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

The first half of 2025 has seen record activity in debt listings across all Euronext markets. More than 7,400 new bonds were listed, raising over €2.1 trillion in capital. This strong performance reflects high issuance volumes across all jurisdictions, supported by a broad and diverse base of issuers including financial institutions, corporates, sovereigns and supranational entities.

Euronext also reinforced its global leadership in sustainable finance, with over 330 ESG bonds listed in H1 2025 alone, raising more than €130 billion. Since 2021, nearly half of the funds raised through ESG bond issuances have come from bonds listed on Euronext.

This strong momentum is underpinned by three key drivers:

1. A more favourable interest rate environment
   Successive rate cuts by the European Central Bank have significantly lowered the cost of capital, encouraging issuers to come to market and secure funding on improved terms.

2. Ongoing refinancing needs
   Issuers across sectors have returned to the market to refinance upcoming maturities, lock in lower borrowing costs, or optimise their capital structures.

3. Euronext’s continued support for issuers
   Our teams have worked closely with market participants to streamline the listing process, enable seamless cross-border execution, and provide enhanced visibility, flexibility and responsiveness to meet evolving issuer needs.

Issuers have been well received by the market. Most transactions were significantly oversubscribed, reflecting strong investor demand and constructive secondary market conditions. This environment supported smooth execution and, in many cases, pricing inside initial guidance.

Spotlight on key issuances in H1 2025

The breadth of activity across Euronext’s locations is reflected in several landmark transactions:

• A2A raised €500 million through the first EU Green Bond ever, listed on Euronext Milan (MOT) to support renewable energy projects, including transmission and distribution networks, as well as pollution prevention initiatives.

• Île-de-France Mobilités raised €1 billion through the first EU Green Bond ever issued by a public entity, listed on Euronext Paris. The bond will support the development of a carbon-free transport network for the greater Paris region — a milestone for public sector sustainable finance.

• ABN AMRO issued a €750 million EU Green Bond, the first of its kind from a financial institution, listed on Euronext Amsterdam. The transaction aligns with the European Union’s new green bond standard and attracted strong ESG-focused demand.

• Unibail-Rodamco-Westfield listed a €815 million perpetual hybrid bond on Euronext Paris, with a 4.875 coupon and around €2.5 billion in demand. The structure supports liability management and capital optimisation for one of Europe’s largest real estate groups. 

• Neste Corporation, a global leader in renewable fuels, issued a €700 million Green Bond listed on Euronext Dublin. Proceeds will finance projects turning waste and raw materials into renewable energy sources and recyclable feedstocks.

• INWIT, Italy’s largest telecommunications infrastructure operator, raised €750 million through a 5-year bond listed on Euronext Milan (MOT). The issuance supports innovation and digitalisation – a reflection of growing demand for connectivity infrastructure financing.

View full list of bond listings

Market trends and outlook for H2 2025

The outlook for the second half of 2025 remains positive, with a healthy pipeline and strong issuer engagement across sectors. Key trends include:

• Sustained bank issuance
  Bank bond activity remains a cornerstone of overall market volumes. While H2 issuance is expected to moderate slightly from the exceptional levels seen in H1, financial institutions continue to benefit from tight spreads and solid demand for structured formats.

• Accelerating corporate bond activity
  Corporate issuance is outpacing early-year expectations. The robust pipeline expected in Q2 fully materialised and momentum is continuing into H2. Drivers include lower rates, refinancing needs, and increased activity from US-based corporates issuing euro-denominated bonds ("reverse Yankees") in response to domestic market volatility.

• Stable sovereign and supranational volumes
  Issuance by sovereigns and supranational entities remains elevated, in line with forecasts. Ongoing fiscal needs and EU-level funding programmes continue to support activity – particularly in areas such as energy transition, economic resilience and defence.

Overall, while macroeconomic and geopolitical uncertainty may introduce some volatility, Euronext expects continued debt listing momentum in the second half of the year.

Want to learn more?

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

Learn more about our bond listing process

Euronext Single Stock and CAC 40 Index Options off to a strong start in Q1 2025

Euronext’s financial derivatives markets continued to demonstrate robust growth in Q1 2025, particularly in Single Stock Options trading. Volumes rose to 22 million contracts, marking a 23% increase year to date, and building on the strong gains seen in 2024.

This sustained momentum was powered by strong performances across key markets -  Paris, Amsterdam, and Milan - each contributing to the dynamic and balanced growth of Euronext’s pan-European options offering. Euronext Paris led the way with a notable surge in volumes, while Euronext Amsterdam and Euronext Milan posted steady gains, confirming a renewed appetite for equity derivatives among market participants.

In addition, CAC 40 Index Options recorded exceptional growth in Q1 2025, with volumes up by 160.2%. This outstanding performance builds on sustained activity since mid-2024, notably during politically driven peaks in June and July. Growth was further supported by the successful launch of Daily Options on the CAC 40 Index in February 2024.

The analysis below provides a breakdown of activity and rankings per market, highlighting key drivers, sector contributions, and standout performers in Euronext's Single Stock Options volumes for Q1 2025. It also includes record activity in CAC 40 Index Options.

Overall activity overview

In Q1 2025, Single Stock Options volumes reached 22 million contracts, representing a 23% increase year to date. This growth continues the strong upward trend observed in 2024, which recorded an 19% increase compared to 2023.

This growth was largely driven by the Euronext Paris market, which saw a notable 22% increase in traded volumes in Q1 2025 compared to the same period last year. Euronext Amsterdam and Euronext Milan also contributed to the positive trend, with steady increases of 4%, respectively.

Over the last quarter, Euronext Paris accounted for 42% of the activity on Single Stock Options, highlighting its strong performance. Euronext Amsterdam maintained a solid 40% share, while Euronext Milan contributed with a stable 18%, reflecting a well-balanced distribution across the key markets.

Euronext Paris volumes and rankings

In 2024, trading activity in Paris was significantly stimulated by political events and market uncertainty, particularly between June and November. This upward trend continued into Q1 2025, with 8.7 million contracts traded.

The average daily volume increased from 107,100 before June 2024 to 125,300 between June and December 2024, reflecting a 17% rise. June and November notably exhibited significant trading volumes. 

This growth was supported by strong activity across key sectors such as banking, infrastructure, and energy. Notable contributors included STMicroelectronics, which saw a 127% year-on-year increase, followed by Renault (+96%), Stellantis (+81%), Orange (+75%), and Engie (+61%).

Euronext Amsterdam volumes and rankings

The Euronext Amsterdam market is showing encouraging signs of renewed activity, with a clear rebound in recent months. In particular, volumes increased by 38% between Q4 2024 and Q1 2025, returning to levels comparable to early 2024. This positive trend reflects improving market conditions and growing investor engagement.
 

Several key stocks contributed to the strong performance of the Amsterdam market in 2024, including Aegon, which posted an impressive 50% increase, and ASML Holding, up 18% over the year. 

Euronext Milan volumes and rankings

Euronext Milan recorded strong growth in Q1 2025, with Single Stock Options volumes rising by 58% compared to the previous quarter. Activity reached levels comparable to Q1 2024, highlighting renewed engagement in the Italian equity derivatives market. 

CAC 40 Index Options: record activity

Regarding Index Options, the CAC 40 Index Options recorded an outstanding performance in Q1 2025, with volumes surging by an impressive 160%.

Growth continued in March 2025, building on the strong dynamics observed in mid-2024, especially during the politically driven peaks of June and July 2024 and was further supported by the successful launch of Daily Options on the CAC 40 Index last February 2024.

April 2025

Euronext launches Mini Single Stock Options on French and Dutch underlyings building on its strong existing options trading offering, reinforcing its position as the leading European hub.

These new listings complement the standard contracts already available on the Euronext markets and aim to boost retail participation by making options trading more accessible.

Mini Options offer investors a broader range of choices and new hedging opportunities.

Mini Options: small size, greater flexibility and easier access to trading

Mini options are single stock options with a smaller contract size of just 10 shares, compared to 100 shares for standard options. 

They are designed for retail investors looking to gain greater exposure to higher-priced stocks on Euronext or to hedge existing positions with reduced financial commitment and lower risk.     

What are the Mini Options available for trading on Euronext?

• Listed in the Spotlight Options segment to encourage trading participation

• Leveraging Euronext’s Optiq^® platform for high performance and low latency

• Strong risk management via an efficient model powered by Euronext Clearing

• Dedicated market makers ensuring continuous market liquidity

Key benefits of trading Euronext Mini Single Stock Options

Mini stock options offer greater flexibility for investors with a limited risk appetite. Their reduced size provides more control over exposure.

• Lower outlay: mini options require less capital – approximatively one-tenth of what is needed for a standard contract. Investors can trade high-value stocks without needing large upfront investments.  

• Ideal for hedging odd lots: mini options are useful for investors holding odd lots (fewer than 100 shares) of high-priced stocks. They are precise for hedging strategies such as like buying protective puts or writing calls by closely matching the actual number of shares held.

• A valuable tool for limited capital: mini options open access to premium stocks without large financial commitments.

Mini Options. Accessibility Meets Opportunity.  
 

More about Euronext Single Stock Mini Options

Download the factsheet

Visit the webpage on Mini German Options