Convertible Preferred Share Arbitrage

Hey guys so I have been investing and trading for the past few years and I have continued to develop and research different strategies to implement and I came across a strategy that I found pretty interesting. Convertible Bond Hedging is a strategy that I am sure many of you have heard about which is essentially where you long a convertible bond of a company which converts into a set amount of common stock and then you short the equivalent number of common shares essentially creating a delta neutral position that makes money regardless of the movement of the prices in the form of the bond interest you receive however over the past few decades with more and more funds and institutions doing it the opportunities have gone down significantly, especially since more and more companies have stopped issuing them however I came across a similar security called a convertible preferred stock. It acts sort of like a convertible bond where it pays a dividend and each share converts into a certain number of common shares so my idea was could you theoretically long the preferred shares and short the common shares in an equivalent ratio to make the position delta nuetral? the issue I am running into is the price of the common shares is different than that of the preferred shares so I was also wondering how exactly do you keep the position delta neutral. any advice, suggestions or comments would be most appreciated


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