For CFOs, treasurers and founders

Raising money for defence.

For treasurers and CFOs at primes and mid-tiers, and founders of defence technology companies: the capital routes that are open, what peers paid and where government money fits.

Randeep Bubbra | Lawyer | Making defence financeable

Defence companies on the register raised through bonds, convertibles, bank and acquisition debt, export credit and 31 government or export credit programmes. The median US dollar bond coupon since 2024 is 5.25%, and convertibles on file priced at a median 35% conversion premium.

Where to start

01What peers paidBond coupons by tenor and offering route, and convertible terms at pricing.02Government money mapSAFE, the EIB, the Office of Strategic Capital, UKEF, the NATO Innovation Fund and NSSIF.03Maturity calendarWhen peers' bonds and convertibles fall due.04Financing checklistWhat lenders and investors will ask before they commit.05Defence convertiblesEvery defence convertible on the register.06Export creditECA-backed financing for defence exports.

Latest bonds and convertibles

Date	Financing	Type	Amount
23 Sep 2026	Saab €300m 4.25% EMTN bond due 2033	Bond	€300m
20 Aug 2026	Thales €1bn bond to finance the Exail acquisition	Bond	€1bn
30 Jul 2026	Booz Allen Hamilton US$1,200m senior notes (2 tranches)	Bond	US$1.2bn
7 Jul 2026	Babcock International £250m 5.125% bonds due 2031	Bond	£250m
28 May 2026	Rheinmetall €500m senior bond due 2031	Bond	€500m
10 Mar 2026	Moog US$500m 5.500% senior notes due 2034	Bond	US$500m
26 Feb 2026	CACI International US$500m 6.375% senior notes due 2033	Bond	US$500m
20 Feb 2026	Leidos US$1,400m senior notes (2 tranches)	Bond	US$1.4bn

All financings

Questions treasurers ask

Bond or convertible?

The markets page shows both: coupons by tenor for bonds, and coupon, premium and capped call terms for convertibles, so you can compare the two routes on public data.

Can a defence technology company use government money?

Several programmes lend to or invest in companies rather than governments, such as the Office of Strategic Capital, the EIB's defence SME lines and the NATO Innovation Fund. The money map sets out who can use each one.

How do I benchmark a term sheet?

Start with the comparable deals on the register, then book 20 minutes with Randeep to talk through how your terms compare.

Working on one of these deals? Book 20 minutes with Randeep to see how your terms compare with the market. General information, not legal advice.