Debt instruments
Credit ratings
As of the end of 2020, Nornickel held investment-grade credit ratings from all three major international rating agencies and Russian Expert RA:
- Fitch Ratings: BBB−/Stable
- Standard & Poor’s: BBB−/Stable
- Moody’s: Baa2/Negative
- Expert RA: ruААА/Stable
Debt portfolio management
Bonds
In 2020, Nornickel successfully completed a USD 500 million Eurobond issue maturing in 2025 and locked in the lowest coupon ever achieved by a Russian or CIS issuer for a public placement of USD-denominated Eurobonds, at 2.55% p.a.
As of the end of 2020, Nornickel had five Eurobond issues outstanding for a total of USD 3.75 billion and two rouble exchange-traded bonds for a total of RUB 40 billion.
On 12 February 2021, the Company made an early repayment of exchange-traded bonds in the amount of RUB 15 billion (USD 203 million at the exchange rate as of 31 December 2020).
| Instrument | Eurobonds 2022 (LPN) | Eurobonds 2022 (LPN) | Eurobonds 2023 (LPN) | Eurobonds 2024 (LPN) | Eurobonds 2025 (LPN) |
|---|---|---|---|---|---|
| Issuer: MMC Finance D.A.C. | MMC Finance D.A.C. | ||||
| Offering date | 08.06.2017 | 14.10.2015 | 11.04.2017 | 28.10.2019 | 11.09.2020 |
| Maturity date | 08.04.2022 | 14.10.2022 | 11.04.2023 | 28.10.2024 | 11.09.2025 |
| Issue size, USD mln | 500 | 1,000 | 1,000 | 750 | 500 |
| Coupon rate, % | 3.849 | 6.625 | 4.100 | 3.375 | 2.55 |
| Coupon dates | 8 October/ 8 April | 14 October/ 14 April | 11 October/ 11 April | 28 October/ 28 April | 11 September/ 11 March |
| Issue rating (F/M/S) | ВВВ−/–/ВВВ− | BBB−/Bаa2/BBB− | ВВВ−/–/ВВВ− | BBB−/Bаa2/BBB− | BBB−/Bаa2/− |
| Instrument | Exchange-traded bonds, | Exchange-traded bonds, |
|---|---|---|
| Issuer | 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 frequency | Every 182 days starting from the offering date | |