The Defence Financing Handbook
How the 401 defence financings recorded since 2015 are structured, priced and protected: the market by year and instrument, a worked example of each structure, coupons by rating, the lenders, government money and a lender checklist.
Randeep Bubbra | Lawyer | Making defence financeable
Three of the findings
380 funded financings since 2015
The register holds 401 primary defence financings, 380 of them funded with a disclosed size. 91 came in 2025 and 2026 to 30 Oct 2026, worth US$95.4bn.
The bond market still carries the sector
193 bond issues make up 46% of disclosed volume. Investment-grade primes fund in large multi-tranche deals; mid-caps often issue in their home markets.
The rating sets the coupon
The median fixed coupon is 3.75% for tranches rated A or higher, 4.4% for BBB and 5.08% for unrated issues, across 244 tranches.
Inside
This handbook reads the InfraDefence register as it stood on 30 Oct 2026. Every figure comes from a financing record with its primary source, and every worked example links back to that record.
Data to 30 Oct 2026. Figures come from the register's primary sources: filings, prospectuses, credit agreements and official announcements.
Get the handbook- 01Key findings
- 02The market at a glance
- 03How the deals are structured
- 04Pricing: what the rating buys
- 05Who lends
- 06Government and export credit money
- 07What lenders check
- 08Questions for 2027
- 09Appendix: the largest financings
- 10Method and sources
General information on public documents, not legal or investment advice. Views are personal. Working on a financing like these? Contact us.