Estimated actual external debt repayments of non-financial organisations in 2017 H2
According to statistical data, total external debt payments of non-financial institutions, including principal and interest, will in Q3 and Q4 total $16 billion and $25 billion respectively.
Once intragroup payments* are deducted, which are very likely to be extended or refinanced, net payments in the quarters under study will total $12 billion and $23.6 billion respectively, essentially consistent with the same periods of previous years. Macrostatistics show that a fourth quarter (mainly December) is traditionally the time of the bulk of repayments, and experience suggests that a substantial proportion of these will be extended.
According to a BoR survey of major companies, the share of intragroup loans in total repayments of major borrowers is estimated at 46% for July, 16% for August, 60% for September, 0.2% for October, 29% for November and 26% for December 2017. Adjusted for intragroup funding, major corporations’ payments in 2017 Q3-4 are predicted to be fairly even and average about $1.5 billion a month, which is a third less than in the same period last year.
Schedule of external debt payments — 30 largest non-financial corporate borrowers, 2017 H2**
|Amounts payable, million rubles USA||1,539||1,207||5,197||1,610||2,492||2,745|
|Net amounts payable, million rubles USA||831||1,016||2,080||1,609||1,780||2,034|
|Share of intragroup funding||46%||16%||60%||0%||29%||26%|
|* Intragroup payments are calculated for the 30 largest Russian corporate borrowers in the external market.|
|** Q3 indicators are adjusted to recognise transaction specification data available from banks authorised to conduct foreign currency transactions between residents and non-residents.|
19 July 2017