Lending to defence, read from the documents.
For banks, private credit funds and export credit agencies building defence books: who is lending, on what terms, and how the government sits alongside you.
Randeep Bubbra | Lawyer | Making defence financeable
The register holds 177 defence financings since 2015, with 56 banks named on 117 of them. The median US dollar defence bond coupon since 2024 is 5.25%, and US$50.8bn of bonds on file falls due in the next five years.
Where to start
Most active banks on file
| Bank | Financings | Latest |
|---|---|---|
| J.P. Morgan | 62 | 20 Aug 2026 |
| Wells Fargo | 56 | 30 Jul 2026 |
| BofA Securities | 54 | 30 Jul 2026 |
| SMBC Nikko | 50 | 30 Jul 2026 |
| Citigroup | 48 | 20 Feb 2026 |
| US Bancorp | 46 | 30 Jul 2026 |
| Mizuho | 39 | 24 Jul 2025 |
| MUFG | 39 | 20 Feb 2026 |
| Goldman Sachs | 37 | 30 Jul 2026 |
| UniCredit | 32 | 20 Aug 2026 |
Latest loans and export credit
| Date | Financing | Type | Amount |
|---|---|---|---|
| 8 Oct 2026 | Rheinmetall €1.5bn syndicated revolving credit facility | Bank facility | €1.5bn |
| 9 Jan 2026 | BGK ECA-backed facilities for the K2 tank contract (KEXIM and Santander) | Export credit | Not disclosed |
| 18 Dec 2025 | EIB €100m intermediated loan to Piraeus Bank for security and defence | Bank facility | €100m |
| Aug 2025 | BGK and Korean ECAs: guarantee and insurance framework for Polish arms purchases (at least US$5bn) | Export credit | US$5bn |
| 17 Jun 2025 | Saab SEK 6bn revolving credit facility | Bank facility | SEK 6bn |
| 11 Jun 2025 | EIB €500m intermediated loan to Deutsche Bank for security and defence SMEs | Bank facility | €500m |
| 14 Mar 2025 | UKEF defence direct lending capacity raised by £2bn | Export credit | £2bn |
| 2 Mar 2025 | UK Export Finance-backed £1.6bn financing for Ukraine's LMM air defence missiles | Export credit | £1.6bn |
Questions lenders ask
Which banks lend most to defence?
On the register, the banks named most often are J.P. Morgan, Wells Fargo, BofA Securities. Many private and 144A deals do not name their banks, so the directory is a floor, not a league table.
Can a bank lend to defence under its ESG policy?
Most bank policies exclude controversial weapons, such as cluster munitions and anti-personnel mines, rather than defence as a whole. Check the policy wording against the borrower's products before launch.
How do government lenders rank against bank debt?
It depends on the programme. The government money map sets out each public source, who can use it and the deals on file, so you can see where it has sat alongside commercial lenders.
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.