Estimated actual external debt repayments of non-financial organisations in 2019 H1

According to macroeconomic statistics, external debt payments of non-financial organisations, including principal and interest, will total $10.3 and $14.4 billion in 2019 Q1 and Q2 respectively.

Stripping out intragroup payments, net payments may total $10.1 billion in 2019 Q1 (40% less than in 2018 Q1) and $13.6 billion in 2019 Q2 (4.4% less than in the second quarter of the previous year). The balance is made up of intragroup payments (calculated for the top 40 Russian corporate borrowers in the external market).

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: 0% in January, 0% in February, 7% in March, 20% in April, 3% in May and 5% in June.

Schedule of external debt payments by 40 largest non-financial corporate borrowers, 2019 Q1-Q2*

Indicators 2019
January February March April May June
Total due payments, million US dollars 934 883 2,841 3,815 1,263 1,189
Net payments, million US dollars 931 883 2,628 3,058 1,227 1,126
Share of intragroup funding 0% 0% 7% 20% 3% 5%

 

* The Q1 indicators have been adjusted for the updated data from loan 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’.

28 January 2019

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