SUBSTITUTION SWAP
Exchange carried out by trading fixed-income securities with similar features and higher yielding bonds. It entails swapping one bond for another with higher yield but the same coupon and maturity dates, credit quality, and call feature, among others. It allows the investor to escalate returns without changing the terms or risk level of the security. Investors participate in substitution swaps when they see a temporary discrepancy in bond prices because of market disequilibrium.
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ECONOMIC CALENDAR
| Time | Country | Indices | Period |
|---|---|---|---|
| 12:00 | CBI retail sales volume balance | Apr | |
| 01:01 | BRC Shop Price Index | Apr | |
| 01:30 | Unemployment Rate | Mar | |
| 05:04 | BoJ MPC Interest Rate Announcement | Apr | |
| 05:04 | Monetary Policy Meeting Minutes | ||
| 05:04 | BOJ Outlook Report | ||
| 07:00 | BOJ Core CPI | Mar | |
| 08:30 | Bank of Japan Press Conference | ||
| 09:00 | Unemployment Rate | 1 quarter |
