We have the same problem without bond configured. After upgrading to
systemd 229-4ubuntu20 NOARP is set to our network interfaces. The
machine has two network interfaces and the configuration is very simple:

# 50-ens5f0.network

[Match]
MACAddress=24:8a:7:11:50:a8

[Link]
MTUBytes=9000

[Network]
Address=10.32.34.34/30
DHCP=no
LinkLocalAddressing=no
IPv6AcceptRA=no


# 50-ens5f1.network
[Match]
MACAddress=24:8a:7:11:50:a9

[Link]
MTUBytes=9000

[Network]
Address=10.32.33.126/30
DHCP=no
LinkLocalAddressing=no
IPv6AcceptRA=no


# ip link
1: lo: <LOOPBACK,UP,LOWER_UP> mtu 65536 qdisc noqueue state UNKNOWN mode 
DEFAULT group default qlen 1
    link/loopback 00:00:00:00:00:00 brd 00:00:00:00:00:00
2: ens5f0: <BROADCAST,MULTICAST,NOARP,UP,LOWER_UP> mtu 1500 qdisc mq state UP 
mode DEFAULT group default qlen 1000
    link/ether 24:8a:07:11:50:a8 brd ff:ff:ff:ff:ff:ff
3: ens5f1: <BROADCAST,MULTICAST,NOARP,UP,LOWER_UP> mtu 1500 qdisc mq state UP 
mode DEFAULT group default qlen 1000
    link/ether 24:8a:07:11:50:a9 brd ff:ff:ff:ff:ff:ff

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https://bugs.launchpad.net/bugs/1727301

Title:
  229-4ubuntu20 added ARP option breaks existing bonding interfaces

Status in systemd package in Ubuntu:
  Confirmed

Bug description:
  this breaks existing configurations with bonding on upgrading from
  229-4ubuntu19 to 229-4ubuntu20 on xenial

  as bond interfaces are now by default configured without ARP. Hence
  you suddenly lose network connectivity on upgrade. Very bad for a SRU.

  Plus adding "ARP=yes" to the Link section of a .network file does not
  work.

  Before this update, bond interfaces (specifically 802.3ad) were
  defaulting to ARP enabled. After the upgrade, they are created with
  NOARP set on the link.

  pre-upgrade:

  eth0: <BROADCAST,MULTICAST,SLAVE,UP,LOWER_UP>
  eth1: <BROADCAST,MULTICAST,SLAVE,UP,LOWER_UP>
  bond0: <BROADCAST,MULTICAST,MASTER,UP,LOWER_UP>

  post-upgrade:
  eth0: <BROADCAST,MULTICAST,NOARP,SLAVE,UP,LOWER_UP>
  eth1: <BROADCAST,MULTICAST,NOARP,SLAVE,UP,LOWER_UP>
  bond0: <BROADCAST,MULTICAST,NOARP,MASTER,UP,LOWER_UP>

  Linux cnode11 4.4.0-97-generic #120-Ubuntu SMP Tue Sep 19 17:28:18 UTC
  2017 x86_64 x86_64 x86_64 GNU/Linux

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