What the register shows about defence finance since 2015: what is being financed, how volumes have moved, who arranges the debt, how the bonds are rated and how deal sizes compare. Every chart is drawn from the records and leads back to them.
Randeep Bubbra | Lawyer | Making defence financeable
177financings on file
US$240bnfunded since 2015
172investment and M&A deals
79/104bond issues with a public rating
What the register shows
2024 is the largest year on file, at US$31.7bn funded.
The last three years (2024 to 2026) raised 1.4 times the first three (2015 to 2017).
Bonds make up 67% of funded volume.
BofA Securities leads more volume than any other bank, at US$116.2bn of deals led.
77 of the 79 rated bond issues (97%) were investment grade at issue.
One instrument per record. Volume counts funded debt and government money at US$ equivalents; programme-level and conditional commitments are counted, not added.
By the borrower's or issuer's country as recorded; EU programmes count as European Union.
Show the figures
Country
Funded (US$)
Financings
United States
US$187.7bn
125
United Kingdom
US$22.3bn
11
Poland
US$18.5bn
5
France
US$8.6bn
11
European Union
US$5.5bn
8
Germany
US$5.3bn
6
Italy
US$4.9bn
5
Sweden
US$1.3bn
4
Dated records
Financing history, 2015–2026.
BondsBank and acquisition loansConvertiblesGovernment and export credit
By date of signing, pricing or announcement. Volume in US$bn at approximate annual average rates; 2026 runs to 27 Oct 2026. Select a bar to open its records.
Show the figures
Year
Bonds
Bank and acquisition loans
Convertibles
Government and export credit
Total
2015
7 · US$15.2bn
–
–
–
7 · US$15.2bn
2016
6 · US$7.2bn
2 · US$1.3bn
1 · US$300m
–
9 · US$8.8bn
2017
12 · US$21.1bn
–
–
–
12 · US$21.1bn
2018
6 · US$20.6bn
6 · US$9.3bn
–
1 · US$0m
13 · US$30.0bn
2019
7 · US$5.4bn
6 · US$7.9bn
–
–
13 · US$13.3bn
2020
21 · US$22.8bn
–
1 · US$350m
–
22 · US$23.1bn
2021
6 · US$7.5bn
7 · US$14.0bn
–
–
13 · US$21.5bn
2022
2 · US$6.3bn
7 · US$12.0bn
1 · US$34m
1 · US$1.3bn
11 · US$19.6bn
2023
12 · US$21.6bn
1 · US$730m
1 · US$1.1bn
1 · US$899m
15 · US$24.3bn
2024
7 · US$18.7bn
1 · US$1.0bn
2 · US$882m
4 · US$11.1bn
14 · US$31.7bn
2025
10 · US$8.1bn
3 · US$1.3bn
2 · US$1.8bn
9 · US$3.6bn
24 · US$14.8bn
2026
8 · US$6.0bn
1 · US$1.7bn
–
15 · US$8.9bn
24 · US$16.7bn
Equity and M&A
Who is buying and backing the sector.
M&A, stakes and JVsVenture and growth roundsListed equity, IPOs and SPACs
172 deals; 162 disclose a value. Value counts only what is disclosed, so it understates the market.
Bookrunner, arranger and direct lender roles from the filings. Lead volume is the full deal size, not each bank's share. All lenders →
Show the figures
Bank
Lead volume (US$)
Lead roles
BofA Securities
US$116.2bn
51
J.P. Morgan
US$105.6bn
51
Wells Fargo
US$94.9bn
40
Mizuho
US$86.3bn
29
Citigroup
US$83.2bn
40
Goldman Sachs
US$82.3bn
34
Morgan Stanley
US$75.0bn
29
SMBC Nikko
US$46.7bn
31
Credit Agricole CIB
US$42.2bn
15
US Bancorp
US$41.7bn
24
Currency
Which currencies fund it.
81%in US dollars
USDUS$193.5bn81%
EURUS$32.9bn14%
GBPUS$12.7bn5%
OtherUS$926m0%
157funded financings
USD11976%
EUR3120%
GBP43%
Other32%
Currency of issue for funded records; euro, sterling and krona amounts are converted at approximate annual average rates.
Show the figures
Currency
Funded (US$)
Financings
EUR
US$32.9bn
31
USD
US$193.5bn
119
GBP
US$12.7bn
4
SEK
US$926m
3
Credit quality
How the bonds are rated.
A or higherBBBBBNo public rating found
79 of 104 bond issues have a public rating: 57 from the SEC pricing term sheet, 11 from the issuer's own release and 11 from Fitch's issuer rating on the issue date. Where agencies differ, the middle of three or the lower of two. Coupons by rating →
Show the figures
Rating at issue
Bond issues
Volume (US$)
A or higher
23
US$46.5bn
BBB
54
US$96.2bn
BB
2
US$1.3bn
No public rating found
25
US$16.5bn
Deal size
How big the deals are.
US$ · log scale
One dot per funded financing at its US$ equivalent; the line marks the median. Select a dot to open the record.
Built from the register, which is checked against each issuer's own documents, and rebuilt with every register update. Counts are of records on file, not a census of the market. Working on a defence financing? Book 20 minutes with Randeep to see how your terms compare.
InfraDefence Weekly
The week in defence finance, read from the filings.
Deals, terms and the clauses behind them, for the people financing primes, mid-tiers and new defence technology. By Randeep Bubbra.
