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