Clifford Chance advises Bpifrance on its inaugural issue of European Defence Bonds in an aggregate amount of 1 billion euros

Bpifrance has launched on November 12, 2025, its first defence bond issuance amounting to 1 billion euros, maturing on 25th November 2030.

This issuance follows the publication in July 2025 of the Bpifrance European Defence Bond Framework. This new framework, which is innovative and pioneering in the bond market, forms part of Bpifrance’s strengthened support for strategic French companies in the defence sector. The issue qualified for the Euronext European Defence Bond Label.

This transaction received strong support from investors, with a final order book exceeding € 3.8 billion euros.

Clifford Chance advised Bpifrance on this transaction with a team comprising in Paris Jonathan Lewis, partner, Sophie Guilhem-Ducléon, senior counsel, Jessica Hadid, senior associate, and Mathilde Drilleau, associate.