Bpifrance's European Defence Bond Framework and inaugural issuance represent a bold, pioneering approach to use-of-proceeds financing and a milestone in capital markets innovation, with judges commending the mobilisation of capital "to support a very important purpose".

As one of the first dedicated defence use-of-proceeds bonds aligned with emerging European standards, it opens a new channel for institutional investment in a strategically important sector.

Launched in 2025, the framework applies the structuring approach of sustainable finance to defence funding – without labelling it as "green" or "social." Judges highlighted that the structure supports "transparency, innovation...and the long-term strength of Europe's defence industrial base".

The framework spans the full defence value chain, directing proceeds to companies that design, manufacture, and supply critical equipment and services.

Winning the Award for innovation – loan use of proceeds (EMEA), the €1 billion ($1.2 billion) bond will finance or refinance loans to small and medium-sized enterprises (SMEs) active in defence or its supply chain.

SMEs and mid-caps account for nearly three-quarters of the eligible pool, ensuring broad geographic distribution beyond major economic centres, according to Bpifrance.

Judges praised the "diversified, granular financing across the entire French defence value chain, particularly SMEs". The bond will also support export loans for French companies operating across Europe.

Strong investor demand – 3.8 times oversubscribed and fully allocated to European investors – underscores a replicable model for responsibly financing defence capabilities while supporting industrial resilience, innovation, and growth.

Bpifrance also won Issuer impact report of the year (EMEA) for its Green Bond 4 Allocation & Impact Report, covering its €1.5 billion 2023 issuance, with the 2024 report published in 2025.

Disclosures expanded from 19 to 54 indicators, enabling a more comprehensive assessment of environmental outcomes, including emissions reductions, sector allocation, and project-level performance, according to Bpifrance.

Judges commended the report's "exemplary transparency through 54 diverse impact indicators, project-level disclosure, robust methodologies, and clear alignment with the EU Taxonomy and UN Sustainable Development Goals, all under strong governance".

Investors are provided with project-level data, supported by downloadable datasets for deeper analysis.

Allocation data was praised as "well-organised," offering a "coherent overview of eligible project categories and expected impacts".

Judges concluded the report provides "clear and accessible information on the use of proceeds and the types of projects financed, with straightforward descriptions that help readers understand the environmental rationale".

The 2023 bond financed 95 renewable energy projects, alongside investments in green buildings and GreenTech.