Estimated actual external debt repayments of non-financial organisations in 2018 H2

According to the macroeconomic statistics, external debt payments of non-financial organisations, including principal and interest, will total $16.8 and $22.6 billion in 2018 Q3 and Q4 respectively.

Exclusive of intragroup payments (calculated for the top 40 Russian corporate borrowers in the external market), the amount of net payments due might total $12.6 billion in 2018 Q3 (almost the same figure was seen in 2017 Q3) and $21.7 billion in Q4 (8% less than in 2017).

In September, a significant amount of payments will be comprised mostly of intragroup financing that was regularly prolonged in previous periods.

The macroeconomic statistics show that a considerable amount of payments is traditionally made in December ($13.3 billion); however, in practice, the majority of such payments are usually carried over or restructured.

According to a BoR survey of major companies, the share of intragroup loans in total repayments of major borrowers is estimated at 9% for July, 43% for August, 61% for September, 1% for October, 4% for November and 33% for December 2018. Adjusted for intragroup funding, major corporations’ payments in 2018 Q3-Q4 are predicted to be fairly even and average about $1.9 billion a month.

Schedule of external debt payments by top 40 non-financial corporate borrowers, 2018 H2*

Indicators 2018
July August September October November December
Total due payments, millions of US dollars 2,399 3,276 4,126 2,417 1,551 2,369
Net payments, millions of US dollars 2,185 1,880 1,623 2,402 1,483 1,590
Share of intragroup funding 9% 43% 61% 1% 4% 33%

* The Q3 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’.

19 July 2018

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