LONDON: Bond deals arranged by Credit Suisse and Bank of America Corp (BoA) in connection with debt swaps for emerging market issuers are facing renewed scrutiny, as the International Capital Market Association (ICMA) issues new labelling guidelines.
The bonds were sold over the past few years to finance so-called debt-for-nature swaps, through which sovereigns refinance their debt in exchange for marine conservation pledges. Credit Suisse and BoA labelled the bonds “blue” to reflect those commitments.
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