A bond that can be exchanged for shares of a company other than the issuer. Often contrasted with 転換社債 (convertible bond).
See also: 他社株転換社債 (たしゃかぶてんかんしゃさい)
An exchangeable bond is a corporate bond that can be exchanged for shares of a company other than the issuer.
転換社債 (convertible bond) is exchanged for shares of the issuing company, while 他社株転換債 is exchanged for shares of a different company.
Compound of 他社 (other company), 株 (stock), 転換 (conversion), and 債 (bond).