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. This framework meets the International Capital Markets Association (ICMA) Green, Social and Sustainability Bonds principles, the standard in the field. Living up to its reputation as a first-mover, Luxembourg also incorporated eligibility criteria that are as much as possible in line with the recommendations of the final report of the Technical Expert Group (TEG) on the Taxonomy of the European Union. In the same spirit, the Framework was designed to comply with the draft European Green Bonds Standard (EU GBS). [ 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 ]