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
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.
| 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− |
| 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 | |