PRESS RELEASE
19 January 2026

Arendt & Medernach Advises On Luxembourg’s Inaugural Defence Bonds Issuance

AM
Arendt & Medernach

Contributor

About Arendt

Arendt combines the entire value chain of services dedicated to Asset Managers, Banks, Insurers, Public Institutions and Private Clients operating in Luxembourg.

-Legal & Tax
-Regulatory & Consulting
-Investor Services

Legal & Tax

We assist clients in structuring and running their business from a legal and tax standpoint across Luxembourg. Our teams directly serve international clients or work in close collaboration with foreign partner law firms.

Together with our regulatory consultants and investor services experts, we bridge the gap between legal/tax advice and its implementation. We deliver best-in-class services along our clients’ business life cycles.

The 450 legal experts of Arendt & Medernach have a wealth of experience in a wide variety of specialisations. Together, they are able to advise on a complete range of 15 complementary practice areas

Arendt & Medernach acted as legal adviser to the joint lead managers — Banque et Caisse d’Épargne de l’État, Luxembourg, Banque Internationale à Luxembourg S.A. and BGL BNP Paribas...
Luxembourg

Arendt & Medernach acted as legal adviser to the joint lead managers — Banque et Caisse d'Épargne de l'État, Luxembourg, Banque Internationale à Luxembourg S.A. and BGL BNP Paribas — and the co-managers Banque Raiffeisen and Banque de Luxembourg on the inaugural EUR 150,000,000 Defence Bonds issuance by the Grand Duchy of Luxembourg.

This transaction marks a historic milestone as the first public offering under Luxembourg's newly established Defence Bond Framework and introduces a distinctive feature as the issuance is initially exclusively offered to retail investors, setting it apart from previous sovereign bond offerings traditionally reserved for institutional investors.

Arendt supported the banks and the State Treasury throughout the process by structuring and coordinating the transaction and investor information documentation and ensuring compliance with Luxembourg law requirements. The Defence Bonds are unsubordinated, unsecured debt securities with a fixed annual interest rate of 2.25%, maturing on 5 February 2029 and listed on the Luxembourg Stock Exchange.

Further information on the Defence Bonds is available at defencebond.public.lu

Contributor

About Arendt

Arendt combines the entire value chain of services dedicated to Asset Managers, Banks, Insurers, Public Institutions and Private Clients operating in Luxembourg.

-Legal & Tax
-Regulatory & Consulting
-Investor Services

Legal & Tax

We assist clients in structuring and running their business from a legal and tax standpoint across Luxembourg. Our teams directly serve international clients or work in close collaboration with foreign partner law firms.

Together with our regulatory consultants and investor services experts, we bridge the gap between legal/tax advice and its implementation. We deliver best-in-class services along our clients’ business life cycles.

The 450 legal experts of Arendt & Medernach have a wealth of experience in a wide variety of specialisations. Together, they are able to advise on a complete range of 15 complementary practice areas

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