Exchange Offer

An out-of-court restructuring in which creditors voluntarily swap existing bonds for new securities — often with longer maturity, different coupon, or a haircut — to avoid a formal insolvency process.

Go deeper

This term comes up constantly in restructuring interviews and on the desk.

Investment Banking interview prep

Related Restructuring terms

Go further than reading

The written material is free. These are the ways to get it applied to your own work.

Browse the full glossary — 150+ finance recruiting and technical terms, in plain English.