International debt – raising and servicing from one centre
Luxembourg is the world's leading venue for listing international debt. In 2025 it admitted more than 18,600 new securities worth €1.65 trillion, a record, giving it a 32% share of new international bond listings worldwide.
The Eurobond market, from inception to today
The first Eurobond, a USD 15 million issue by Autostrade, was listed on the Luxembourg Stock Exchange in 1963. The market it helped create is now the world’s third-largest debt market, with more than €15 trillion outstanding. Luxembourg remains at its centre: LuxSE is the leading venue for international debt listings, while Clearstream Banking Luxembourg is one of the two international central securities depositories through which the Eurobond market operates.
At the end of 2025, almost 50,000 securities were listed on LuxSE’s markets and Securities Official List, including more than 47,000 debt securities. LuxSE accounted for 32% of new international bond listings worldwide that year.
Companies can use established programme documentation, admission procedures and agent relationships when returning to the market. The same listing platform can support issues in different currencies, maturities and formats, reducing the need to build a new market infrastructure for each transaction.
The market’s depth also supports the intermediaries involved in international debt programmes. Arrangers, legal counsel and paying agents regularly handle cross-border issuance through Luxembourg, giving issuers access to established processes and specialist expertise.
Admission routes for different instruments
LuxSE provides three routes for different instruments and investor bases: the EU-regulated market, the exchange-regulated Euro MTF and the Securities Official List for instruments admitted without trading. An issuer can choose the appropriate disclosure and admission framework while retaining the same listing expertise and service relationships. EM3S, launched in 2025, adds a route for sophisticated securities aimed at professional investors where commercially sensitive structuring features require a different disclosure balance.
Sustainable debt within the same market
The Luxembourg Green Exchange uses the same market infrastructure as conventional debt. In 2025 it added more than 600 green, social, sustainability and sustainability-linked bonds raising €233 billion, giving LuxSE 41% of new international sustainable bond listings worldwide. LGX displayed 2,352 sustainable bonds at year end.
For issuers, labelled and conventional tranches can sit within the same funding programme. LGX brings the relevant documentation and harmonised data into one place and also provides transition and EU Taxonomy information that investors can use to assess the bond against the issuer’s wider financing strategy.
Critical post-trade infrastructure
Clearstream Banking S.A., one of the world’s two international central securities depositories, is based in Luxembourg. In 2025 it held €11.6 trillion in assets under custody and processed nearly 168 million international settlement transactions, up 22% year on year, across 59 domestic markets, clients in around 120 countries and 43 settlement currencies.
LuxCSD complements this international infrastructure as Luxembourg’s CSD, providing issuance, safekeeping and settlement services and a national access point to TARGET2-Securities. Euro-denominated securities issued through LuxCSD can settle in central bank money through T2S.
For issuers and intermediaries, listing and post-trade can therefore be managed from the same jurisdiction. Clearstream and LuxCSD support the infrastructure around issuance, settlement, safekeeping, income processing and corporate actions, while Clearstream also provides the international reach and collateral services required for cross-border securities.
