Translation guide
A financial bond that can be exchanged for shares of a company other than the issuer. In Japanese, this is typically expressed with the loanword エクスチェンジャブル債 or the descriptive phrase 他社株転換社債.
A bond that can be converted into shares of a company other than the issuer.
The direct loanword from English, commonly used in financial contexts.
当社はエクスチェンジャブル債を発行した。
Our company issued exchangeable bonds.
A descriptive Japanese term meaning 'convertible bond into shares of another company'. Used in formal documents.
この他社株転換社債は満期まで保有される見込みです。
This exchangeable bond is expected to be held until maturity.
A literal translation meaning 'exchangeable bond', but less common than the loanword or technical term. May be used in explanatory contexts.
交換可能な社債は、発行体以外の株式に転換できる。
Exchangeable bonds can be converted into shares of a company other than the issuer.
An exchangeable bond (エクスチェンジャブル債) is exchanged for shares of a company other than the issuer, while a convertible bond (転換社債) is exchanged for shares of the issuer itself. In Japanese, 転換社債 (convertible bond) is more common, so be careful not to confuse the two.
転換社債は自社株に、エクスチェンジャブル債は他社株に転換されます。
Convertible bonds are converted into the issuer's own shares, while exchangeable bonds are converted into shares of another company.