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Estimated actual external debt payments of non-financial organisations in 2020 H1

According to macroeconomic statistics, the external debt payments of non-financial organisations, including principal and interest, will total $11.5 and $13.5 billion in 2020 Q1 and Q2, respectively.

Excluding intragroup payments, net payments may total $11.5 billion in 2020 Q1 (14% more than in 2019 Q1) and $13.2 billion in 2020 Q2 (3% less than in 2019 Q2). The balance is made up of intragroup payments (calculated for the top 40 Russian corporate borrowers in the external market).

The slightly higher net payments in April, as compared to the other months, are related to the planned repayments of public debt in the form of Eurobonds by several large non-financial organisations that, in our opinion, possess sufficient foreign currency liquidity to fulfil their obligations.

The Bank of Russia’s survey shows that in 2020 the percentage of intragroup borrowings in the total external debt payments of major borrowers is as follows: 0% — in January; 2% — in February; 0% — in March; 7% — in April; 0% — in May; and 0% — in June.

Schedule of external debt payments, 40 largest non-financial corporate borrowers, 2020 Q1—Q2*

Indicators 2020
January February March April May June
Total due payments, $ million 818 2,036 2,620 3,751 1,172 951
Net payments, $ million 818 1,994 2,617 3,477 1,167 950
Share of intragroup borrowings 0% 2% 0% 7% 0% 0%

* The Q1 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’.

27 January 2020

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Last updated on: 28.01.2020