Coca-Cola Harmless Warrants

Q1. What is the no-arbitrage relationship between the value of a unit (i.e., a 9 7/8%
Series A Note plus a warrant) and the value of a non-callable 9 7/8% Series B Note?
Q2. What is the no-arbitrage relationship between the call option embedded in the
Series A Note and the warrant?
Q3. How are the no-arbitrage relationships in Q1 and Q2 violated in the Eurobond
market?
Q4. What are the potential reasons for the violation of the no-arbitrage relationship
in the Eurobond market? How is Coca-Cola using this violation of the no-arbitrage
relationship to its advantage?
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