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
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.|
|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|
|Issue size, RUB bn||15||25|
|Coupon rate, %||11.60||7.20|
|Coupon frequency||Every 182 days starting from the offering date|