Commentary & Deal Flow

Reoffer: 7.5yr: MS+75bp / 99.625 / 3.811%
Benchmark: 7.5yr: DBR 2.6 Aug-33 @ 97.55 / B+83.1bp / HR 101%

Final Books €2.3bn. Peak book above €2.7bn (pre-reconciliation)

Launched: 7.5yr: €750m @ MS+75bp - Book above €2.7bn (pre rec)
IPTs: 7.5yr: MS+105/110bp

• Issuer: NBN Co Limited
• Issuer LEI: 2549007CRZ2NT7S96A24
• Issuer Senior Unsecured Ratings: Aa3/AA+ (Moody's/Fitch)
• Expected Issue Ratings: Aa3/AA+ (Moody's/Fitch)
• Format: Registered
• Status: Senior, Unsubordinated, Unsecured
• Settlement Date: 29-May-26 (T+7)
• Maturity Date: 29-Nov-33
• Size: €750m
• Reoffer: MS+75bps / 99.625 / 3.811%
• Coupon: 3.75% FXD, Ann, A/A (ICMA), short first coupon
• Benchmark: DBR 2.6 Aug-33 @ 97.55 / 2.98% / HR:101%
• Optional Redemption: Make-whole +15bps (Reference: DBR 2.6 Aug-33 (DE000BU2Z015)); 3 month Par Call
• Change of Control: Yes, at 101%
• Change of Control Step-up Ratings Change: Step-up grid in the event a Change of Control occurs and NBN Co is rated in the Baa2/BBB band or below
• Cross Acceleration: Applicable
• Negative Pledge: Applicable
• ISIN/Common Codes: XS3368925387 / 336892538
• Use of Proceeds: The net proceeds from the Notes will be exclusively applied to finance or refinance, in part or in full, new and/or existing eligible green and social projects that meet one or more of the categories of eligibility as recognised in the Green Bond Principles as Eligible Green Projects and the Social Bond Principles as Eligible Social Projects, each as outlined in, and in accordance with, the NBN Co Sustainability Bond Framework dated Jun-24 (the “Framework”). The allocation of funds is estimated to be a minimum of 80% for eligible green projects and 20% for eligible social projects. Sustainalytics has provided a Second Party Opinion dated 26-Jun-24 on the Framework.
• Second Party Opinion Provider: Sustainalytics
• Documentation: The Offering Circular dated 8-Sep-25 relating to the Issuer’s U.S. $50,000,000,000 Global Medium Term Note Programme and any amendment or supplement thereto including the Preliminary Pricing Supplement dated 7-May-26
• Governing Law: English
• Denominations: €100,000/€1,000
• Joint Lead Managers: Barclays, BNPP(B&D), Crédit Agricole CIB, Deutsche Bank, HSBC
• Listing: Application will be made to list the Notes on the Singapore Exchange Securities Trading Limited
• Clearing: Euroclear/Clearstream
• Target Market/PRIIPs: MiFID II and UK MiFIR professionals/ECPs-only - Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the EEA or the United Kingdom
• Selling Restrictions: As per the Programme Documentation - Regulation S Category 2, TEFRA not applicable
• TOE: 15:19 UKT / 16:19 CET
• FTT: 15:45 UKT / 16:45 CET