Estimated external debt payments of non-financial organisations in 2019 H2
According to macroeconomic statistics, external debt payments of non-financial organisations, including principal and interest, will total $11.8 billion and $19.3 billion in 2019 Q3 and Q4 respectively.
Stripping out intragroup payments, net payments may total up to $9.3 billion in Q3 (26% less than in the previous year) and $17.5 billion in 2019 Q4 (19% less than last year).
As said previously, a significant amount of payments in September will be comprised mostly of intragroup financing that was regularly prolonged in previous periods.
Macroeconomic statistics show that a considerable amount of payments traditionally falls on December ($11.9 billion); however, historically, a sizeable amount of such payments tends to be carried over or restructured.
The Bank of Russia’s survey of top companies shows that the share of intragroup borrowings in major borrowers’ total external debt payments is as follows: 0% — in July and August, 2019; 61% — in September; 0% — in October; 8% — in November; and 54% — in December.
Schedule of external debt payments, 40 largest non-financial corporate borrowers, 2019 H2*
|Total due payments, million US dollars||823||689||3,981||1,396||1,835||3,125|
|Net payments, million US dollars||823||689||1,561||1,396||1,697||1,439|
|Share of intragroup borrowings||0%||0%||61%||0%||8%||54%|
* The Q2 indicators have been adjusted for the updated data from contracts registered by authorised banks in accordance with Bank of Russia Instruction No.
18 July 2019