Definitions for "Exchangeable"
Capable of being exchanged; fit or proper to be exchanged.
Mainly applies to convertible securities. Right of an issuer, if so stated, to exchange a convertible debenture for an existing convertible preferred with identical terms. Most often used if a corporation has an immediate need for equity capital and has a currently low tax rate, and thus expects either or both conditions to change. This would make the debenture less attractive due to the interest tax deductibility being lost.
Applies mainly to convertible securities. Means the issuer, if so stated, may substitute a convertible debenture for an existing convertible preferred with identical terms. Most often used when a corporation has an immediate need for equity capital and a low tax rate, and expects either or both conditions to change. This would make the debenture less attractive if the interest tax-deductibility is lost.
Keywords:  ratable, available, making
Available for making exchanges; ratable.
Keywords:  suitable
suitable to be exchanged
A bond that allows the holder the option of "swapping" one issue of bonds for another at a specified conversion rate.