NBN Co Raises $850 Million In First Domestic Sustainability Bond

NBN Co has raised $850 million from its inaugural domestic Sustainability Bond, marking the company’s largest Australian dollar-denominated 10-year bond issuance to date.

The Australian Medium-Term Note (AMTN) offering in 10-year sustainability format was priced on 12 March 2026 and settled on 19 March 2026. The transaction order book was significantly oversubscribed, generating NBN Co’s largest order book for an AUD 10-year bond on record.

The bond attracted interest from both the domestic market and across Asia, despite what NBN Co described as heightened volatility in global financial markets. The deal was the first AUD primary issuance to price since 26 February 2026, following a pause driven by escalating geopolitical tensions.

Proceeds Earmarked For Fibre And Fixed Wireless

Net proceeds from the bond will be allocated to investments in the deployment of energy-efficient fibre and the nbn Fixed Wireless network. NBN Co stated these investments are intended to help enable access to digital services and advance digital skills in regional and remote areas.

The issuance was made in line with NBN Co’s Sustainability Bond Framework, which covers eligible green and social projects.

It brings NBN Co’s total outstanding green or sustainable financing to approximately $9.5 billion equivalent and represents the company’s tenth transaction in sustainable format since it launched its first Green Bond in 2022.

NBN Co Treasurer Points To Market Execution

Fiona Trigona, Executive General Manager and Group Treasurer at NBN Co, described the bond as a strong result given market conditions.

“We’re proud to have received such a positive reaction to our first ever Sustainability Bond offering in the domestic market,” Trigona stated. “This transaction demonstrates the strength of our execution in an exceptionally busy and volatile market environment.”

Trigona explained that an extensive marketing campaign ahead of the issuance meant investors were already engaged when the deal came to market.

“Investors were already highly engaged, allowing us to proceed directly to Indications of Interest and bypass the traditional marketing phases,” she added. “This strategy enabled us to achieve a successful outcome despite the softer market backdrop.”

Network Energy And Sustainability Commitments

NBN Co has been working to reduce the energy consumption of its network. The company confirmed it delivered on a commitment to implement projects that reduce annual energy use of the nbn network by 25 Gigawatt-hours (GWh) by December 2025.

In December 2025, NBN Co’s third Power Purchase Agreement went live at the Munna Creek Solar Farm on the Sunshine Coast. The company stated this allowed it to meet a commitment to 100 per cent renewable electricity purchases from December 2025.

Social Impact Research

A research report by Ember Advisors, released in February 2026, examined the social impact of the nbn network. The report found that broadband delivered via the network is enabling digital inclusion and supporting positive outcomes in employment, education, health and personal wellbeing.

Separately, NBN Co’s Social Impact of the nbn FY25 Insights Report found that 77 per cent of nbn users reported that having the nbn network at home made a positive impact on their satisfaction with life.

Broader Funding Position

The oversubscribed issuance underscores continued investor appetite for sustainable financing instruments from Australian issuers. For NBN Co, the bond further diversifies its funding base as the company continues to invest in network upgrades and the national rollout of high-speed fibre.

Analysis

Australia’s NBN has been a financial catastrophe since Malcolm Turnbull killed the primary fibre-based plan and replaced it with his Multi-Technology Mix (MTM) following the 2013 Federal Election. It’s still a colossal money pit when it could have been and should have been the backbone of all Australian society and industry.

Last Updated on March 19, 2026 by Nick Ross