a kind of hedged investment meant to capture slight differences in price; when there is a difference in the price of something on two different markets the arbitrageur simultaneously buys at the lower price and sells at the higher price
Arbitrage Bond A lower-rate debt security issued by a municipality prior to the call date of the municipality's existing higher-rate security. 套汇债券市政府在市政府现有高评级证券买回日期前发行的低评级债务证券。