Supporting Luxembourg’s landmark 10-year sovereign bond issue

Client successes

10 September 2025, the Grand Duchy of Luxembourg – rated Aaa/AAA/AAA (all stable) successfully returned to the Euro debt capital markets for the first time in 2025 with a new €2.5 billion 10-year benchmark.

The transaction priced at a final spread of +26.8 bps over the 2.600% reference Bund due August 2035, equivalent to a final yield of 2.935% and a reoffer price of 99.700%.

This milestone transaction highlights Luxembourg’s standing as a highly rated sovereign issuer and a benchmark in the Eurozone capital markets, attracting robust strong demand from a high-quality, diversified investor base. Final demand exceeded €18 billion, representing the largest single-tranche orderbook ever achieved by the Grand Duchy of Luxembourg.

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Congratulations to the Luxemburg Ministry of Finance for their successful 10-year issuance. The size of the orders, and the quality and diversity of the investors involved in this deal, is a renewed testimony of the strong interest for a well-known high-quality issuer, especially in an unclear economical and geopolitical situation. As a leading bank in the sovereign issuers markets, and a member of Crédit Agricole Group which has significantly grown its presence in Luxemburg in recent years, we are proud to have accompanied the Luxemburg Ministry of Finance for the first time as a Joint lead manager.

Emmanuelle Trochu

Global Head of Official Institutions Coverage

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In a volatile environment with a lot of geopolitical uncertainty and a cautious approach around valuation by investors, the Grand Duchy of Luxembourg has been able to match their largest deal with an impressive EUR2.5bn 10-Year. No new issue concession in the end and a final book of EUR18bn is a strong statement of market participants’ confidence in the strength of Luxembourg’s credit and economy. We would like to thank the issuer for granting Crédit Agricole CIB its first mandate and are proud of the support we have provided for this successful transaction.

Benjamin Moulle

Head of DCM SSA

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