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Estimated actual external debt payments of non-financial organisations in 2022 H1

According to macroeconomic statistics, external debt payments of non-financial organisations, including principal and interest, will total $15 and $10.6 billion in 2022 Q1 and Q2, respectively.

Excluding intragroup payments, net payments may total $11.5 billion in 2022 Q1 (3% less than in 2021 Q1) and $10.3 billion in 2022 Q2 (8% less than in 2021 Q2). The balance is represented by intragroup payments calculated for the top 40 Russian corporate borrowers in the external market.

The slightly higher net payments in March, 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 suggests that in 2022 the share of intragroup borrowings in major borrowers’ total external debt payments is as follows: 88% in January, 39% in February, 0% in March, 3% in April, 0% in May, and 30% in June.

Schedule of external debt payments, 40 largest non-financial corporate borrowers, 2022 Q1—Q2*

Indicators 2022
January February March April May June
Total due payments, millions of US dollars 3,541 1,056 4,822 1,300 4,250 1,012
Net payments, millions of US dollars 425 643 4,820 1,261 4,250 705
Share of intragroup borrowings 88% 39% 0% 3% 0% 30%

* 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’.

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Last updated on: 27.01.2022