Antonio Navarro, a former Credit Suisse banker who’s now a managing partner specialized in such deals at boutique credit fund ArtCap Strategies, says the gains gripping emerging-market debt mean that “a lot” of the deals initiated in the past year are now being reconsidered, and in some cases have been put “on hold.”

Under the plan, the Bahamas will invest in protecting its marine environment, which will form the basis of carbon credits to be sold under Article 6 of the Paris Agreement. ArtCap Strategies is providing a $25 million facility to help kickstart the Bahamas Sovereign Carbon Facility, which is seeking to mobilize up to $1 billion of financing within the next 12 months, said Antonio Navarro, a managing partner at the firm, in an emailed reply to questions.