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Boutique funds led by former Credit Suisse bankers are making significant strides in the niche market of debt-for-nature swaps, recently advising on major deals for El Salvador and Ecuador. With the market projected to expand from $4 billion to $100 billion, these firms are positioning themselves against major banks like JPMorgan and Bank of America, which are also entering this complex, bespoke financial arena aimed at refinancing debt while funding environmental projects.
Ramzi Issa, a former UBS banker known for pioneering debt-for-nature swaps, has launched Enosis Capital, a Delaware-based credit fund, following his departure from UBS in October. The firm aims to focus on debt conversions and impact-focused transactions, leveraging Issa's expertise in the growing market for such deals. Recent participants in debt swaps include JPMorgan Chase, Bank of America, and Standard Chartered, with countries like El Salvador, Barbados, and Ecuador securing agreements.
Ramzi Issa, a former senior banker at UBS Group AG known for pioneering debt-for-nature swaps, has launched a new credit fund named Enosis Capital, based in Delaware. The firm, established in November, currently has a small team of about three people as interest in such financial deals grows.
Ramzi Issa, a former senior banker at UBS Group AG known for pioneering debt-for-nature swaps, has launched a new credit fund named Enosis Capital, based in Delaware. The firm, established in November, currently has a small team of about three people as interest in such financial deals grows.
UBS Group AG's involvement in a $300 million debt swap for Barbados diminished after the departure of senior banker Ramzi Issa, who had specialized in such transactions. The deal, aimed at refinancing local debt to fund improvements in water and sewage systems, is now being reconsidered with UBS exploring a smaller $50 million role. The transaction, backed by two multilateral lenders, focuses on local-currency debt, limiting its appeal to global banks.
UBS Group AG's involvement in a $300 million debt swap for Barbados diminished after the departure of senior banker Ramzi Issa, who had specialized in such transactions. The deal, aimed at refinancing local debt to fund improvements in water and sewage systems, is now being reconsidered with a potential smaller role for UBS in the new year. The transaction, backed by two multilateral lenders, focuses on local-currency debt, limiting its appeal to global banks.
A senior banker at UBS Group AG, Ramzi Issa, known for pioneering debt-for-nature swaps, has left the firm. He previously served as global head of credit investor products structuring at Credit Suisse before taking on the role of head of global structured credit and sustainable credit products at UBS a year ago.
Ramzi Issa
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