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.
27 January 2020