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Estimated external debt payments of non-financial organisations in 2021 Q2–Q3

According to macroeconomic statistics, external debt payments of non-financial organisations, including principal and interest, will total $12 and $9.9 billion in 2021 Q2 and Q3 respectively.

Excluding intragroup payments, net payments may total $11.5 billion in 2021 Q2 (8% less than in 2020 Q2) and $8.1 billion in 2021 Q3 (14% less than in 2020 Q3). 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 its debt 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 shows that in 2021 the percentage of intragroup borrowings in the total external debt payments of major borrowers is as follows: 10% in April, 1% in May, 18% in June, 10% in July, 2% in August, and 58% in September.

Schedule of external debt payments by 40 largest non-financial corporate borrowers, 2021 Q2—Q3*

Indicators 2021
April May June July August September
Total due payments, millions of US dollars 1,719 2,168 1,443 1,318 1,232 2,862
Net payments, millions of US dollars 1,554 2,148 1,183 1,190 1,212 1,211
Share of intragroup funding 10% 1% 18% 10% 2% 58%

* 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: 19.04.2021