Bond Swap

英文名称：Bond Swap 中文名称：债券互换
亦称“债券掉换”，是投资者根据对债券或债券组合收益率的预测来主动互换债券，从而获得较高的收益。
e.g. But bond-swap has tightened considerably in the past week as similar paying returned to the long end of swap curve

A strategy in which an investor sells a bond and at the same time purchases a different bond with the proceeds from the sale. 

There are several reasons why people use a bond swap: to seek tax benefits, to change investment objectives, to upgrade a portfolio's credit quality or to speculate on the performance of a particular bond.