NBN Co has successfully raised US$650 million (A$988 million equivalent) from its latest bond issuance in the US debt capital markets.

The 5-year bond was priced in the US 144A market on 10 September 2025. The peak order book was over seven times oversubscribed, making it one of NBN Co’s largest order books for a single tranche bond offering.

The transaction attracted record investor interest across Asia, the US, the UK, Europe, Australia and New Zealand. As a result of the strong international demand, NBN Co chose to tighten the spread and close the order book at US$650 million on more favourable terms.

NBN Co successfully repositioned its improved credit profile through the latest transaction and achieved its tightest pricing on a 5-year USD bond to date. The company’s global investor base was further diversified through this transaction, with significant participation from sovereign investors and official institutions, reinforcing market confidence in NBN Co’s strong credit standing.

This issuance follows an extensive non-deal roadshow across Hong Kong, Singapore, the UK and the US in August, which generated strong investor engagement and positive feedback.

The latest transaction settled on 16 September 2025 and marks NBN Co’s fifth return to the US debt capital markets since 2021, having previously raised US$1 billion (A$1.45 billion equivalent) under its Global Medium-Term Note Programme in October 2024.

This followed a previous bond issuance in the US debt capital markets in September 2023, which raised US$1.25 billion (A$1.97 billion equivalent).

Proceeds from the latest transaction will be used for general corporate purposes, which includes the refinancing of existing debt.

In addition, NBN Co is currently the largest Australian corporate issuer in sustainable financing format in the domestic and international debt capital markets, with over A$8.6 billion equivalent of green and sustainability bonds outstanding.

In line with NBN Co’s Sustainability Bond Framework, proceeds from all Green Bond issuances have been fully allocated to eligible green projects undertaken as part of the company’s commitment to energy efficiency¹. Proceeds from the Sustainability Bond issuance have been allocated to eligible green projects related to the deployment of energy-efficient fibre and eligible social projects related to the investments in the Fixed Wireless network for elevating digital capability in regional and remote communities. Further details are available in NBN Co’s 2025 Sustainable Bond Report².

Fiona Trigona, Executive General Manager, Group Treasurer at NBN Co, said:

“We are very pleased with the outcome of our latest US bond issuance, with interest from a number of new investors and a total peak order book over US$4.8 billion.

“The offering was heavily oversubscribed with a high-quality investor base. Central banks and real-money investors placed substantial orders, including several new names, whom we met during the recent non-deal investor roadshow.

“This transaction reflects strong market confidence in nbn’s story, supported by our strong credit profile as well as a well-diversified following from global investors.”

Footnotes

1. NBN Co Annual Report 2025, p100
2. Debt Investor Information

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