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
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.
|2020 (LPN)||2022 (LPN)||2022 (LPN)||2023 (LPN)||2024 (LPN)|
|Issuer||MMC Finance D.A.C.|
|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|
|Issue size, RUB bn||15||25|
|Coupon rate, %||11.60||7.20|
|Coupon dates||Every 182 days starting from the offering date|