In a bond swap, you buy one bond on one market and sell it at the same time on another. This is called arbitrage.

在债券互换交易中，你可在一个市场上购买一种债券，同时又在另一个市场上卖出，这叫套利。

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A renminbi Eurobond can also function like a Samurai bond, allowing the issuer to raise funding in one currency and swap the proceeds into another.

人民币欧元债券也具有武士债券的功能，允许发行人用一种货币筹集资金并把他转换为另一种货币。

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So if there is a default, the issuer of the credit default swap pays you, and so you gain just as the short seller gains when the price of the stock or bond that he's shorted falls.

从而一旦出现债务违约，信贷违约掉期的发行人将赔偿你，于是你就可以从中获利，正如空头在他看空的股票或债券价格下跌时获利一样。

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Last year, Greece saw its privately held debt cut by more than half in a bond swap.

NPR: Greece: Economic Recovery In Sight

That same year, Argentina offered its creditors a bond swap, in which they would suffer a 65% loss.

ECONOMIST: Hold-out creditors seize an Argentine ship in Ghana

U.S. stock futures are broadly lower heading into the open, as Wall Street frets over European dealings for a Greek bond-swap deal while Iran reiterated its threat to block the Strait of Hormuz.

FORBES: U.S. Stock Futures Decline on Greece, Iran Worries; Texas Instruments Calls a Bottom