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Equity-neutral convertibles return as Michelin bags juicy arbitrage

Bibendum Michelin London Poster 1925 PA 230x150

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

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