3 defence financings involving Spain since 2015, each with its terms and primary sources.
Randeep Bubbra | Lawyer | Making defence financeable
By date of signing, pricing or announcement. Volume in US$bn at approximate annual average rates; 2026 runs to 27 Oct 2026.
| Year | Bonds | Government and export credit | Total |
|---|---|---|---|
| 2018 | 1 · US$354m | – | 1 · US$354m |
| 2019 | – | – | 0 · US$0m |
| 2020 | – | – | 0 · US$0m |
| 2021 | – | – | 0 · US$0m |
| 2022 | – | – | 0 · US$0m |
| 2023 | – | – | 0 · US$0m |
| 2024 | – | – | 0 · US$0m |
| 2025 | – | 2 · US$469m | 2 · US$469m |
| 2026 | – | – | 0 · US$0m |
EIB €385m loan to Indra for defence and space R&D, 15 Jul 2025.
| Type | Financings | Funded (US$) |
|---|---|---|
| Government finance | 2 | US$469m |
| Bond | 1 | US$354m |
European Investment Bank (2), Citigroup (1), BNP Paribas (1), Credit Agricole CIB (1), Santander (1), BBVA (1), CaixaBank (1).
Counts are financings on file where the bank or lender is named. All lenders.
| Date | Financing | Type | Amount |
|---|---|---|---|
| 12 Dec 2025 | EIB €30m loan to Grupo Oesía for security and defence R&D | Government finance | €30m |
| 15 Jul 2025 | EIB €385m loan to Indra for defence and space R&D | Government finance | €385m |
| 12 Apr 2018 | Indra €300m 3.00% senior notes due 2024 | Bond | €300m |
Totals are US$ equivalents of funded deals at approximate annual average rates; programme-level and conditional commitments are listed but left out. Records come from public, primary sources. How the register is built.
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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