They do, as do TR swaps. They may not be advantageous for tax reasons.

For example, at one point, trading equities via swaps carrier a tax benefit to the end user, at no significant cost to the bank arranging this. Lots of institutions used that for trading. But later, the tax advantage was lost, while banks were forced to treat these swaps as a proper credit liability, thus depleting the pool of available capital. So people stopped doing this.

This is about 10 years outdated so I'm not sure what status quo is, but as a hack, this definitely exists in the US.