Bond swap is a financial transaction where an investor exchanges an existing bond for a different bond issued by the same or a different company. This can be done for various reasons, including to obtain a better yield, to change the maturity date, to reduce credit risk, or to gain exposure to a different market. Bond swaps can be done through a brokerage or directly with the issuer. The process typically involves negotiating the terms of the swap, such as the exchange ratio and the price, and then executing the trade. It's important for investors to consider the tax implications and creditworthiness of the new bond before undergoing a bond swap.