On Wednesday 4 March 2026, Luxembourg’s Minister of Finance, Gilles Roth, presented the figures relating to the recently issued Luxembourg defence bond.
On 15 January 2026, Luxembourg’s Ministry of Finance issued a defence bond with a value of €150 million, which was fully subscribed in less than 24 hours. Luxembourg is the first country in the 21st century to issue such a bond.
Luxembourg banking institutions Spuerkeess, BGL BNP Paribas, Banque internationale à Luxembourg, Banque Raiffeisen and Banque de Luxembourg participated in the operation.
Minister Roth announced that a total of 2,380 citizens were able to contribute to the national defence effort and, on average, €65,000 was invested per person.
According to the Ministry of Finance, 15.4% of investors invested below €10,000, 41.8% invested between €10,000 and €50,000, 24.7% invested greater than €50,000 and 17.6% invested the maximum amount of €150,000.
The age of investors ranged from under 18 years old to over ninety years old, with an average age of fifty-eight years. 96.7% have their tax residence in Luxembourg and therefore benefit from the tax exemption on interest.
During his address to the Chamber of Deputies, Minister Roth confirmed that, based on this experience, other retail bonds are possible in the future, in addition to institutional issuances, as an integral part of the State Treasury’s financing strategy for the coming years.
