Exail Technologies has become the first corporate issuer to obtain the Euronext European Defence Bond Label (EDBL), following its €500 million undated convertible bond issuance, a landmark transaction that illustrates the growing role of capital markets in strengthening Europe’s defence and technological capabilities.

Empowering growth and innovation

The funds will strengthen Exail Technologies’ financial flexibility and refinance its acquisition of iXblue, a strategic transaction that established Exail as a technological leader in maritime autonomous robotic systems.

As a vertically integrated high-tech defence company specialising in autonomous maritime robotics and navigation systems, Exail is using the bond to accelerate the development of advanced defence technologies and maintain a leading edge in the sector.

This momentum is reinforced by an exciting start of the year for the group, marked by the announcement of two new orders for its DriX H-9 surface drone, underlining the commercial relevance of its technological positioning.

Driving European strategic capabilities

By obtaining the European Defence Bond Label, Exail Technologies demonstrates its commitment to financing projects that strengthen Europe’s defence and security ecosystem and to supporting the long-term development of European strategic capabilities.

The label provides investors with clarity and assurance regarding the use of proceeds, while enabling corporates to access private capital efficiently and positioning Exail as a reference issuer for investors seeking exposure to Europe’s defence, security and advanced technology sectors.

Through the European Defence Bond Label, Euronext is setting a new standard for transparency and purpose in defence financing, and is proud to support companies like Exail Technologies in translating Europe’s strategic ambitions into tangible market impact advancing Europe’s technological sovereignty.

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
 

What is the Euronext Listed Private Equity Index?

The Euronext Listed Private Equity Index provides investors with exposure to the world’s leading private equity firms through their publicly listed shares. Instead of investing directly in early-stage private companies, this index allows investors to participate in the growth of firms that source, fund, and scale the next generation of high-growth businesses across artificial intelligence (AI), technology, industrials, and strategic infrastructure.

Key insights: private equity and the AI revolution

• Early AI access through private equity
  Private equity firms such as KKR, CVC, and EQT are backing major AI innovators like Mistral and Anthropic long before these companies reach public markets, giving investors early exposure to the AI ecosystem.
• Rate cuts accelerate deal flow
  As central banks lower interest rates, private equity firms are deploying capital more rapidly, scaling AI and technology-driven platforms in a more favourable financing environment.

• Strategic industries in focus
  Private equity investment is concentrated in critical sectors including semiconductors, industrial automation, defence, and digital infrastructure, supporting the backbone of future economic growth.

   

How the index works

The Euronext Listed Private Equity Index tracks the performance of publicly traded private equity firms that are actively investing in transformative sectors. These firms are the architects of innovation, deploying billions into industries that shape the future well before public markets catch up. While public investors often focus on mega-cap tech stocks, private equity firms are building the infrastructure and enablers of AI at earlier stages, supporting companies like Mistral (large language models), Anthropic (safe AI), and AI-native industrial platforms.

The impact of rate cuts and market trends

Recent rate-cutting cycles by central banks have reignited mergers and acquisitions activity. With lower financing costs and abundant capital, private equity firms are accelerating acquisitions, carve-outs, and the scaling of growth platforms. This environment is particularly favourable for expanding AI and technology-driven businesses.

Private equity’s role in strategic sectors

Amid geopolitical shifts and rising protectionism, Europe is prioritising investment in critical technologies such as semiconductors, cloud infrastructure, defence, and automation. Private equity firms are key players in this transformation, providing the capital and expertise needed to scale strategic industries and build resilient digital and industrial infrastructure.

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What is the Euronext Listed Autocall Index?

The Euronext Listed Autocall Index tracks the performance of the Euronext Listed Auto-call Market in Milan, providing investors with diversified access to listed structured products. This index captures a representative portfolio of auto-callable notes listed and traded on Euronext Milan, primarily linked to major equity indices. Each eligible note is equally weighted, and the index is rebalanced semi-annually to ensure ongoing relevance and transparency.

Key features of auto-callable products

Auto-callable products are structured notes designed to offer attractive and predictable income through regular coupons and early redemption features. These products can deliver equity-linked returns even when markets are flat or rising modestly, making them appealing for investors seeking enhanced yield in low interest rate environments or during periods of moderate market volatility. Auto-callable notes also provide conditional capital protection and defined risk parameters, with downside protection barriers at maturity that offer greater control and visibility over potential outcomes compared to direct equity investments.

How the index works

The Euronext Listed Autocall Index includes only products that track the performance of liquid benchmarks, ensuring high transparency and liquidity. The index is rebalanced twice a year, and each note is assigned equal weight to avoid concentration risk. This approach allows investors to benefit from a diversified exposure to the auto-callable segment of the structured products market.

Index performance

Why invest in auto-callable products?

Auto-callable products are tailored to suit various market outlooks - bullish, neutral, or moderately bearish. They are designed to pay regular coupons as long as the underlying asset remains above a specified barrier, providing attractive yields even in stagnant markets. This combination of income potential and risk management features makes them particularly suitable for investors seeking predictable returns and capital protection.

The Milan advantage: a leading exchange-traded market

While most auto-callable products are issued over-the-counter (OTC), limiting price transparency and liquidity, Italy stands out as a leading market for exchange-traded auto-callables. Euronext Milan benefits from a favourable regulatory environment and strong retail investor participation, making it one of Europe's most active markets for these products. Currently, over 250 structured notes are listed, primarily linked to index baskets and single stocks. In 2024 alone, turnover exceeded €500 million, with more than €4.8 billion traded on equity basket underlyings.

Leveraging the Euronext structured products platform

The Euronext structured products platform offers efficient pricing and operational solutions, enabling the creation of bespoke structured notes linked to Euronext indices. This flexibility allows for the rapid development of custom indices and tailored structured products to meet evolving market needs.

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