Bpifrance : 1rst Defence Bond issuance amounting to €1bn

Bpifrance has launched on 12 November 2025, its first Defence Bond issuance amounting to €1bn maturing on 25t November 2030. This issuance follows the publication in July 2025 of its new General Framework for Bond Issuances in the European Defence sector.

This new framework, which is innovative and pioneering in the bond market, is part of Bpifrance's strengthened support for strategic French companies in the Defence sector, as announced on 20 March 2025.

The transaction received strong support from investors, with a final order book exceeding € 3.8bn.

The proceeds from the bond will be fully utilized to finance or refinance:

• Loans dedicated to Defence sector players through its Def'fi offering: a program specifically designed to finance the unique needs of SMEs that are suppliers to the Defence sector;
• Loans dedicated to strategic companies within the Defence Industrial and Technological Base (BITD);
• Loans dedicated to companies in specialized associations (Gicat, Gifas, Gican);
• Export loans for French companies to European¹ countries supporting Defence activities;
• Expenses incurred by Bpifrance under the "Cybersecurity Defence Diagnostics" program, which aims to help SMEs and ETIs identify digital risks related to their activities.

For more information, access the press release

(1) European countries that are members of the European Union + Ukraine, Montenegro, and the United Kingdom.