The equity-neutral convertible bond structure that faded from the market in the second half of 2016 made a strong comeback today, when Michelin, the French tyre maker, launched a $500m deal that won eager demand and was priced at the best end of terms for the issuer.

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