(1) Replacing an old, due or called bond issue by new bonds of the same company at different terms and conditions (debt restructuring or refinancing).

(2) Renewal of a bank-issued medium-term loan.

(3) Exchange of convertible bonds for shares.

(4) Forex: exchange of a credit balance or claim for one in a different currency.

(5) Synthetic forward purchase of an underlying by means of options. By purchasing a put and selling a call with the same exercise price, a falling market price is anticipated.