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Definition of 'Substitution Swap'
A swap that is carried out by trading a fixed-income security for a higher yielding bond with similar features.
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Investopedia explains 'Substitution Swap'
The two securities being swapped have similar coupon rates, maturity dates, call features, credit quality, etc.
Investors will most often participate in substitution swaps when they believe there is a temporary discrepancy in bond prices due to market disequilibrium.
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Search results for 'Substitution Swap'
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http://www.investopedia.com/exam-guide/cfa-level-1/global-economic-analysis/monetary-policy-exchange-balance-payments.asp
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... 15.35 Effect of Cash Flows on Put-Call Parity and the Lower Bounds; 15.36 Swap Markets
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... 15.35 Effect of Cash Flows on Put-Call Parity and the Lower Bounds; 15.36 Swap Markets
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http://www.investopedia.com/exam-guide/cfa-level-1/equity-investments/global-industry-competition-considerations.asp
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