Last month, Middle Eastern airline Emirates issued $187m of bonds backed by the French government in a sale made possible by the country’s export credit agency. The agency’s remit, to support domestic exporters, includes guaranteeing bank financing and even offering direct financial support to overseas buyers.

Emirates sold the bonds to refinance a loan used to buy an aircraft from French-headquartered Airbus, which meant the agency was effectively supporting French exports. The deal marked the first time that bonds had been guaranteed in such a way by France's export credit agency, Compagnie Française d'Assurance pour le Commerce Extérieur.