17 September 2025 – NBN Co has strengthened its international funding base, securing US$650 million (≈A$988 million) from a new five-year bond issued in the U.S. 144A market.
Key Highlights
- Heavy Investor Demand: The order book peaked at more than seven times oversubscribed, one of NBN’s largest single-tranche order books to date.
- Favourable Pricing: Strong global demand allowed NBN Co to tighten the spread, achieving its tightest pricing ever for a five-year U.S. dollar bond.
- Broad Global Participation: Investors from Asia, the U.S., the UK, Europe, Australia and New Zealand took part, with notable interest from sovereign funds and official institutions.
- Track Record: This marks NBN’s fifth U.S. bond issue since 2021, following a US$1 billion offering in October 2024 and a US$1.25 billion issue in September 2023.
Use of Funds
Proceeds will go toward general corporate purposes, including refinancing existing debt.
Sustainability Credentials
NBN remains Australia’s largest corporate issuer of sustainable finance, with over A$8.6 billion in outstanding green and sustainability bonds. All proceeds from these instruments are allocated to energy-efficient fibre projects and regional connectivity initiatives under the company’s Sustainability Bond Framework.
Fiona Trigona, NBN’s Group Treasurer, said the strong uptake reflects “market confidence in NBN’s story and credit profile,” following a successful international investor roadshow.
Source: NBN Co media release, 17 September 2025 – https://www.nbnco.com.au/corporate-information/media-centre/media-statements/nbn-cos-latest-us-bond-issuance-raises-close-to-a-1-billion
NBN Co Raises Nearly A$1 Billion in Latest U.S. Bond Deal