Bond Factsheet
NBNAUS 5.200% 25Aug2028 Qsov (AUD)
NBN Co Limited
Indicative
Full Lot
Bid Price 99.669
Change in Bid Price 0.023
Bid Yield (%) 5.377 %
Change in Bid Yield 0.013
Ask Price 99.799
Change in Ask Price 0.020
Ask Yield (%) 5.307 %
Change in Ask Yield 0.010
Indicative price as of 09 Nov 2026, 3:41pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
NBN Co Limited
Guarantor
-
Announcement Date
16 Aug 2023
Issue Date
25 Aug 2023
Maturity Date
25 Aug 2028
Years to Maturity / Next Call
1.793 / 1.540
Modified Duration
1.672 @ 06 Nov 2026
Issue / Reoffer Price
99.843
Issue / Reoffer Yield
5.236
Coupon Type
Fixed
Annual Coupon Rate
5.200
Coupon Frequency
Semi Annually
Seniority
Senior Unsecured
Reference Rate
-
ISIN
AU3CB0301844
CUSIP
ZI3912766
Bond Currency
AUD
Total Issue Size
850,000,000
Min. Investment Quantity (Nominal)
AUD 10,000
Incremental Quantity (Nominal)
AUD 10,000
Bond Type
Quasi-Sovereign
Bond Sector
Telecommunication Services
Bond Sub Sector
Wireless Telecommunication Services
Issuer Credit Rating (S&P/ Fitch)
***/ AA+
Bond Credit Rating (S&P/ Fitch)
***/ AA+
Shariah Compliant
No
Exchange Listed
No
Issuer Call
Optional Redemption Date: 25 May 2028
Coupon Step
(a) The Rate of Interest payable on the Notes will be subject to adjustment if a Step-Up Rating Change Event (as defined below) occurs as follows.
(i) If in the Fixed Interest Period ending on the date immediately prior to an Interest Payment Date (the Rating Determination Date) a Step-Up Rating Change Event occurs, then the Rate of Interest shall be adjusted for the Fixed Interest Period commencing on the Interest Payment Date immediately following the Rating Determination Date and for each subsequent Fixed Interest Period thereafter, so that the Rate of Interest equals the Base Interest Rate (as defined below) plus an additional amount equal to the percentage per annum rate determined in accordance with the following table by reference to the credit rating assigned to the Notes by each Rating Agency as at the Rating Determination Date:
| Rating (or equivalent) | BBB+ or higher* | BBB* | BBB-* | BB+ or lower* |
|---|---|---|---|---|
| Baa1 or higher** | Not applicable | 0.20% per annum | 0.40% per annum | 0.80% per annum |
| Baa2** | 0.20% per annum | 0.40% per annum | 0.60% per annum | 1.00% per annum |
| Baa3** | 0.40% per annum | 0.60% per annum | 0.80% per annum | 1.20% per annum |
| Ba1 or lower** | 0.80% per annum | 1.00% per annum | 1.20% per annum | 1.20% per annum |
* Fitch
** Moody’s
A Step-Up Rating Change Event occurs if, on the first date of the period (the Step-Up Trigger Period) commencing upon, the earlier of:
(i) the occurrence of a Change of Control; and
(ii) the date of the first public announcement of any Change of Control (or pending Change of Control), and ending 90 days following the occurrence of that Change of Control (as such Step-Up Trigger Period may be extended, as provided for below):
(A) the Notes carry a rating from any Rating Agency and any such rating is, within the Step- Up Trigger Period, either downgraded to a Step-Up Investment Grade Rating or below or withdrawn and is not, within the Step-Up Trigger Period, subsequently (in the case of a downgrade) upgraded to a rating which is higher than a Step-Up Investment Grade Rating by such Rating Agency or replaced by a rating which is higher than the Step-Up Investment Grade Rating of another Rating Agency; and
(B) in making any decision to withdraw or downgrade such rating pursuant to paragraph (A) above, the relevant Rating Agency has expressly stated that such decision was as a result of the occurrence of that Change of Control (or pending Change of Control).
Make Whole Call
(i) on or after the date falling 3 months prior to the Maturity Date at a redemption amount equal to 100 per cent. of the nominal amount of the Note; or
(ii) any time before the date falling 3 months prior to the Maturity Date at a redemption amount equal to the Make-Whole Amount (as defined below) in respect of the Note,
together in each case with any accrued and unpaid interest in respect of the Notes to (but excluding) the Optional Redemption Date.
Make-Whole Amount means, in respect of a Note, an amount (as determined by the Financial Representative) equal to the greater of:
(a) 100 per cent. of the nominal amount of that Note; and
(b) an amount determined by the Financial Representative to be the value of the Note being redeemed, calculated in accordance with the Reserve Bank of Australia Bond formula for the settlement price for fixed income securities, where the annual coupon is equal to the Base Interest Rate as defined in Condition 5.1A and the yield which applies is the sum of 0.20 per cent. per annum (being 20% of the Issue Margin to Benchmark, rounded to the nearest 5 basis point) and:
(i) the rate (expressed as a semi-quarterly rate) which is the average of the “bid” rate and the “ask” rate, in each case, calculated by ICAP Australia Pty Ltd (determined using linear interpolation as necessary, calculated by referencing the semi-annual rate adjusted for the 6 month 3 month basis (as applicable)) to the Maturity Date of the Notes as displayed on Bloomberg page ICAP, IAUS, 31 or other electronic media at or around 10:00 am (Sydney time) three Business Days prior to the Optional Redemption Date; or
(ii) if ICAP Australia Pty Ltd no longer calculates those rates (or if those rates are not displayed by Bloomberg), the rate determined by the Financial Representative to be appropriate having regard to market rates and sources then available.
For the purposes of the definition of Make-Whole Amount, Financial Representative means a financial institution authorised as an authorised deposit-taking institution in Australia under the Banking Act 1959 of Australia which has been appointed, from time to time, by the Issuer for the purposes of calculating the Make-Whole Amount and notified to the Issuing and Paying Agent.
Optional Redemption Date: 25 May 2028
Change Control Call
(a) If:
(i) a Change of Control Trigger Event is specified in the applicable Pricing Supplement; and
(ii) a Change of Control Trigger Event occurs; and
(iii) the Issuer has not exercised its right to redeem the Notes as described in this Condition 7.5,
each Noteholder will have the right to require the Issuer to redeem all or a portion of that Noteholder’s Notes at an amount (the Change of Control Redemption Amount) specified in the applicable Pricing Supplement together with accrued and unpaid interest, if any, to the date of redemption, subject to the rights of Noteholders on the relevant Record Date to receive interest due on the relevant Interest Payment Date (the Change of Control Redemption Right).
A Change of Control Trigger Event occurs if, on the first date of the period (the Trigger Period) commencing upon, the earlier of:
(i) the occurrence of a Change of Control; and
(ii) the date of the first public announcement of any Change of Control (or pending Change of Control),
and ending 90 days following the occurrence of that Change of Control (as such Trigger Period may be extended, as provided for below):
(A) the Notes carry an Investment Grade Rating from any Rating Agency and each such rating is, within the Trigger Period, either downgraded to below an Investment Grade Rating or withdrawn and is not, within the Trigger Period, subsequently (in the case of a downgrade) upgraded to an Investment Grade Rating by such Rating Agency or replaced by an Investment Grade Rating of another Rating Agency; and
(B) in making any decision to withdraw or downgrade such rating pursuant to paragraph (A) above, each relevant Rating Agency has expressly stated that such decision was as a result of the occurrence of that Change of Control (or pending Change of Control).
Where any Rating Agency has publicly announced that it is considering a possible ratings change in respect of the Notes within the period ending 90 days following the occurrence of a Change of Control, the Trigger Period will be extended for a period of not more than 60 days after the date of such public announcement.
Notwithstanding the foregoing, no Change of Control Trigger Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually occurred.
Change of Control means the Commonwealth of Australia ceases to “control” (as defined for the purposes of section 50AA of the Corporations Act) the Issuer.
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