Securities

Stock exchanges trade in MMC Norilsk Nickel’s shares and ADRs.

As at 31 December 2017, the Company's capitalisation stood at USD 29.7 bn , up 12% y-o-y.

+12% 29.7 USD bn Nornickel's capitalisation
Average monthly capitalisation in 2017 // USD bn Source: Bloomberg

Ordinary shares

The Company's ordinary shares have been trading on the Russian market since 2001.

They are included in the Moscow Exchange’s Blue Chip Index (ticker symbol: GMKN) and rank among liquid instruments in the Russian securities market.

Share price and trading volume on the Moscow Exchange in 2017 Source: Bloomberg
Share price and MOEX Index in 2017 // %
Share price and trading volume on the Moscow Exchange Source: Moscow Exchange
Date Share price, RUB Volume, shares Market cap at end of period, RUB bn
Min Max End of period
2013 4,105 6,101 5,399 72,088,571 854
2014 5,150 10,805 8,080 75,215,906 1,279
2015 8,590 12,106 9,150 58,018,280 1,448
2016 8,050 11,070 10,122 48,275,360 1,602
2017, incl. 7,791 11,610 10,850 49,456,624 1,717
Q1 8,807 10,439 8,929 11,081,179 1,413
Q2 7,791 9,186 8,068 10,419,785 1,277
Q3 8,197 9,920 9,920 14,867,898 1,570
Q4 9,876 11,610 10,850 13,087,762 1,717

MMC Norilsk Nickel’s registrar is Independent Registrar Company. The registrar provides a full scope of services to the Company’s shareholders. Shareholders (individuals and legal entities) listed in the Company's shareholder register have access to the Shareholder’s Personal Account, where they can:

  • view the number and price of their shares,
  • check dividends accrued and paid,
  • see the date of the upcoming General Meeting of Shareholders,
  • participate in General Meetings of Shareholders through e-voting.

Access to the personal account can be obtained at a branch of Independent Registrar Company.

For more details on the registrator, please see the Contacts section.

ADRs

In 2001, MMC Norilsk Nickel issued ADRs for its shares. Currently, shares are convertible into ADRs at a ratio of 1:10. Depositary services for ADR transactions are provided by the Bank of New York Mellon, and custody services are provided by VTB Bank.

ADRs are traded in the electronic trading system of OTC markets of the London Stock Exchange (ticker symbol: MNOD), on the US OTC market (ticker symbol: NILSY), and on many other exchanges.

As at 31 December 2017, the total number of ADRs issued against MMC Norilsk Nickel’s shares was 647,562,500, or 40.9% 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.

For more details on trading in the Company’s shares and ADRs, please see our website

ADR price and trading volume on the London Stock Exchange in 2017 Source: Bloomberg
ADR price and global indices // % Source: Bloomberg
ADR price and trading volume on the OTC market of the London Stock Exchange Source: Bloomberg
Date ADR price, USD Volume, shares Market cap at end of period,USD mln
Min Max End of period
2013 12.4 20.3 16.6 1,021,589,603 26,300
2014 14.2 21.5 14.2 1,162,822,466 22,503
2015 12.4 21.6 12.7 724,594,769 20,042
2016 10.4 18.2 16.8 647,017,484 26,569
2017, incl. 13.0 20.2 18.7 737,658,803 29,655
Q1 14.8 17.6 15.7 182,345,505 24,876
Q2 13.0 16.3 13.8 144,255,268 21,838
Q3 13.9 17.2 17.2 211,593,420 27,242
Q4 17.2 20.2 18.7 199,464,610 29,655
Share and ADR trading volume by exchanges // %

Bonds

In 2017, the Company successfully placed two Eurobond issues for a total of USD 1.5 bn against a favourable market backdrop: April saw us close the offering of USD 1.0 bn Eurobonds due in 2023 with a coupon rate of 4.10% that was inside the Company's outstanding Eurobond curve, followed by a second USD 500 mln issue due in 2022 with a coupon rate of 3.849% (the lowest among the Company's outstanding bonds) placed in June.

In 2017, the Company had five Eurobond issues outstanding for a total amount of USD 4,250 mln with maturities in 2018, 2020, 2022 and 2023, and one issue of rouble exchange-traded bonds for RUB 15 bn due in 2026.

Eurobonds
Instrument Eurobonds 2018 (LPN) Eurobonds 2020 (LPN) Eurobonds 2022 (LPN) Eurobonds 2022 (LPN) Eurobonds 2023 (LPN)
Issuer MMC Finance D.A.C. MMC Finance D.A.C. MMC Finance D.A.C. MMC Finance D.A.C. MMC Finance D.A.C.
Issue size USD 750 mln USD 1,000 mln USD 500 mln USD 1,000 mln USD 1,000 mln
Coupon rate 4.375% 5.55% 3.849% 6.625% 4.10%
Offering date 30 April 2013 28 October 2013 8 June 2017 14 October 2015 11 April 2017
Maturity date 30 April 2018 28 October 2020 8 April 2022 14 October 2022 11 April 2023
Coupon dates 30 October / 30 April 28 October / 28 April 8 October / 8 April 14 October / 14 April 11 October / 11 April
Issue rating BBB-/Bаa3/BBB- BBB-/Bаa3/BBB- ВВВ-/ – /ВВВ- BBB-/Bаa3/BBB- ВВВ-/ – /ВВВ-
Rouble bonds
Instrument Exchange-traded bonds, BO-05
Issuer MMC Norilsk Nickel
ISIN RU000A0JW5C7
Offering date 19 February 2016
Maturity date 6 February 2026
Issue size RUB 15 bn
Coupon rate 11.60%
Coupon dates Each 182 days starting from the offering date

As at the end of 2017, the Company boasted credit ratings from three leading international rating agencies:

Fitch Ratings: BBB– / Stable

Standard & Poor's: BBB– / Stable

Moody's: Ba1 / Stable

On 30 January 2018, Moody's upgraded Nornickel's credit rating to Ваа3 (investment grade) and raised its outlook from stable to positive following an increase in Russia's country ceilings for foreign currency debt to the same Baa3 level and a change in the outlook on Russia’s rating from stable to positive. The Company's credit ratings from all the three rating agencies (Fitch, Moody’s and S&P Global) currently qualify as investment grade.