Client news

NBN Co issues first sustainability bond, continuing its sustainable finance momentum

NBN Co issues first sustainability bond, continuing its sustainable finance momentum
Published Date
May 30 2025
A&O Shearman has advised NBN Co Limited (NBN), the operator of Australia’s National Broadband Network, on its successful issuance of EUR700 million Fixed Rate Sustainability Bonds due November 2032 under its USD50 billion GMTN programme, marking NBN’s debut in the sustainability bond market.

Led by international capital markets partner Minesh Patel, the A&O Shearman team provided legal counsel on the English, Australian and U.S. law aspects of the transaction.

This issuance represents NBN’s first sustainability bond and its ninth transaction in either green or sustainable format since issuing its first green bond in 2022.

A&O Shearman has previously supported NBN in issuing a total of AUD3.15bn in green bonds across four series in the domestic Australian market and a total of EUR2.65bn in green bonds across four series in the European market.

In line with NBN’s Sustainability Bond Framework, at least 80% of the net proceeds of this sustainability bond will be allocated to eligible green projects related to the expansion of fibre infrastructure. The remaining proceeds from the issuance will support eligible social projects, related to NBN Fixed Wireless investments, aimed at improving access to services and socio-economic advancement for regional and remote communities.

“We’re proud to support NBN on this landmark transaction, which reflects its continued leadership in sustainable finance. This debut sustainability bond not only reinforces NBN’s commitment to environmental and social impact, but also demonstrates the importance of the European debt capital markets for highly credentialed Australian issuers seeking to access investors that are committed to supporting sustainable financing.”

Image of Minesh Patel

Minesh Patel

Registered Foreign Lawyer, England and Wales

The A&O Shearman deal team was led by Minesh Patel, with support from partners Mark Leemen and Karolina Popic, senior associate Yin Lim, and lawyers Edward Ren and Vivienne Zhang. Aloysius Tan and Nick Yap assisted in relation to the listing of the bonds on the Singapore Exchange Securities Trading Limited.

Related capabilities