In short: a satellite is an export like an aircraft or a power plant. The manufacturer's home export credit agency (ECA) will lend, or guarantee bank loans, to the operator buying it, on longer and cheaper terms than the operator could raise alone. Launch services and launch insurance can be financed the same way. For operators building large constellations, ECA debt has become one of the few sources of long-term secured money outside the bond market.
Two recent deals
| Deal | Structure | Covers |
|---|---|---|
| Eutelsat, February 2026 | Commercial bank loan of about €975m, guaranteed by the French State through Bpifrance Assurance Export | Procurement of 340 Airbus LEO satellites for the OneWeb constellation |
| Viasat, January 2026 | Direct loan facility from the Export-Import Bank of the United States, fixed at EXIM's Commercial Interest Reference Rate | Up to 85% of launch and insurance costs for ViaSat-3 F1 |
The two show the main models. In a guaranteed buyer credit, banks lend and the ECA guarantees most of the loan, so the banks are taking sovereign-backed risk. In a direct loan, the ECA lends itself at a fixed government reference rate.
The rest of this guide covers how ECA cover is sized and priced, what the security package looks like before and after launch, and the checklist for operators and covered lenders. It is free with a work email, along with the register downloads and the in-house counsel tools.
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Questions
Can export credit agencies finance satellites?
Yes. Satellites, launch services and even launch insurance are exports that ECAs support. Recent examples include Eutelsat's roughly €975m loan for 340 Airbus LEO satellites, guaranteed by the French State through Bpifrance Assurance Export, and Viasat's US EXIM direct loan for the launch and insurance of ViaSat-3 F1.
How much of the contract can an ECA finance?
Under the OECD rules that apply to civil exports, official support usually covers up to 85% of the export contract value, with the buyer paying at least 15% itself. Viasat's EXIM loan covers up to 85% of launch and insurance costs.
What interest rate does an ECA loan carry?
Direct loans can be fixed at the Commercial Interest Reference Rate (CIRR), a government-set rate for each currency and tenor. Guaranteed bank loans carry a bank margin plus the ECA's premium.
Sources
- Eutelsat: almost €1bn of export credit agency financing for OneWeb LEO satellites (February 2026)
- Viasat Form 10-Q note: EXIM direct loan facility for ViaSat-3 F1 launch and insurance
- OECD: Arrangement on officially supported export credits
General information on public law and market practice as at 28 Oct 2026, not legal advice on any transaction.