Estimated actual external debt repayments of non-financial organisations in 2019 Q2 – Q3

According to macroeconomic statistics, external debt payments of non-financial organisations, including principal and interest, will total 14.7 and 11.4 billion US dollars in 2019 Q2 and Q3 respectively.

Stripping out intragroup payments, net payments may total up to $14.2 billion in 2019 Q2 (close to the readings of 2018 Q2) and about $9 billion in 2019 Q3 (27% less than in 2018 Q3). The balance is made up of intragroup payments (calculated for the top 40 Russian corporate borrowers in the external market).

Significantly higher net payments in April, as compared to other months, are related to the planned repayment of public debt on Eurobonds by a large non-financial organisation that, according to our estimates, has enough FX liquidity to perform debt obligations. In September, a significant amount of payments is comprised mostly of intragroup financing that was regularly prolonged in previous periods.

The Bank of Russia’s survey suggests that in 2019 the share of intragroup borrowings in major borrowers’ total external debt payments is as follows: 11% in April, 3% in May, 5% in June, 0% in July and August, and 61% in September.

Schedule of external debt payments by top 40 non-financial corporate borrowers, 2019 Q2-Q3*

Indicators 2019
April May June July August September
Total due payments, millions of US dollars USA 3,446 1,267 1,190 823 689 3,981
Net payments, millions of US dollars 3,055 1,226 1,127 823 689 1,561
Share of intragroup funding 11% 3% 5% 0% 0% 61%

* The Q2 indicators have been adjusted for the updated data from contracts registered by authorised banks in accordance with Bank of Russia Instruction No. 181-I, dated 16 August 2017, ‘On the Procedure for Residents and Non-residents to Submit Documents and Information Confirming Foreign Exchange Transactions to Authorised Banks, on Single Accounting and Reporting Forms Related to Foreign Exchange Transactions, and the Procedure and Timeframes for Their Submission’.

18 April 2019

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