News

Allen & Overy advises on NBN Co’s debut European green bond issuance

Read Time
5 mins
Published Date
Jul 11, 2023
Allen & Overy has assisted NBN Co, the operator of Australia’s National Broadband Network, to raise EUR1.35 billion (AUD2.1 billion) in its debut European green bonds issuance.

The transaction makes NBN Co the first Australian Government Business Enterprise to issue green bonds in Europe.

The raising was the 11th issuance and the first Euromarkets issuance under NBN Co’s USD50 billion Global Medium Term Note Programme (GMTN Programme). The funds will be wholly assigned to eligible green projects as part of NBN Co’s commitment to energy efficiency.

The A&O team, led by international capital markets partners Minesh Patel and Mark Leemen, provided advice on English, U.S. and Australian law aspects of the transaction, drawing on the expertise of lawyers in Australia and the wider APAC region.

Commenting on the transaction, partner Minesh Patel said: "It was a privilege to assist NBN Co on this significant transaction, which demonstrates its sustainability commitments as well as its ability to diversify its investor base in a market that we anticipate will be an important source of funding for the company going forwards. Our unrivalled and unique capital markets offering helped us to support NBN Co in another important milestone, and we look forward to continuing our work with the company and assisting them to achieve their future funding targets."

A&O has previously advised on the establishment of NBN Co’s GMTN Programme in 2021 as well as its AUD10 billion Australian Medium Term Note programme and its issuances under each of the programmes since they were established.

The transaction makes NBN Co the first Australian Government Business Enterprise to issue green bonds in Europe.

The raising was the 11th issuance and the first Euromarkets issuance under NBN Co’s USD50 billion Global Medium Term Note Programme (GMTN Programme). The funds will be wholly assigned to eligible green projects as part of NBN Co’s commitment to energy efficiency.

The A&O team, led by international capital markets partners Minesh Patel and Mark Leemen, provided advice on English, U.S. and Australian law aspects of the transaction, drawing on the expertise of lawyers in Australia and the wider APAC region.

Commenting on the transaction, partner Minesh Patel said: "It was a privilege to assist NBN Co on this significant transaction, which demonstrates its sustainability commitments as well as its ability to diversify its investor base in a market that we anticipate will be an important source of funding for the company going forwards. Our unrivalled and unique capital markets offering helped us to support NBN Co in another important milestone, and we look forward to continuing our work with the company and assisting them to achieve their future funding targets."

A&O has previously advised on the establishment of NBN Co’s GMTN Programme in 2021 as well as its AUD10 billion Australian Medium Term Note programme and its issuances under each of the programmes since they were established.

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