Securities
The Company’s securities are the most liquid instruments on domestic and foreign equity markets.
Ordinary shares
The Company’s ordinary shares have been trading on Russian platforms since 2001. They are included in Moscow Exchange’s First Level quotation list and rank among liquid instruments in the Russian equity market.
| Trading platform | Financial instrument global identifier | Reuters instrument code |
|---|---|---|
| Moscow Exchange / Saint-Petersburg Exchange | GMKN RN GMKN RХ | GMKN.MM GMKN.RTS |
American depositary receipts (ADRs)
In 2001, MMC Norilsk Nickel issued ADRs for its shares, with the ADRs now trading outside of Russia. Currently, shares are convertible into ADRs at a ratio of 1:10. Depositary services for ADR transactions are rendered by the Bank of New York Mellon, while custody services are provided by VTB Bank. ADRs are traded on the US OTC market, and in the electronic trading system of OTC markets of the London and Berlin stock exchanges.
As at 31 December 2016, the total number of ADRs issued against MMC Norilsk Nickel’s shares was 659,481,150, accounting for 41.67% of the authorised capital. The number of ADRs traded on stock exchanges is not constant, and depositary receipt holders may convert their securities into shares and vice versa.
| Trading platform | Financial instrument global identifier | Reuters instrument code |
|---|---|---|
| IOB, London Stock Exchange (London, UK) | MNOD LI | NKELyq.L |
| OTC Market (New York, USA) | NILSY US NILSY UV | NILSY.PK |
| Frankfurt Stock Exchange (Frankfurt, Germany) | NNIA GR NNIA GF | NKELy.F |
| Date | Share price, RUB | Volume, shares | Market cap at the end of period, RUB bn | ||
|---|---|---|---|---|---|
| Min | Max | End of period | |||
| 2012 | 4,610 | 5,939 | 5,606 | 89,275,016 | 1,069 |
| 2013 | 4,106 | 6,089 | 5,400 | 76,120,053 | 855 |
| 2014 | 5,140 | 10,805 | 8,080 | 75,766,353 | 1,279 |
| 2015 | 8,590 | 12,106 | 9,150 | 59,126,636 | 1,448 |
| 2016 | 8,050 | 11,070 | 10,122 | 49,045,671 | 1,602 |
| Q1 | 8,050 | 9,494 | 8,950 | 15,264,426 | 1,377 |
| Q2 | 8,285 | 9,750 | 8,540 | 14,413,575 | 1,351 |
| Q3 | 8,496 | 9,989 | 9,812 | 9,285,079 | 1,553 |
| Q4 | 9,157 | 11,070 | 10,122 | 10,082,591 | 1,602 |
| Date | ADR price, USD | Volume, ADR | Market cap at the end of period, USD mln | ||
|---|---|---|---|---|---|
| Min | Max | End of period | |||
| 2012 | 14.4 | 20.5 | 18.4 | | 35,133 |
| 2013 | 12.4 | 20.3 | 16.6 | | 26,300 |
| 2014 | 14.2 | 21.5 | 14.2 | | 22,503 |
| 2015 | 12.4 | 21.6 | 12.7 | 748,638,706 | 20,042 |
| 2016 | 10.4 | 18.2 | 16.8 | 701,221,106 | 26,569 |
| Q1 | 10.4 | 14.0 | 12.9 | 195,655,725 | 19,148 |
| Q2 | 12.4 | 15.0 | 13.3 | 155,963,196 | 23,135 |
| Q3 | 13.3 | 16.3 | 16.0 | 174,451,054 | 25,288 |
| Q4 | 14.6 | 18.2 | 16.8 | 178,151,131 | 26,569 |
Bonds
In 2016, three leading international rating agencies confirmed their credit ratings for the Company. Moreover, MMC Norilsk Nickel is one of the five Russian companies that boast two investment grade credit ratings. The Moody’s rating is limited by the sovereign rating. Russia’s sovereign rating: BB+ by Standard & Poor’s, Ba1 by Moody’s, BBB– by Fitch Ratings.
In February 2016, MMC Norilsk Nickel issued BO-05 series exchange-traded bonds for a total amount of RUB 15 bn. The bonds are due in 2026 and callable in 2021.
In 2016, there were three outstanding Eurobond issues by MMC Norilsk Nickel for a total amount of USD 2,750 mln with maturities in 2018, 2020, and 2022.
Credit Rating / Outlook
| Instrument | Exchange-traded bonds, BO-05 |
|---|---|
| Issuer | MMC Norilsk Nickel |
| ISIN | RU000A0JW5C7 |
| Offering date | 19 February 2016 |
| Maturity date | 06 February 2026 |
| Offering amount | RUB 15 bn |
| Coupon rate | 11.60% |
| Coupon period | Each 182 days starting from the offering date |
| Instrument | Eurobonds 2018 (LPN) | Eurobonds 2020 (LPN) | Eurobonds 2022 (LPN) |
|---|---|---|---|
| Issuer | MMC Finance Ltd | MMC Finance Ltd | MMC Finance Ltd |
| Offering amount | USD 750 mln | USD 1,000 mln | USD 1,000 mln |
| Coupon rate | 4.375% | 5.55% | 6.625% |
| Offering date | 30 April 2013 | 28 October 2013 | 14 October 2015 |
| Maturity date | 30 April 2018 | 28 October 2020 | 14 October 2022 |
| Coupon dates | 30 October / 30 April | 28 October / 28 April | 14 October / 14 April |
| Issue rating | BBB-/Ba1/BBB- | BBB–/Ba1/BBB– | BBB–/Ba1/BBB– |