How defence is financed.
Plain-English guides to how defence is financed, built from the deals on the register and the public documents behind them.
Randeep Bubbra | Lawyer | Making defence financeable
Guides
Explainer · SubscribersHow EU SAFE loans workThe EU's €150bn Security Action for Europe instrument: who borrows, what it pays for, the common procurement and 65% component rules, and what suppliers and their lenders should check.Explainer · SubscribersOffice of Strategic Capital loansHow the Pentagon's Office of Strategic Capital lends to companies building critical technology, what its conditional commitments look like, and how they sit alongside commercial debt and equity.Explainer · SubscribersExport credit for defenceWhy export credit agencies are now central to defence sales, how the structures work, why the OECD rules do not apply to military equipment, and what lenders and exporters should check.Explainer · SubscribersESG exclusions and defence lendingHow banks and funds screen defence borrowers, what the EU said in its December 2025 notice on sustainable finance and defence, and how to draft and negotiate exclusion clauses in facility agreements.Explainer · SubscribersNational security screening in defence M&AHow the UK National Security and Investment Act, CFIUS, ITAR notice rules and US security clearance rules shape the timetable, conditions and financing of defence acquisitions.Explainer · SubscribersGovernment contract receivables as collateralHow lenders take security over money owed by governments under defence contracts: the US Assignment of Claims Act, government title under progress payments, termination for convenience and set-off.
Glossary
44 terms used in defence financings and M&A, each in a sentence or two. Open the glossary
Tools for counsel
Checklists, filed clause wording, M&A terms from the merger agreements and a map of where government money for defence comes from. Open the tools
Each guide opens with a free summary. The full guide is free with a work email, as are the register downloads.