adjustment bond指调整债券。

调整债券通常指与公司重组有关而发行的债券，有时也指为把一些已有债券调整为有统一利率的同一类债券而发行的新债券，因此发行这种债券是为了替换未偿付的债券。调整债券只有在公司盈利时才支付利息。如果公司因没有达到债券契约中规定的利润而不能支付利息时，不能视这种行为为未履行债务。调整债券的利息支付在所有优先的、具有固定利息的债务支付之后，即其对收入的要求权仅先于股票。调整债券是一个比较灵活的工具，当企业的资本结构相对其预计收益过大时，重组公司可运用调整债券来帮助其调整资本结构。为使公司资本化更灵活并减少固定费用开支，可要求拥有重组公司次级固定利息债券的持有人，部分或全部接受其利息支付依收益状况而定的调整债券或收入债券。因此，这两种债券的作用就是以不确定的支出代替固定的支出。其英文释义如下：Adjustment bond is a new security issued for the outstanding debt of a corporation facing bankruptcy that needs to recapitalize its debt structure. Adjustment bonds have a structure where interest payments happen only when the company has earnings, though there may be provisions for the accrual of missed payments.

income bond指收益债券。

收益在券，顾名思义，指只有在公司有收益，并且在支付了所有抵押借款利息之后还有盈余时才能支付利息的一种债券。有时，这种收益债券的未付利息可以累积起来，作为在债券到期时对该公司的债权。发行这种收益债券也用来代替优先股。其英文释义如下：An income bond is a type of debt security in which only the face value of the bond is promised to be paid to the investor, with any coupon payments paid only if the issuing company has enough earnings to pay for the coupon payment. In the context of corporate bankruptcy, an adjustment bond is a type of income bond.

调整债券和收益债券一样，都属于只有在公司盈利时才支付利息的债券。

以下为相关双语示例，供参考：

Adjustment bonds help a company avoid bankruptcy. Against such bonds, interest is paid only when the business has earnings. In this way, the company does not have to face a default for unmade payments. The company adjusts the terms of its bonds in terms of interest rates and dates of maturity. Thus, the company gets a better chance to meet its obligation without facing bankruptcy. The bondholders approve the issuance of adjustment bonds because exchanging the existing bonds with adjustment bonds are often better for them than the other alternative which is bankruptcy.

调整债券可以帮助公司避免破产。此类债券的利息只有在公司盈利时才予以支付。在这种情况下，公司就不必面临拖欠未付款的情况。公司会调整其债券的利率和到期日。如此，公司就可以更好的履行义务，而无需面临破产境况。债券持有人一般会批准调整债券的发行，因为将现有债券换成调整债券总好过破产这一条路。