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Luxembourg issued its first war bond, becoming the first EU country to do so since World War Two. Announced by Finance Minister Gilles Roth, the bond aims to access €33.4 billion in private savings and is limited to €150 million.

Subscriptions run from January 15 to January 30, with a minimum of €1,000 and a maximum of €150,000 per person. The bonds, which will offer a fixed interest rate of 2.25% for three years starting February 5, aim to raise additional funds for NATO requirements, with the country currently spending €1.2 billion annually on defense. A defense bond committee will determine the allocation of the raised funds and publish an annual report.