Debt instruments

Credit ratings

On 12 February 2019, Moody’s upgraded Nornickel’s credit rating to Baa2 with a Stable outlook following Russia’s sovereign credit rating upgrade to Baa3 investment-grade level with a Stable outlook and country ceiling for foreign currency debt rising to Baa2.

Debt portfolio management

Debt USD mln
Debt portfolio by currencyRUB loans with currency swap applied disclosed as USD loans at the rate of swap initiation
Debt
Debt portfolio by interest rateRUB loans with currency swap applied disclosed as USD loans at the rate of swap initiation
Debt

Bonds

In late November 2018, Nornickel registered a 30-year exchange-traded bond programme on the Moscow Exchange for up to RUB 300 bn (or its equivalent in a foreign currency). In 2019, as part of the programme, we successfully placed a 7.2% RUB 25 bn bond maturing in 2024.

In 2019, Nornickel successfully placed a 3.375% USD 750 mln Eurobond maturing in 2024 recording the lowest coupon ever for the Company’s Eurobond issues.

As of the end of 2019, Nornickel had five Eurobond issues outstanding for a total of USD 4.25 bn and two rouble exchange-traded bonds for a total of RUB 40 bn.

Eurobonds
Instrument Eurobonds
2020 (LPN) 2022 (LPN) 2022 (LPN) 2023 (LPN) 2024 (LPN)
Issuer MMC Finance D.A.C.
Offering date 28.10.2013 08.06.2017 14.10.2015 11.04.2017 28.10.2019
Maturity date 28.10.2020 08.04.2022 14.10.2022 11.04.2023 28.10.2024
Issue size, USD mln 1,000 500 1,000 1,000 750
Coupon rate, % 5.550 3.849 6.625 4.100 3.375
Coupon dates 28 October / 28 April 08 October / 08 April 14 October / 14 April 11 October / 11 April 28 October / 28 April
Issue rating (F/M/S) BBB−/Bаa2/BBB− ВВВ−/–/ВВВ− BBB−/Bаa2/BBB− ВВВ−/–/ВВВ− BBB−/Bаa2/BBB−
Rouble bonds
Instrument Exchange-traded bonds, BO-05 Exchange-traded bonds, BO-001 P-01
Issuer PJSC MMC NORILSK NICKEL
ISIN RU000A0JW5C7 RU000A100VQ6
Offering date 19.02.2016 01.10.2019
Maturity date 06.02.2026 24.09.2024
Issue size, RUB bn 15 25
Coupon rate, % 11.60 7.20
Coupon dates Every 182 days starting from the offering date