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Luxembourg has issued its first war bond since World War Two, becoming the first EU country to do so, in an effort to bolster NATO defense spending. The bond aims to raise €150 million from private savings, offering a fixed interest rate of 2.25% over three years, with subscriptions open from January 15 to January 30. Funds raised will support the country's annual defense budget of €1.2 billion, with a committee overseeing the allocation and annual reporting.