What is the meaning of Bond Swap? Explain the concept of Pure Yield Pickup Swap.

Please define the concept of Bond Swap in Security Analysis? Also provide the detail description of the Pure Yield Pickup Swap.
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"Meaning of Bond Swap: It involves liquidating a current position and simultaneously buying a different issue in its place with similar attributes but having a chance for improved return. The main purpose of the bond swap is portfolio improvement. Different Types of Bond Swap: Pure Yield Pickup Swap,Substitution Swap, Tax Swap Pure Yield Pickup Swap: It involves swapping out of a low-coupon bond into a comparable higher coupon bond to realize an automatic and instantaneous increase in current yield and yield to maturity. Advantages: • No need for interest rate speculation • No need to analyze prices or overvaluation or under valuation • No specific work-out period needed because the investor is assumed to hold new bond to maturity Disadvantages: • Increased risk of call in the event interest rate decline • Reinvestment risk is greater with higher coupon bonds. Source: http://in.docsity.com/en-docs/Active_Bond_Portfolio_Management_Strategies_-_Security_Analysis_and_Portfolio_Management_-_Solved_Quiz_"
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"Merchandising a single obligation site in order to your earnings to purchase yet another obligation. Shareholders engage in attachment changing using the target connected with enhancing their economic jobs. Bond trading is effective in reducing a investor's duty culpability, spring a venture capital company better pay of give back or even aid an investor to help broaden a new collection. "
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