An exchangeable bond is a debt that is convertible into shares of a firm's equity other than the bond's issuer. We evaluate an exchangeable bond within a two-dimensional structural model, where the assets' value of the bond's issuer and the underlying equity value are the state variables. Our model, based on dynamic programming, finite elements, and parallel computing, accommodates arbitrary debt portfolio including an exchangeable bond, several seniority classes, bankruptcy costs and tax benefits. We conduct a numerical investigation that highlights the main characteristics of exchangeable bonds and their distinction from a straight bond.