MMC NORILSK NICKEL BO-001P-16
8.92%
yield to worst (YTW)
Price
98.29%
985 CNY with accrued interest
Coupon
7.00%
12×/yr
Put/call
17.12.2027
4.2 y to maturity
Duration
1.1 y
price −1.0% per +1 pp of rate
Premium over replacement bonds
+211 bp
OFZ in CNY
Credit risk
ruAAA
Expert RA · low
Price and premium over OFZhow the bond has traded and how much it pays over OFZ
Bond price, % of par
Incomewhat your investment will earn and when payments arrive
Yield calculator
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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (17.12.2027) - redemption at par on the put date; coupons after the put have not been announced yet. The fair price discounts the cash flows at the yield of a comparable credit class (a reference point).
Cash flows
| Date | Coupon, CNY | Principal, CNY | Total, CNY |
|---|
Coupon payments and principal repayment by date for one bond. On the chart, each bar is a year's total: the coupon is paid 12 times a year, and the bar adds up all of that year's payments. Coupons from 09.01.2028 have not been announced and are shown at the current rate as a forecast.
Issuer credit qualitycredit risk and the issuer's debt on the exchange
Credit risk
Low
issuer rating AAA · Expert RA
Default probability
≈ 0.02%
per year, by issuer rating
Issuer debt on the exchange
797.32 bn ₽
3 issues, plus 9 in foreign currency
Due within a year
28%
of exchange debt, maturities and puts
Cost of rouble debt
15.25%
average coupon of the issues
Group, IFRS
| 2025, actual | 2026, forecast | |
|---|---|---|
| Revenue | 1147 | 1330 |
| EBITDA | 475 | 579 |
| Net profit | 164 | 226 |
| Net debt / EBITDA | — | 1.5× |
RUB bn. The forecast is a FairValue estimate, not the issuer's reporting. Full financials are on the GMKN share page
Issuer debt maturities by year
202636.2 bn
2027235.4 bn
2028240.5 bn
2029208.7 bn
203076.5 bn
in roublesin FX, at the Bank of Russia rate
Issues with a put are assigned to the put date rather than to maturity. All of the issuer's bonds are in the section “Issuer curve”.
Risk-adjusted yield
8.91%
without the adjustment — 8.92%: expected default losses reduce the yield by 1 bp (1 bp = 0.01 pp)
The probability of default is 0.02% a year: the historical average for this rating. In a default, holders recover 30% of face value on average.
What the spread over replacement bonds is made of
Expected loss 1 bp
Exit cost 0 bp
Risk premium 210 bp
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
3 issues · Nornickel.
This bond is
cheaper than its own curve (yield higher by 102 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
Atomenergoprom 001P-16
matures 12.2027 · AAA
8.07%
Eurasian Develop Bank P03-04
matures 11.2027 · AAA
5.46%
Rosneft 002P-12
matures 09.2032 · AAA
6.60%
PhosAgro BO-03-01
matures 04.2028 · AAA
8.61%
Gazprom capital BO-003P-19
matures 08.2027 · AAA
7.55%
Polyus PBO-02
matures 08.2027 · AAA
7.10%
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon7.00% a year · 12 payments/yr
Coupon, CNY5.75
Par1 000 CNY
Maturity24.12.2030 · 4.2 y
Put/call17.12.2027
Issue
Listing level2
Issue size4 bn CNY
Lot1 units
Buying now
Order book98.00 / 101.91% no market: the sides are 3.9% of par apart
Accrued interest, CNY2.30 as of 28.10.2026
Average daily turnover470.9 k ₽
Trades today4 · turnover 130.5 k ₽
Yields
Current yield7.12%
Simple yield8.63%
Yield to maturity if the 7.00% rate holds7.74%
Spreads and valuation
MOEX ISS data. Not an individual investment recommendation. Yields, spreads and the fair price are calculated from the exchange quote and are for reference: a real trade goes through at the order book price and depends on the issue's liquidity. The calculations exclude broker and exchange fees; tax is shown on a separate line and simplified (no accrued interest at purchase).