Estimated actual external debt repayments of non-financial organisations in 2018 H1

According to macroeconomic statistics, external debt payments of non-financial organisations, including principal and interest, will total $28.7 and $15.3 billion in 2018 Q1 and Q2 respectively.

According to updated information, in 2018 Q1, external debt payments mainly consist of intragroup payments ($11.8 billion or 41% of scheduled payments, according to macrostatistics) of Russian companies – top borrowers in the external market. These payments are most likely to be carried over and are highly unlikely to exert pressure on borrowers’ liquidity position.

Overall, actual payments may reach $16.8 billion in 2018 Q1 and $14.2 billion in 2018 Q2. The balance is represented by intragroup payments calculated for the top 30 Russian corporate borrowers in the external market.

The Bank of Russia’s survey of 30 top companies suggests that in 2018 the proportion of intragroup borrowings in the total payments on external debts by large borrowers is as follows: 94% in January, 12% in February, 1% in March, 5% in April, 1% in May and 35% in June. As adjusted for intragroup funding, the payments of top companies will total $8.1 billion in 2018 Q1, or by 18% less year on year, and $9.2 billion in 2018 Q2, or by 50% more year on year, mainly due to significant scheduled payments in April. In April, more than $5 billion will be spent by several large non-financial organisations with sufficient foreign currency liquidity to pay off their Eurobonds.

Schedule of external debt payments by 30 largest non-financial corporate borrowers, 2018 Q1-Q2*

Indicators 2018
January February March April May June
Total due payments, million US dollars 12,116 3,840 3,964 6,599 1,463 2,268
Net payments, million US dollars 781 3,392 3,907 6,294 1,451 1,477
Share of intragroup funding 94% 12% 1% 5% 1% 35%

* Q1 indicators are adjusted to recognise transaction specification data available from banks authorised to conduct foreign currency transactions between residents and non-residents.

26 January 2018

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