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Estimated actual external debt payments of non-financial organisations in 2021 H1

According to macroeconomic statistics, the external debt payments of non-financial organisations, including principal and interest, will total $13 and $11.8 billion in 2021 Q1 and Q2, respectively.

Excluding intragroup payments, net payments may total $11.8 billion in 2021 Q1 (3% more than in 2020 Q1) and $11.2 billion in 2021 Q2 (15% less than in 2020 Q2). The balance is represented by intragroup payments calculated for the top 40 Russian corporate borrowers in the external market.

Slightly higher net payments in May, as compared to other months, are related to the planned repayment of public debt on Eurobonds by a large non-financial organisation that, according to our estimates, has enough FX liquidity to perform debt obligations.

The Bank of Russia’s survey shows that in 2021 the percentage of intragroup borrowings in the total external debt payments of major borrowers is as follows: 31% — in January; 1% — in February; 1% — in March; 10% — in April; 1% — in May; and 26% — in June.

Schedule of external debt payments, 40 largest non-financial corporate borrowers, 2021 Q1—Q2*

Indicators 2021
January February March April May June
Total due payments, millions of US dollars 3,643 2,014 1,363 1,732 2,168 1,594
Net payments, millions of US dollars 2,498 1,994 1,351 1,554 2,148 1,183
Share of intragroup borrowings 31% 1% 1% 10% 1% 26%

* 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: 28.01.2021