As Europe continues to respond to geopolitical uncertainties and global market shifts, security and resilience has risen in Europe’s priorities. Strategic autonomy has evolved from a policy goal into a long term investment imperative. Financing aerospace and defence represents a critical step in Europe’s journey toward strategic sovereignty. Euronext is supporting this momentum with tailored capital markets solutions designed to strengthen financing pathways, enhance investor access and reinforce the role of European companies at the heart of this critical industry.  

Advancing Europe’s strategic autonomy 

In May 2025, Euronext announced the launch of a suite of initiatives focused on the 'new ESG', energy, security and geostrategy. This approach is made to reinforce Europe’s strategic autonomy by channelling capital towards companies and projects that strengthen Europe’s independence in the defence and aerospace sectors. 

Central to these efforts is the introduction of a series of thematic indices, including the Euronext European Aerospace & Defence Index, designed to give institutional and retail investors targeted exposure to the innovators and leaders shaping Europe’s aerospace and defence industry. These indices complement Euronext’s established ESG frameworks, aligning with investors’ growing appetite for exposure to sectors critical to Europe’s resilience. 

Tailored financing solutions for aerospace and defence 

Recognising the urgent need for aerospace and defence companies to invest in innovation and capacity expansion, Euronext is deploying financing solutions to support their growth trajectories. The upcoming European Aerospace and Defence Growth Hub, powered by ELITE, will provide a dedicated platform to foster supplier development, facilitate access to capital and enhance managerial capabilities across Europe’s supply chain. 

Additionally, the recently concluded European Funding Days, which took place from 7-8 July 2025, offered entrepreneurs and investors the opportunity to engage, share knowledge and explore diverse financing options spanning debt, equity, private and public capital.  

Looking ahead, the IPOready Defence programme, launching later in 2025 and supported by the European Union and the European Investment Bank, will equip aerospace and defence companies with comprehensive guidance on preparing for public listings. 

Supporting debt issuance through European defence bonds 

Euronext also reinforces its leadership in bond listings with the establishment of a dedicated European Defence Bond Segment. This initiative streamlines the admission process and enhances transparency and liquidity for retail and institutional investors aiming to support Europe’s defence financing needs through debt instruments. 

Fostering employee engagement in local military reserves 

As part of its commitment to European sovereignty, Euronext is facilitating employee participation in national military reserves across the Group’s locations by ensuring salary continuation and social benefits during reservist training. This initiative underscores Euronext’s broader dedication to supporting Europe’s defence ecosystem not only financially but also through social responsibility. 

A commitment to core ESG values alongside strategic autonomy 

While the ‘new ESG’ initiatives highlight Euronext’s role in strengthening Europe’s strategic autonomy, it is important to affirm that these efforts complement, not replace, our longstanding commitment to core ESG principles. Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, emphasised: “It is clearly by strengthening Europe’s strategic autonomy that we will enable European countries and companies to follow their ESG roadmaps in the long term.” 

Euronext’s foundational sustainability strategy remains steadfast, driven by ambitious science-based climate targets, a growing portfolio of ESG products and active engagement with stakeholders to advance transparency and responsible investment. Our approach encompasses: 

• Setting Net Zero targets ahead of 2027 

• Embedding sustainability into all operations 

• Expanding ESG product offerings including bonds, indices and advisory services 

• Promoting diversity and inclusion as catalysts for growth 

• Supporting communities through the Euronext Foundation’s initiatives on financial literacy, diversity and inclusion in finance and marine resources. 

Together, these complementary paths ensure that Europe’s transition to a sustainable and resilient economy is supported by strong, innovative and autonomous strategic sectors. Learn more about how Euronext is shaping capital markets for future generations with our commitment to empowering sustainable growth.  

Read on for more information on these initiatives and upcoming programmes.

Everything you need to know about listing debt: From documentation and fees to approval timelines and market access, this Q&A covers the key questions debt issuers often ask when navigating the listing process.

Q1: What makes Euronext the leading venue for debt listings in Europe?

A: With over 57,000 bonds listed across its regulated markets and MTFs, Euronext is the largest venue worldwide for debt and fund listings, serving as a major platform for issuers from across the globe.

Q2: What benefits can issuers expect when listing debt on Euronext?

A: Euronext offers an efficient, transparent and flexible listing environment tailored to issuer needs. Key advantages include:

• A streamlined listing process across different jurisdictions

• Clear and competitive fee structures

• EU passporting, enabling cross-border access

• Straightforward documentation requirements

• Fast review timelines

• Direct advisor support

• Proactive engagement with regulators to ease the listing journey

Q3: How quick is the bond listing process on Euronext?

A: The listing process on Euronext is designed to be clear and efficient:

• For the Regulated Market, approvals usually take two to six business days, and the approval process is conducted in parallel with the relevant national competent authority (NCA). 

• On our MTFs, turnaround times typically range from one to three business days, though this may vary slightly between jurisdictions.

To support issuers and advisors, Euronext provides access to the MyEuronext Portal, a secure digital platform for submitting documents, tracking progress and communicating directly with the Listings team, depending on the product. 

Q4: Is a prospectus required for every bond issuance on Euronext?

A: The requirement to file a prospectus depends on the market segment.

• Regulated Market: Requires a full EU Prospectus approved by the relevant national authority (e.g. CBI for Dublin listings).

• GEM (Global Exchange Market): No EU Prospectus is required. Listing Particulars governed by Euronext rules provide investor transparency.

• Growth: Disclosure requirements are lighter than the Regulated Market. Prospectus may not be required depending on the type and structure of the bond.

• Access: No EU Prospectus is required. Tailored for smaller or private placements with minimal documentation, subject to local venue rules.

Q5: Can debt instruments be listed across multiple Euronext locations like Dublin, Paris, or Milan?

A:Yes. Euronext enables cross-jurisdictional listings across all its markets. While some local requirements (e.g. fees or formatting) may vary, issuers can choose the listing venue that best supports their issuance strategy.

Q6: What is the GEM market, and why do international issuers use it?

A: The Global Exchange Market (GEM), operated by Euronext Dublin, is the leading Exchange-Regulated Market across Europe, with over 30,000 debt securities listed. As a Multilateral Trading Facility (MTF), GEM offers fast-track approval processes, flexible documentation requirements and an efficient route to market, making it particularly attractive for international issuers, including those listing CLOs, ABS and other structured debt. 

GEM is also internationally recognised by investors for its transparency and credibility, as well as by authorities for its status as a recognised stock exchange, supporting eligibility for regulatory and tax-related benefits in various jurisdictions.

Q7: What type of investor access can I expect from listing on Euronext?

A: Listing on Euronext can help improve visibility with both institutional and retail investors. Depending on the market segment and instrument type, certain listings may also qualify for tax benefits such as withholding tax exemptions, further enhancing their appeal to investors.

Q8: What’s the difference between a Regulated Market and an MTF on Euronext?

A: The key distinction lies in the level of regulation and who approves the listing documentation:

• The Regulated Market require a full EU Prospectus, approved by a National Competent Authority (“NCA”) under the Prospectus Regulations (e.g. the Central Bank of Ireland). Once approved, this prospectus can be passported across the EU, allowing for public offerings and listings in multiple jurisdictions.

• A MTF (Multilateral Trading Facility) operates under MiFID rules, where Euronext itself is the regulated entity. Listing documentation is reviewed and approved by Euronext under its own rulebook, without requiring an NCA-approved EU Prospectus and the publication is an option of the issuer.

Q9: Which Euronext market should I consider for my debt issuance?

A: It depends on the type of issuance, regulatory needs and target investors. Euronext offers four complementary debt listing venues: :

• Regulated Market: For large or retail-facing issuances requiring a full EU Prospectus, with the benefits of MiFID II passporting and wider investor access across the EU.

• GEM (Global Exchange Market): An MTF tailored for high-frequency issuers, large established companies, and SPVs. It offers fast review times, competitive fees and access to a broad pool of liquidity from both institutional and retail investors. No EU Prospectus is required, making it ideal for wholesale or institutional-only offerings.

• Euronext Growth: A flexible MTF with streamlined approval and disclosure processes. Frequently used for private placements or institutional issuances, it also benefits from a strong investor community focused on SMEs and scale-ups, including both institutional and retail participants.

• Euronext Access: A simple and accessible market with minimal listing requirements. Often used for private placements, commercial paper, convertible bonds, and other tailored transactions. It’s a practical first step into capital markets for start-ups, SMEs, or issuers looking to access to market on an ad hoc basis.

Q10: How can the market also serve as a funding tool, particularly through mechanism like direct listing and direct distribution to investors?

A: Beyond providing visibility, liquidity and price discovery, Euronext markets can be a powerful tool for funding when issuers and their advisors leverage direct listing or distribution models, by reaching a wider investor base in a streamlined way. The orders collected in the market are automatically settled and there is continuity between primary and secondary markets, improving liquidity of the instruments.

Want to learn more?

Visit our bond listing webpage and get in touch with the Euronext team.

Learn more about our bond listing process

Capital markets are playing a growing role in defence financing, with European companies increasingly turning to bond issuance to support a wide range of defence-related projects, from aerospace and defence systems to dual-use innovation.

Investor interest in the sector is accelerating, reflecting a shift in the perception of defence to be seen as a contributor to long-term stability and innovation. As the geopolitical landscape evolves, institutional investors are increasingly seeking efficient access to global capital, supported by transparency, visibility and credible frameworks for responsible financing. 

Over the past year, defence companies across Europe have significantly increased their activity in the bond market. More than €7 billion has been raised by key players, including: 

• Airbus

• Safran

• Thales

• Kongsberg Gruppen ASA

• Leonardo 

More than 15 defence-related bonds are now listed on European markets, offering institutional investors direct exposure to companies advancing Europe’s defence capabilities. This signals the emergence of defence-linked bonds as a recognised and growing segment of the European capital markets. 

How Euronext supports defence bond issuers 

As Europe’s leading venue for bond listings, Euronext supports defence-linked issuers with transparent and efficient access to capital markets. Issuers have access to: 

• A fast-track admission process 

• Competitive and transparent listing fees

• High visibility with international institutional investors 

• A dedicated directory of European defence bonds on Euronext Live 

With over 57,000 bonds listed, and a growing number of European defence companies already active, Euronext provides a trusted and visible platform to support the financing of strategic projects across Europe.  

Clarity, credibility and capital: introducing the European Defence Bond Label

To strengthen investor confidence and promote responsible capital raising in the defence space, a voluntary labelling and classification framework is being introduced: the European Defence Bond Label. This market-driven initiative helps investors identify bonds aligned with Europe’s defence, security and strategic autonomy priorities, and supports fast-track admission to Euronext markets.

The European Defence Bond Label will signal a strong commitment to strategic alignment, responsible use of proceeds, and transparent communication with market participants. As defence financing scales up, it represents a significant step in connecting capital markets with Europe’s long-term security and industrial objectives.

Who can issue bonds under the European Defence Bond Label?

• Corporates headquartered or deriving more than 50% of their revenue/CAPEX/OPEX/payroll in the EU, EEA, UK, Ukraine or other EU partner states

• Financial institutions licensed in the EU, EEA, UK, Ukraine or other EU partner states

• Sovereigns & supranationals with a European mandate.

What can Defence Bonds finance?

• At least 85% of net proceeds of bonds labelled as European Defence Bonds must finance defence, security or qualifying dual-use projects located in Europe, or directly benefitting Europe

• Examples include R&D, manufacture or upgrade of military platforms; cyber-defence; space-based ISR; critical infrastructure and logistics; supply-chain security

• Up to 15% of net proceeds may support other activities that do not contradict EU strategic objectives.

What is excluded from the European Defence Bond Label?

• Any involvement in chemical, biological or other weapons banned under international treaties; cluster munitions; non-NPT nuclear weapons

• Entities under EU sanctions or operating in embargoed jurisdictions

• Projects that breach International Humanitarian Law or materially conflict with EU foreign-policy interests.

How can issuers get the European Defence Bond Label?

1. Self-declaration at listing confirming eligibility & use-of-proceeds alignment.

2. Fast-track listing on Euronext markets; no second-party opinion involved.

3. Annual re-affirmation: failure triggers suspension or withdrawal of the label.

Governance & evolution

Euronext administers the European Defence Bond Label. It maintains a public register of labelled bonds and consults market stakeholders for periodic updates. Revisions will track forthcoming EU initiatives such as the European Defence Industrial Strategy and EDIP.

Why have a European Defence Bond Label?

• Issuers gain quicker market access, a clear signalling tool and potential future regulatory incentives.

• Investors benefit from a transparent, comparable framework in a sector where data is scarce.

• Europe accelerates capital formation for critical defence capabilities while safeguarding ethical and legal standards.

Want to learn more?

Visit our dedicated webpage and contact the Euronext team: 

Visit our European Defence Bond page

Download our Defence Bond Carousel

As investor demand for Shariah-compliant finance continues to grow, the Sukuk market is gaining strong momentum, driven by increased sovereign and corporate activity, broader sustainability objectives, and deepening liquidity in Islamic financial markets. 

Today, Sukuk issuers are looking for venues that offer efficient access to global capital, backed by robust regulatory support and market infrastructure. A streamlined listing process, transparency and visibility to international investors are key to enabling successful issuance.

Over the past decade, the Sukuk market has expanded to include a broader issuer base. From sovereigns and multilateral institutions to corporates in sectors such as real estate, aviation and energy.

Recent listings on Euronext reflect this diversification: 

• Islamic Development Bank – $2 billion (May 2024)

• Aercap – $500 million (October 2024)

• Aldar Investment Properties LLC – $500 million (May 2024) 

• Islamic Corporation for the Development of the Private Sector – $500 million (February 2024) 

Additionally, sustainable and ESG-linked Sukuk have emerged as a powerful tool to align Islamic finance with climate goals and responsible investment practices. Since 2019, Green Sukuk listings have increased by over 340%, driven by both issuer ambition and investor appetite. Institutions such as the Islamic Development Bank, Dubai Islamic Bank and Emirates Islamic Bank have all issued ESG Sukuk in recent years, raising significant volumes for impact-driven initiatives. 

How Euronext supports Sukuk issuers

With over 120 Sukuk listed by over 50 issuers, and more than €190 billion raised, Euronext Dublin has become a leading venue for Shariah-compliant issuers seeking access to international capital markets.

Euronext offers:

• Fast-track, efficient listing process

• Direct engagement with regulatory and listing experts

• Reduced disclosure requirements for qualifying issuers

• No extra documentation or ongoing obligations

• Passporting options across EU jurisdictions

• Transparent and competitive fees

Our platform is designed to provide clarity, certainty and speed, enabling issuers to meet market windows and investor demand without unnecessary administrative burden.

Euronext remains committed to supporting the Islamic finance ecosystem, and would be happy to discuss this further, should you have any questions.

Want to learn more?

Visit our dedicated webpage and get in touch with the Euronext team.

Visit our SUKUK BOND Page

Download the SUKUK brochure