The merger arb is a pair trade, long SZL and short Z1P. Given the tight supply of borrow for Z1P, you're looking north of 5% annualised to borrow Z1P and given the deal doesn't close until at least November, that's best part of 4% borrow cost or nearly 8cps. Still an opportunity, but skinnier margin for error if the deal breaks.
Million Dollar Question, page-9
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