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02 / Financing terms · selected comparisons

Bond tenors.

How long the market lends for, by offering route.

Randeep Bubbra | Lawyer | Making defence financeable

2–41 yrstenor at issue5 findings · data to 27 Oct 2026
Benchmark

Bond tenors

SEC-registeredPrivate (Rule 144A)European market
0y10y20y30y40y50y20151617181920212223242526Lockheed Martin US$2,250m senior notes (3 tranches): 10-year, due 2025Lockheed Martin US$2,250m senior notes (3 tranches): 20-year, due 2035Lockheed Martin US$2,250m senior notes (3 tranches): 30-year, due 2045Northrop Grumman US$600m 3.850% senior notes due 2045: 30-year, due 2045L3Harris Technologies US$2,400m senior notes (5 tranches): 3-year, due 2018L3Harris Technologies US$2,400m senior notes (5 tranches): 5-year, due 2020L3Harris Technologies US$2,400m senior notes (5 tranches): 10-year, due 2025L3Harris Technologies US$2,400m senior notes (5 tranches): 20-year, due 2035L3Harris Technologies US$2,400m senior notes (5 tranches): 30-year, due 2045RTX (Raytheon Technologies) US$850m 4.150% senior notes due 2045: 30-year, due 2045Lockheed Martin US$7,000m senior notes (6 tranches): 3-year, due 2018Lockheed Martin US$7,000m senior notes (6 tranches): 5-year, due 2020Lockheed Martin US$7,000m senior notes (6 tranches): 8-year, due 2023Lockheed Martin US$7,000m senior notes (6 tranches): 11-year, due 2026Lockheed Martin US$7,000m senior notes (6 tranches): 21-year, due 2036Lockheed Martin US$7,000m senior notes (6 tranches): 31-year, due 2046Huntington Ingalls Industries US$600m 5.000% senior notes due 2025: 10-year, due 2025BAE Systems US$1.5bn guaranteed notes (3 tranches): 5-year, due 2020BAE Systems US$1.5bn guaranteed notes (3 tranches): 10-year, due 2025BAE Systems US$1.5bn guaranteed notes (3 tranches): 29-year, due 2044Textron US$350m 4.000% notes due 2026: 10-year, due 2026Thales €600m 0.75% bond due 2023: 7-year, due 2023General Dynamics US$1,000m senior notes (2 tranches): 7-year, due 2023General Dynamics US$1,000m senior notes (2 tranches): 10-year, due 2026RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches): 3-year, due 2019RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches): 3-year, due 2019RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches): 5-year, due 2021RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches): 10-year, due 2026RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches): 30-year, due 2046Babcock International £300m 1.875% bonds due 2026: 10-year, due 2026Northrop Grumman US$750m 3.200% senior notes due 2027: 11-year, due 2027Textron US$350m 3.650% notes due 2027: 10-year, due 2027Rockwell Collins US$4,650m senior notes (5 tranches): 2-year, due 2019Rockwell Collins US$4,650m senior notes (5 tranches): 5-year, due 2022Rockwell Collins US$4,650m senior notes (5 tranches): 7-year, due 2024Rockwell Collins US$4,650m senior notes (5 tranches): 10-year, due 2027Rockwell Collins US$4,650m senior notes (5 tranches): 30-year, due 2047Booz Allen Hamilton US$350m 5.125% senior notes due 2025: 8-year, due 2025RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches): 3-year, due 2020RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches): 5-year, due 2022RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches): 7-year, due 2024RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches): 10-year, due 2027RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches): 30-year, due 2047Leonardo €600m 1.50% Eurobond due 2024: 7-year, due 2024General Dynamics US$1,000m senior notes (2 tranches): 7-year, due 2024General Dynamics US$1,000m senior notes (2 tranches): 10-year, due 2027Textron US$300m 3.375% notes due 2028: 11-year, due 2028Northrop Grumman US$8,250m senior notes (5 tranches): 3-year, due 2020Northrop Grumman US$8,250m senior notes (5 tranches): 5-year, due 2022Northrop Grumman US$8,250m senior notes (5 tranches): 8-year, due 2025Northrop Grumman US$8,250m senior notes (5 tranches): 11-year, due 2028Northrop Grumman US$8,250m senior notes (5 tranches): 30-year, due 2047Kratos US$300m 6.50% senior secured notes due 2025: 8-year, due 2025Huntington Ingalls Industries US$600m 3.483% senior notes due 2027: 10-year, due 2027Thales €500m 0.75% bond due 2025: 7-year, due 2025Harris Corporation US$850m 4.400% notes due 2028: 10-year, due 2028BWX Technologies US$400m 5.375% senior notes due 2026: 8-year, due 2026General Dynamics US$7,500m senior notes (7 tranches): 2-year, due 2020General Dynamics US$7,500m senior notes (7 tranches): 2-year, due 2020General Dynamics US$7,500m senior notes (7 tranches): 3-year, due 2021General Dynamics US$7,500m senior notes (7 tranches): 3-year, due 2021General Dynamics US$7,500m senior notes (7 tranches): 5-year, due 2023General Dynamics US$7,500m senior notes (7 tranches): 7-year, due 2025General Dynamics US$7,500m senior notes (7 tranches): 10-year, due 2028RTX (Raytheon Technologies) US$11,000m senior notes (7 tranches): 3-year, due 2021RTX (Raytheon Technologies) US$11,000m senior notes (7 tranches): 3-year, due 2021RTX (Raytheon Technologies) US$11,000m senior notes (7 tranches): 5-year, due 2023RTX (Raytheon Technologies) US$11,000m senior notes (7 tranches): 7-year, due 2025RTX (Raytheon Technologies) US$11,000m senior notes (7 tranches): 10-year, due 2028RTX (Raytheon Technologies) US$11,000m senior notes (7 tranches): 20-year, due 2038RTX (Raytheon Technologies) US$11,000m senior notes (7 tranches): 30-year, due 2048TransDigm US$550m 7.50% senior subordinated notes due 2027: 8-year, due 2027Thales €500m 0% bond due 2022: 3-year, due 2022Textron US$300m 3.900% notes due 2029: 10-year, due 2029Triumph Group US$525m 6.250% senior secured notes due 2024: 5-year, due 2024Babcock International €550m 1.375% notes due 2027: 8-year, due 2027L3Harris US$400m 2.900% notes due 2029: 10-year, due 2029TransDigm US$2.65bn 5.50% senior subordinated notes due 2027: 8-year, due 2027Moog US$400m 5.25% senior notes due 2027: 8-year, due 2027Thales €500m 0.25% bond due 2027: 7-year, due 2027Huntington Ingalls Industries US$1,000m senior notes (2 tranches): 5-year, due 2025Huntington Ingalls Industries US$1,000m senior notes (2 tranches): 10-year, due 2030General Dynamics US$4,000m senior notes (5 tranches): 5-year, due 2025General Dynamics US$4,000m senior notes (5 tranches): 7-year, due 2027General Dynamics US$4,000m senior notes (5 tranches): 10-year, due 2030General Dynamics US$4,000m senior notes (5 tranches): 20-year, due 2040General Dynamics US$4,000m senior notes (5 tranches): 30-year, due 2050Northrop Grumman US$2,250m senior notes (3 tranches): 10-year, due 2030Northrop Grumman US$2,250m senior notes (3 tranches): 20-year, due 2040Northrop Grumman US$2,250m senior notes (3 tranches): 30-year, due 2050Textron US$650m 3.0% notes due 2030: 10-year, due 2030Science Applications International US$400m 4.875% senior notes due 2028: 8-year, due 2028BAE Systems US$1.3bn 3.400% notes due 2030: 10-year, due 2030Lockheed Martin US$1,150m senior notes (2 tranches): 10-year, due 2030Lockheed Martin US$1,150m senior notes (2 tranches): 30-year, due 2050RTX (Raytheon Technologies) US$2,000m senior notes (2 tranches): 10-year, due 2030RTX (Raytheon Technologies) US$2,000m senior notes (2 tranches): 30-year, due 2050Leidos US$1,750m senior notes (3 tranches): 3-year, due 2023Leidos US$1,750m senior notes (3 tranches): 5-year, due 2025Leidos US$1,750m senior notes (3 tranches): 10-year, due 2030Thales €700m 1% bond due 2028: 8-year, due 2028BWX Technologies US$400m 4.125% senior notes due 2028: 8-year, due 2028Leonardo €500m 2.375% Eurobond due 2026: 6-year, due 2026Booz Allen Hamilton US$700m 3.875% senior notes due 2028: 8-year, due 2028Textron US$500m senior notes (1 tranche): 11-year, due 2031KBR US$250m 4.750% senior notes due 2028: 8-year, due 2028BAE Systems US$2bn notes (1.900% 2031 and 3.000% 2050): 11-year, due 2031BAE Systems US$2bn notes (1.900% 2031 and 3.000% 2050): 30-year, due 2050Leidos US$1,000m 2.300% notes due 2031: 11-year, due 2031Thales €500m 0% bond due 2026: 6-year, due 2026L3Harris Technologies US$650m 1.800% notes due 2031: 11-year, due 2031BWX Technologies US$400m 4.125% senior notes due 2029: 8-year, due 2029General Dynamics US$1,500m senior notes (3 tranches): 5-year, due 2026General Dynamics US$1,500m senior notes (3 tranches): 10-year, due 2031General Dynamics US$1,500m senior notes (3 tranches): 20-year, due 2041Booz Allen Hamilton US$500m 4.000% senior notes due 2029: 8-year, due 2029Huntington Ingalls Industries US$1,000m senior notes (2 tranches): 2-year, due 2023Huntington Ingalls Industries US$1,000m senior notes (2 tranches): 7-year, due 2028RTX (Raytheon Technologies) US$2,000m senior notes (2 tranches): 10-year, due 2031RTX (Raytheon Technologies) US$2,000m senior notes (2 tranches): 30-year, due 2051RTX (Raytheon Technologies) US$2,100m senior notes (2 tranches): 11-year, due 2032RTX (Raytheon Technologies) US$2,100m senior notes (2 tranches): 31-year, due 2052Lockheed Martin US$2,300m senior notes (3 tranches): 10-year, due 2032Lockheed Martin US$2,300m senior notes (3 tranches): 31-year, due 2053Lockheed Martin US$2,300m senior notes (3 tranches): 40-year, due 2062Lockheed Martin US$4,000m senior notes (5 tranches): 3-year, due 2025Lockheed Martin US$4,000m senior notes (5 tranches): 5-year, due 2027Lockheed Martin US$4,000m senior notes (5 tranches): 11-year, due 2033Lockheed Martin US$4,000m senior notes (5 tranches): 32-year, due 2054Lockheed Martin US$4,000m senior notes (5 tranches): 41-year, due 2063RTX (Raytheon Technologies) US$3,000m senior notes (3 tranches): 3-year, due 2026RTX (Raytheon Technologies) US$3,000m senior notes (3 tranches): 10-year, due 2033RTX (Raytheon Technologies) US$3,000m senior notes (3 tranches): 30-year, due 2053Leidos US$750m 5.750% notes due 2033: 10-year, due 2033Northrop Grumman US$2,000m senior notes (2 tranches): 10-year, due 2033Northrop Grumman US$2,000m senior notes (2 tranches): 30-year, due 2053Lockheed Martin US$2,000m senior notes (3 tranches): 5-year, due 2028Lockheed Martin US$2,000m senior notes (3 tranches): 11-year, due 2034Lockheed Martin US$2,000m senior notes (3 tranches): 32-year, due 2055Thales €500m 3.625% bond due 2029: 6-year, due 2029L3Harris Technologies US$3,250m senior notes (3 tranches): 4-year, due 2027L3Harris Technologies US$3,250m senior notes (3 tranches): 10-year, due 2033L3Harris Technologies US$3,250m senior notes (3 tranches): 30-year, due 2053HEICO US$1.2bn senior notes to fund the Wencor acquisition: 5-year, due 2028HEICO US$1.2bn senior notes to fund the Wencor acquisition: 10-year, due 2033Booz Allen Hamilton US$650m 5.950% senior notes due 2033: 10-year, due 2033BGK US$1bn 6.25% notes due 2028 for the Armed Forces Support Fund: 5-year, due 2028RTX (Raytheon Technologies) US$6,000m senior notes (5 tranches): 3-year, due 2026RTX (Raytheon Technologies) US$6,000m senior notes (5 tranches): 6-year, due 2029RTX (Raytheon Technologies) US$6,000m senior notes (5 tranches): 8-year, due 2031RTX (Raytheon Technologies) US$6,000m senior notes (5 tranches): 11-year, due 2034RTX (Raytheon Technologies) US$6,000m senior notes (5 tranches): 31-year, due 2054Textron US$350m senior notes (1 tranche): 10-year, due 2033Saab SEK 1.25bn MTN issue due 2028: 5-year, due 2028Northrop Grumman US$2,500m senior notes (3 tranches): 5-year, due 2029Northrop Grumman US$2,500m senior notes (3 tranches): 10-year, due 2034Northrop Grumman US$2,500m senior notes (3 tranches): 30-year, due 2054Lockheed Martin US$2,000m senior notes (3 tranches): 5-year, due 2029Lockheed Martin US$2,000m senior notes (3 tranches): 10-year, due 2034Lockheed Martin US$2,000m senior notes (3 tranches): 40-year, due 2064L3Harris Technologies US$750m senior notes (1 tranche): 5-year, due 2029BAE Systems US$4.8bn notes refinancing the Ball Aerospace acquisition: 3-year, due 2027BAE Systems US$4.8bn notes refinancing the Ball Aerospace acquisition: 5-year, due 2029BAE Systems US$4.8bn notes refinancing the Ball Aerospace acquisition: 7-year, due 2031BAE Systems US$4.8bn notes refinancing the Ball Aerospace acquisition: 10-year, due 2034BAE Systems US$4.8bn notes refinancing the Ball Aerospace acquisition: 30-year, due 2054L3Harris Technologies US$6,684m senior notes (8 tranches): 3-year, due 2027L3Harris Technologies US$6,684m senior notes (8 tranches): 5-year, due 2029L3Harris Technologies US$6,684m senior notes (8 tranches): 7-year, due 2031L3Harris Technologies US$6,684m senior notes (8 tranches): 9-year, due 2033L3Harris Technologies US$6,684m senior notes (8 tranches): 10-year, due 2034L3Harris Technologies US$6,684m senior notes (8 tranches): 29-year, due 2053L3Harris Technologies US$6,684m senior notes (8 tranches): 30-year, due 2054L3Harris Technologies US$6,684m senior notes (8 tranches): 30-year, due 2054Huntington Ingalls Industries US$1,000m senior notes (2 tranches): 6-year, due 2030Huntington Ingalls Industries US$1,000m senior notes (2 tranches): 11-year, due 2035Lockheed Martin US$1,000m senior notes (2 tranches): 7-year, due 2031Lockheed Martin US$1,000m senior notes (2 tranches): 31-year, due 2055Leidos US$1,000m senior notes (2 tranches): 7-year, due 2032Leidos US$1,000m senior notes (2 tranches): 10-year, due 2035Textron US$500m senior notes (1 tranche): 10-year, due 2035Booz Allen Hamilton US$650m 5.950% senior notes due 2035: 10-year, due 2035General Dynamics US$750m 4.950% notes due 2035: 10-year, due 2035Northrop Grumman US$1,000m senior notes (2 tranches): 5-year, due 2030Northrop Grumman US$1,000m senior notes (2 tranches): 10-year, due 2035CACI International US$1,000m 6.375% senior notes: 8-year, due 2033CSG US$1bn senior secured notes due 2031: 6-year, due 2031CSG €1bn senior secured notes due 2031: 6-year, due 2031Lockheed Martin US$2,000m senior notes (3 tranches): 3-year, due 2028Lockheed Martin US$2,000m senior notes (3 tranches): 5-year, due 2030Lockheed Martin US$2,000m senior notes (3 tranches): 10-year, due 2035Science Applications International US$500m 5.875% senior notes due 2033: 8-year, due 2033Saab SEK 2bn MTN issue (September 2025): 5-year, due 2030Saab SEK 2bn MTN issue (September 2025): 5-year, due 2030Saab SEK 2bn MTN issue (September 2025): 7-year, due 2032Saab SEK 2bn MTN issue (September 2025): 7-year, due 2032Textron US$500m senior notes (1 tranche): 11-year, due 2036CACI International US$500m 6.375% senior notes due 2033: 7-year, due 2033Leidos US$1,400m senior notes (2 tranches): 3-year, due 2029Leidos US$1,400m senior notes (2 tranches): 10-year, due 2036Moog US$500m 5.500% senior notes due 2034: 8-year, due 2034Rheinmetall €500m senior bond due 2031: 5-year, due 2031Booz Allen Hamilton US$1,200m senior notes (2 tranches): 4-year, due 2030Booz Allen Hamilton US$1,200m senior notes (2 tranches): 8-year, due 2034Babcock International £250m 5.125% bonds due 2031: 5-year, due 2031Thales €1bn bond to finance the Exail acquisition: 4-year, due 2030Thales €1bn bond to finance the Exail acquisition: 8-year, due 2034Saab €300m 4.25% EMTN bond due 2033: 7-year, due 2033

Years from the issue year to the maturity year.

Show the figures
Offering routeTranchesMedian (years)Range (years)
SEC-registered154102–41
Private (Rule 144A)3183–30
European market226.53–10
  1. 01

    208 bond tranches run from 2 to 41 years at issue; the median is 8 years.

  2. 02

    32 tranches (15%) run 30 years or more; 30 of them are SEC-registered notes.

  3. 03

    56 run five years or less, often the first tranche of a multi-tranche deal or a floating-rate note.

  4. 04

    Private Rule 144A deals are shorter: median 8 years, against 10 for SEC-registered notes.

  5. 05

    European market bonds sit in the middle: median 6.5 years.

Next: Convertible premiums

Selected observations from the register, not a market census, investment recommendation or legal advice. Working on a deal like these? Book 20 minutes with Randeep to see how your terms compare.

Randeep Bubbra
InfraDefence Weekly

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Deals, terms and the clauses behind them, for the people financing primes, mid-tiers and new defence technology. By Randeep Bubbra.

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