2015年以来可交换私募债迅速发展，本文对可交换私募债发展情况、法律规定、条款设计和运行模式进行分析总结，以期对可交换私募债的投资提供帮助。
The private exchangeable bonds（private EB）have grown at a fast pace in recent years. In this article，we will review the issue of private EB，discuss relevant laws and regulation，analyze design of EB-related rules and summarize its operational model so as to facilitate decision-making of investors.
