Euronext will launch mini futures cash-settled on European government bonds, marking a major innovation in the financial derivatives market. Set to debut in September 2025, these contracts will provide additional trading opportunities, tailored for retail and institutional investors. This initiative aligns with Euronext’s strategic vision, leveraging its robust trading ecosystem to strengthen its leadership in European markets.

A major innovation in the financial derivatives market

Euronext is set to launch fixed income derivatives with the introduction of mini futures cash-settled on European government bonds. This marks the most significant innovation in the financial derivatives in recent years.

This offering will enhance accessibility and flexibility to investors, providing them with the necessary granularity for hedging and taking exposure to government bonds.

Leveraging Euronext’s fixed income trading ecosystem

Euronext is leveraging its leading position in the fixed income trading ecosystem to introduce fixed income derivatives. By building on MTS, its institutional bond trading platform, and the retail-focused MOT bond market, Euronext ensures broad appeal and high utility for retail and algorithmic trading communities. 

The first-ever mini futures cash-settled on European government bonds

The first phase of this strategic expansion, planned for September 2025, will see the launch of the first-ever mini futures contracts on the Euronext Derivatives Milan market, with a focus on key European government bonds:

• Italy: 10-year and 30-year BTPs
• France: 10-year OAT
• Germany: 10-year Bund
• Spain: 10-year Bono

An offering tailored for retail and institutional investors

The Euronext mini-bonds futures offer key advantages:

• Mini-sized contracts provide accessibility and flexibility to a broader range of market participants
• Euronext’s Optiq^® state-of-the art trading platform offers high performance and low latency
• Liquidity is guaranteed by dedicated market makers committed to provide liquidity on a continuous basis
• Euronext Clearing provides robust risk management capabilities with an efficient risk model
• Trading execution is enhanced thanks to advanced colocation services and Euronext’s fully integrated market infrastructure

Aligned with Euronext’s strategic vision

This initiative aligns with Euronext’s ‘Innovate for Growth 2027’ strategic plan, which focuses on leveraging the group's comprehensive trading value chain to develop innovative products that meet evolving market demands. By introducing this suite of derivatives, Euronext further cements its leading position in the European financial markets, delivering unparalleled value to its clients.

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In the first quarter of 2025, A2A, Île-de-France Mobilités, and ABN AMRO listed, on Euronext, the first green bonds under the new European Green Bond Standard.

New green bond standards issued by the European Commission  

As the leading debt listing venue worldwide, Euronext has cemented its leadership in sustainable finance by supporting the use of the EU Green Bond Standard, which came into force on 21 December 2024. This framework, aligned with the European Taxonomy for sustainable activities, ensures greater transparency and credibility for green bond issuances. 

The EU Green Bond Standard guarantees full transparency both before and after the issuance, as well as enhanced oversight of operations. The European Securities and Markets Authority (ESMA) is responsible for overseeing the certifiers, providing assessments on these products. 

For investors, it provides trust and credibility, ensuring that proceeds are allocated to genuinely sustainable projects aligned with the European Taxonomy, thereby reducing the risk of greenwashing and enhancing long-term confidence in sustainable finance. 

Opening doors for future green bond issuers  

The Italian utility group A2A issued a € 500 million EU Green Bond, Île-de-France Mobilités, the French public transport company, listed a €1 billion EU Green Bond, while one of the leading Dutch banking groups, ABN AMRO, listed a  €750 million EU Green Bond. These represented the inaugural EU Green Bonds for Euronext. The transactions were oversubscribed and were extremely successful with international investors, while also setting new standards in sustainable finance.

A2A

€500 million issuance to support renewable energy projects, including transmission and distribution networks, as well as pollution prevention initiatives. 

Luca Moroni, CFO of A2A, said: “This issuance confirms A2A’s position as a reference institution in the development of sustainable finance instruments. This new product, together with the ESG instruments already adopted by the Group, supports the path towards ecological transition through investments aligned with the European Taxonomy, as detailed in the Strategic Plan. Furthermore, with this transaction, A2A becomes the first Italian corporate issuer to launch a bond under the EMTN Programme approved by the Italian authority. This issuance further strengthens the existing connection between financial and sustainability strategy, bringing us closer to the target of 90% sustainable financing sources by 2030”. 

Île-de-France Mobilités

€1 billion issuance to finance, in particular, the renewal and renovation of electric rolling stock (trains, metro systems, tram-trains, trams) and electric bikes, as well as the development of associated infrastructure. 

Valérie Pécresse, President of the Île-de-France region, chair of Île-de-France Mobilités, said: “Revolutionising transport in Île-de-France has been my top priority. To this end, we have launched an unparallelled programme to renovate and modernise one of the largest transport networks in the world. The transport system in Île-de-France must play a leading role in tackling the climate challenge, establishing itself as a benchmark for decarbonised mobility by 2030. Being the first public issuer in the world to launch a €1 billion  green bond under the EU Green Bond Standard is both a proud achievement and a testament to the strength of our vision.”

ABN AMRO

€750 million issuance to be allocated to green buildings and renewable energy projects.
Ruud Jaegers, head of Long-term Funding & Capital Issuance of ABN AMRO’s Treasury, said: “ABN AMRO was 10 years ago the first bank to issue a green bond in EUR. Several weeks ago, we set a new milestone in our green bond journey as the first financial institution to issue a European Green Bond under the new European Green Bond Standard. We allocate the proceeds of these EU Green Bonds in full to EU Taxonomy aligned assets and allow our investors to invest in energy efficiency through Dutch residential mortgages and renewable energy projects (wind & solar). With our focus on green bonds, we align our funding activities to ABN AMRO’s strategy and focus on sustainability and contribute to the transition. Let’s hope this European Green Bond is one of many more to come.” 
 

Euronext’s sustainable finance commitment 

Maurizio Pastore, Group Head of Bond and Funds listing, said: “We are extremely proud to have facilitated the listing of these three landmark EU Green Bonds. We are grateful to A2A, Île-de-France Mobilités, and ABN AMRO for their renewed support to the sustainability agenda. We are certain that these new EU Green Bonds will encourage other issuers to follow their example. With these three listings, Euronext strengthens its commitment to driving the sustainable transition and further solidifies its position as the world’s leading venue for sustainable bonds, with more than 600 ESG bonds listings in 2024.”

For more information, please reach out to our debt listing team:

• Paul Andrews, VP - Business Development, Debt Listings (Nordics, Benelux and Turkey), pandrews@euronext.com
• Yann Kerhoas, Debt Listing Product Manager, ykerhoas@euronext.com
• Anna Marucci, Head of Debt and Funds Listing Italy, amarucci@euronext.com
• Valerie O’Flaherty, Head of Ireland and UK Debt Listing, voflaherty@euronext.com
• Maurizio Pastore, Group Head of Debt and Funds Listing, mpastore@euronext.com
• Pablo Perez Orive, Business Development Manager Debt & Equity Listing Spain, pperezorive@euronext.com

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