October 9, 2025 - Nasdaq (NDAQ) announces that Valstybes Investicinis Kapitalas, a Lithuanian state-owned company, has become the first to list its bonds under Nasdaq's new European defense bond framework. The bonds are listed on the Nasdaq Baltic Bond List by the Nasdaq Vilnius Stock Exchange.
According to the EU Commission (White Paper for European Defence - Readiness 2030), access to finance is a major concern for 44% of defense SMEs, compared to civilian SMEs. With increasing interest from the financial sector, the defense industry is positioned for significant growth, as investment policies evolve to support this emerging market.
To improve transparency and provide clear guidelines for funding defense projects, Nasdaq has introduced the Nasdaq Defense, Resilience, and Infrastructure Bond Criteria (NDRI). The NDRI acts as a voluntary transparency standard and criterion for obtaining the NDRI label on Nasdaq's European Bond Markets.
Valstybes Investicinis Kapitalas (VIK) completed a €25 million public offering, marking the first tranche of its medium-term note program guaranteed by the Republic of Lithuania. The bonds have a 4-year maturity and carry a yearly interest rate of 3.119%. VIK's entire bond program is valued at €400 million. Of this total funding, up to €71 million will be dedicated to the construction of the Rheinmetall factory in Lithuania. The remaining funds will be allocated to various other defense and security initiatives, with further details to be disclosed in future tranches.
"We are honored to see that the capital markets are opening to defense projects. The current geopolitical situation encourages investors to increasingly trust these projects, recognizing their importance and potential. Investor confidence is a crucial factor in ensuring long-term security and stability in the region," said Vaidas Daktariunas, CEO of VIK.
VIK acts as a strategic investor, attracting private capital by issuing debt securities to fund projects of national importance, including economic resilience, national defense, and security, thereby contributing to the development of capital markets in Lithuania.
Roland Chai, President of European Market Services at Nasdaq, commented, "Helping vital companies access public capital is at the heart of what we do at Nasdaq Europe. We commend VIK for utilizing Nasdaq Europe's bond market and leading the way for other defense-related projects to secure market funding. The added criteria provide investors with the insights needed for confident decisions and ensure efficient capital deployment for issuers. Financial markets must adapt to the evolving needs of economies and societies, and Nasdaq is committed to this adaptation."
The NDRI framework offers a transparent platform for companies and governments to raise capital efficiently, supporting defense capabilities and resilience. For investors, the NDRI provides detailed insights into the defense industry, facilitating informed decisions and aligning with their investment goals.
To qualify under the NDRI, the proceeds of the bond issue must be allocated to projects benefiting the defense, resilience, or infrastructure of EU or NATO member states, or non-member states formally participating in EU or NATO's frameworks of cooperation. Eligible categories include, but are not limited to, cybersecurity, weapons and ammunition, infrastructure, dual-use technologies, civil resilience programs, and aerospace.
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