Swaps Pioneered by Credit Suisse Get Recast 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.