Clifford Chance advises Bpifrance on inaugural €1 billion European Defence Bonds issue

"Clifford Chance advised Bpifrance on its inaugural €1 billion European Defence Bonds issuance due 25 November 2030. The bond follows Bpifrance's July 2025 European Defence Bond Framework and is eligible for the Euronext European Defence Bond Label. The transaction attracted a final order book exceeding €3.8 billion."

Clifford Chance advised Bpifrance on the transaction. Bpifrance launched on 12 November 2025 its first issuance of European Defence Bonds, raising a total of €1 billion with a maturity date of 25 November 2030. This issuance follows the publication in July 2025 of the new Bpifrance European Defence Bond Framework. The framework is presented as a new and pioneering approach in the bond market and forms part of Bpifrance's reinforced support for French strategic companies in the defence sector. The issuance is eligible for the Euronext European Defence Bond Label. The transaction received strong investor support, closing with a final order book of more than €3.8 billion. Clifford Chance represented Bpifrance with a team composed by: Jonathan Lewis, partner; Sophie Guilhem-Ducléon, senior counsel; Jessica Hadid, senior lawyer; Mathilde Drilleau, lawyer.

Clifford Chance advises Bpifrance on inaugural €1 billion European Defence Bonds issue

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