互換交易
SWAP
就是持有不同條件債券的雙方，也許不同年限、不同的票面利率，在國外則有可能是不同的信用評等債券，雙方各依本身所需，出脫部分庫存，買進所需債券。也就說在不同利率時點，或對未來利率走勢有不同預期，進行評估現有部位，換掉不願再繼續持有的庫存，買進獲利率更好或更安全的債券。
That both sides have different conditions of the bond, perhaps a different age, a different coupon rate in foreign countries there may be a different credit rating bonds, each of the parties in accordance with their own needs, to sell off some of the stock, buy the required bond. Also said interest rates in different time points, or future interest rate movements have different expectations, to assess the existing site, do not want to replace the stock to continue to hold, buy or profitability better and safer bonds.