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Estimated external debt payments of non-financial organisations in 2020 Q2 – Q3

According to macroeconomic statistics, external debt payments of non-financial organisations, including principal and interest, will total $13 and $11.5 billion in 2020 Q2 and Q3 respectively.

Excluding intragroup payments, net payments may total $12.6 billion in 2020 Q2 (5% less than in the previous year) and $9.4 billion in 2020 Q3 (5% more than in 2019 Q3). 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 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. In September, a significant amount of payments is expected to be comprised mostly of intragroup financing that was regularly prolonged in previous periods.

The Bank of Russia’s survey suggests that in 2020 the share of intragroup borrowings in major borrowers’ total external debt payments is as follows: 10% in April, 0% from May to August and 51% in September.

Schedule of external debt payments by top 40 non-financial corporate borrowers, 2020 Q2-Q3*

Indicators 2020
April May June July August September
Total due payments, millions of US dollars 3,875 1,172 951 901 692 4,268
Net payments, millions of US dollars 3,477 1,167 950 901 692 2,098
Share of intragroup borrowings 10% 0% 0% 0% 0% 51%

* The Q2 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: 17.04.2020