Credit Suisse arranged more nature deals than any other bank in the register: the Belize, Barbados and Galápagos conversions, and the structuring of the Rhino Bond [IC].
Right of reply
This page describes Credit Suisse only through its published statements and the public records of the deals listed. Credit Suisse has not yet been invited to comment. Responses and corrections will be recorded here with their date. On register pages, [MS] marks a claim that rests only on the institution’s own statement or on statements by parties to the same deal.
In the register
The register follows instruments whose terms depend on a verified ecological outcome, the broad family of the performance-based bond. The register index explains its tiers, roles and claim tags.
| Deal | Year | Family | Role | Amount | Claim |
|---|---|---|---|---|---|
| World Bank Wildlife Conservation Bond (Rhino Bond) | 2022 | Outcome-linked bond | Sole structurer, joint bookrunner | US$150m issue | [MS] |
| Belize Blue Bond | 2021 | Debt-for-nature conversion | Arranger, full financing, syndication | US$364m Blue Loan | [MS] |
| Barbados Blue Bonds conversion | 2022 | Debt-for-nature conversion | Global lead arranger | About US$150m | [IC] |
| Galápagos Marine Bond (Ecuador) | 2023 | Debt-for-nature conversion | Arranger | US$656m | [IC] |
After UBS absorbed Credit Suisse in 2023, UBS joined the arranging consortium for Barbados’s 2024 climate-resilience conversion and was later reported to have reduced its role [MS]. Ramzi Issa, who reworked the swap structure at Credit Suisse in 2021, left UBS and founded Enosis Capital, which advised Ecuador on its 2024 Amazon conversion [IC]. Several banks were reported exploring the market after Credit Suisse’s collapse, among them Citi, HSBC, Standard Chartered and Goldman Sachs [MS].
Related
- Nature Performance Bond Investor Register
- Legal & General
- Nuveen
- US International Development Finance Corporation
- Inter-American Development Bank
- Bank of America
References
- World Bank, “Investors join landmark Wildlife Conservation Bond” (31 March 2022)
- The Nature Conservancy, Belize debt conversion case study
- The Nature Conservancy, Barbados Blue Bonds debt conversion
- Swissinfo/Bloomberg, UBS moves into debt swap market
- Pew Bertarelli Ocean Legacy, Galápagos brief
- Bloomberg reprint, UBS banker behind debt-for-nature swaps sets up credit fund
- Bank of America, Ecuador selects Bank of America for debt conversion (December 2024)
- American Banker, Citi eyes debt swaps once dominated by Credit Suisse
- BNN Bloomberg, StanChart joins banks eyeing swaps Credit Suisse once dominated
Provenance
Drafted on 15 October 2026 from the research brief Nature performance bond investors.md, compiled the same day from five research strands: outcome-linked and sustainability-linked bonds, environmental impact bonds, debt-for-nature conversions, insurers and reinsurers, and the largest asset managers with their regulatory context. Claim tags follow the brief, which never upgraded a claim without a source and lowered to [MS] any claim a research note had graded [IC] on the strength of a company’s own release. The headquarters country in based_in comes from general knowledge unless a deal record states it, and is to be confirmed. The brief’s search had limits: fund holdings filings, municipal bond disclosures and the Oxford INDIGO and Brookings impact bond databases were not searched, so a deal missing from this page may exist.