Clifford Chance advised Bpifrance on adapting its debt issuance programme to permit the issuance of European Defence Bonds under the new “Bpifrance European Defence Bond Framework”

Clifford Chance advised Bpifrance on adapting its debt issuance programme to permit the issuance of European Defence Bonds under the new “Bpifrance European Defence Bond Framework”.

The Bpifrance European Defence Bond Framework is the first bond framework which permits a financial institution to dedicate the proceeds of bond issues to finance the European defence sector.

This pioneering initiative in the bond market aims to permit Bpifrance to support strategic companies within the Defence Industrial and Technological Base (BITD) in France and across Europe. It will enable Bpifrance to mobilise targeted financing—particularly through its Def’fi programme—in favour of SMEs, mid-caps, and other key industry players, including members of professional associations such as GICAT, GIFAS and GICAN.

The first bond issuance under this new framework is expected in September 2025. The proceeds will be exclusively allocated to eligible defence-related projects, in accordance with strict traceability and transparency criteria.

The Clifford Chance team was composed of Jonathan Lewis, partner, Sophie Guilhem-Ducléon, senior counsel, Jessica Hadid and Mathilde Drilleau, associates.