Definition: Debt swaps
External debt - IMF
Debt swaps are exchanges of debt, such as loans or securities, for a new debt contract (that is, debt-to-debt swaps), or exchanges of debt-for-equity, debt-for- exports, or debt-for-domestic currency, such as to be used for projects in the debtor country (also known as debt conversion).
International Monetary Fund (IMF), "External Debt Statistics: Guide for Compilers and Users; Appendix III. Glossary of External Debt Terms", Washington D.C., 2003