Clifford Chance Advises Bpifrance on Inaugural €1 Billion European Defence Bonds Issue

"Clifford Chance advised Bpifrance on its inaugural issuance of European Defence Bonds totalling €1 billion, maturing 25 November 2030. The issuance, launched 12 November 2025, follows Bpifrance's July 2025 European Defence Bond Framework, qualified for the Euronext European Defence Bond Label and attracted orders exceeding €3.8 billion."

Clifford Chance advised Bpifrance on its inaugural issuance of European Defence Bonds. Bpifrance launched on 12 November 2025 its first defence bond issuance amounting to €1 billion, maturing on 25 November 2030. This issuance follows the July 2025 publication of the Bpifrance European Defence Bond Framework. The framework, described as 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. The transaction received strong investor support, with a final order book exceeding €3.8 billion. Clifford Chance represented Bpifrance with a team composed by: Jonathan Lewis, partner; Sophie Guilhem-Ducléon, senior counsel; Jessica Hadid, senior associate; and Mathilde Drilleau, associate.

Clifford Chance Advises Bpifrance on Inaugural €1 Billion European Defence Bonds Issue

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