Thematic bonds

• Sustainable finance

Luxembourg was the first European country and first AAA-rated country worldwide to launch its sustainability bond framework (the “Framework”), on September 2, 2020.

To take into account regulatory developments, lessons learned from this first sustainable sovereign bond issuance, and the most recent international standards, the framework has been revised and updated in October 2026, with a focus on alignment with the European Taxonomy and the most recent standards of the International Capital Market Association (ICMA). [ More details ]

• Defence

The Government of the Grand Duchy of Luxembourg has published its Defence Bond Framework, following its formal approval by the Government Council on October 6^th, 2025. This marks a significant milestone in Luxembourg’s commitment to strengthening national and European defence capabilities in response to evolving geopolitical challenges.

Luxembourg becomes the first European country to issue a national defence bond framework, reinforcing its role as a financial innovator. This initiative follows the country’s strategic defence commitments, including its pledge to increase defence spending to 5% of GNI by 2035. [ More details ]