Bpifrance has successfully issued its first bond under the European Defence Bond Label on Euronext, raising €1 billion to support companies across the French and European defence sector. This landmark transaction highlights the bank’s role as a catalyst for financing strategic players in the defence ecosystem, particularly SMEs and mid-caps, while offering investors a unique opportunity to access defence-related assets.

Strengthening Europe’s defence ecosystem

The five-year bond, maturing on 25 November 2030, was priced at 2.75% and attracted strong investor interest, with a final order book of over €3.8 billion from 98 investors. This robust demand, spanning banks, asset managers, central banks and official institutions, reflects confidence in Bpifrance’s expertise and commitment to transparency, accountability, and the defence sector’s strategic importance.

Proceeds from the issuance will fund and refinance loans dedicated to SMEs and strategic companies in the Defence Industrial and Technological Base (BITD), specialised groups such as GICAT, GIFAS and GICAN, as well as export financing for European defence projects.

Pioneering a new market framework

This issuance follows the publication of Bpifrance’s European Defence Bond Framework in July 2025, which sets clear eligibility criteria and ensures full traceability of proceeds, excluding controversial weapons. By applying this methodology, investors can engage confidently with a sector critical to European strategic autonomy.

“The European Defence Bond initiative strengthens the strategic autonomy and competitiveness of the defence industry,” said Nicolas Dufourcq, Chief Executive Officer of Bpifrance. “This milestone reinforces our commitment to supporting innovative companies while focusing on SMEs and mid-caps that are vital to the sector’s value chain.”

Leading by example

By issuing the first European Defence Bond from an SSA, Bpifrance demonstrates how capital markets can mobilise private funding to support defence and security initiatives while maintaining full traceability and accountability. The bank’s approach provides a blueprint for future issuances and highlights the potential for the European Defence Bond Label to scale beyond France, attracting interest across the continent.

Euronext is proud to support issuers like Bpifrance that enable strategic projects, strengthen European defence capabilities, and foster long-term growth and innovation.

Want to learn more?

Visit our dedicated webpage to learn more about the European Defence Bond Label and its role in financing Europe’s defence and security priorities.

Visit our EU Defence Bond page

Euronext is proud to announce the successful completion of its voluntary share exchange offer for all outstanding shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”). This milestone marks the beginning of a new chapter for the Greek capital market, anchoring it at the core of Europe’s largest and most vibrant liquidity pool. It also reaffirms Greece’s role as a prominent contributor within integrated European capital markets.  

A major step forward for European market integration 

With this successful outcome, ATHEX becomes the eighth exchange to join Euronext’s federal model in a significant step forward towards reducing market fragmentation and building a more connected, competitive and efficient European market infrastructure. Greece has long been recognised for its spirit of innovation, entrepreneurship and excellence. By integrating ATHEX within Euronext’s single liquidity pool, that spirit now enters a truly pan-European framework. 

This partnership provides Greece with seamless access to a harmonised framework designed to enhance visibility, deepen liquidity and attract a broader universe of international investors. It reinforces Euronext’s long-standing ambition to strengthen cross-border financing, improve market attractiveness and support the development of a more unified Savings and Investments Union. 

New opportunities for Greek issuers and investors 

ATHEX now joins a network of more than 1,700 listed companies representing over €6.5 trillion in combined market capitalisation, one of the most substantial pools of equity financing worldwide. Greek issuers, investors and intermediaries will benefit from increased liquidity, enhanced execution quality and strengthened market connectivity through the migration of Greek securities to Optiq^®, Euronext’s state-of-the-art trading platform. 

Through Euronext’s harmonised listing framework, Athens becomes a strategic gateway for Southeast European companies seeking access to European capital markets. Greek companies will gain expanded opportunities to engage with European and global investors, including through initiatives such as Euronext’s pre-IPO mentoring programme, IPOready, and through simplified access to debt markets, enabling companies of all sizes to diversify and strengthen their financing sources. 

Advancing post-trade harmonisation in Europe 

A central component of ATHEX’s integration is the progressive extension of Euronext’s unified post-trade model. Euronext intends to expand the reach of Euronext Clearing and strengthen the role of Euronext Securities as a central securities depository of choice across Europe. 

ATHEX’s longstanding expertise through ATHEXCSD and ATHEXCLEAR brings deep technical capability and regional insight to Euronext’s efforts to reduce fragmentation and increase efficiency in post-trade processes. Integrating clearing and settlement activities into Euronext’s harmonised architecture will deliver long-term value to issuers and investors alike by providing standardised services, streamlined operations and enhanced cross-border connectivity. 

Strengthening Europe’s financial future 

ATHEX’s arrival comes at a pivotal moment for Europe’s capital markets. This integration elevates the global visibility of Greek markets, supports the financing needs of the Greek economy and contributes to Europe’s long-term strategic autonomy. The establishment of the Euronext Technology Centre in Athens is a testament to Euronext’s substantial and long-term commitment to Greece, strengthening the country’s role as a strategic hub within the Group’s European infrastructure. Teams across the Group will collaborate closely to ensure a seamless transition and drive the innovation, operational excellence and market development that are at the core of Euronext’s mission. 

This new chapter reflects Euronext’s deep commitment to Greece's talent, enterprises and investors, and reinforces our shared ambition to build an integrated market infrastructure capable of supporting Europe’s future growth and competitiveness. 

Welcome to Euronext, ATHEX Group. We look forward to shaping capital markets for future generations together.