Original title: Swaps Pioneered by Credit Suisse Take On New Life in Age of War
Debt swaps pioneered by Credit Suisse to fund nature conservation are enjoying a second life, as bankers see an opportunity to apply the model to everything from post-war reconstruction to energy security. The swaps help governments refinance debt at more favorable terms and put any savings toward a pre-determined policy goal. After a drought in dealmaking since late last year, as many as four new swaps may be completed by the end of 2025, according to Jake Harper , senior investment manager, private credit at Legal & General Group Plc. But none of them has a nature-focused goal, he says.