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Estimated external debt payments of non-financial organisations in 2021 H2

According to macroeconomic statistics, external debt payments of non-financial organisations, including principal and interest, will total $9.7 billion and $20.3 billion in 2021 Q3 and Q4 respectively.

Excluding intragroup payments, net payments may total up to $7.8 billion in 2021 Q3 (15% less than in the previous year) and $16.3 billion in 2021 Q4 (17% less than in the previous year). The balance is represented by intragroup payments calculated for the top 40 Russian corporate borrowers in the external market.

As said above, a significant amount of payments in September will be comprised mostly of intragroup funding that was regularly prolonged in previous periods.

Macroeconomic statistics show that a considerable amount of payments traditionally falls on December ($12 billion); however, historically, a sizeable amount of such payments tends to be prolonged or refinanced.

The Bank of Russia’s survey of top companies suggests that the share of intragroup borrowings in major borrowers’ total external debt payments in 2021 is as follows: 10% in July, 2% in August, 58% in September, 11% in October, 25% in  November, and 78% in December.

Schedule of external debt payments by 40 largest non-financial corporate borrowers, 2021 H2*

Indicators 2021
July August September October November December
Total due payments, millions of US dollars 1,318 1,236 2,862 1,591 2,560 4,042
Net payments, millions of US dollars 1,190 1,212 1,211 1,417 1,920 900
Share of intragroup funding 10% 2% 58% 11% 25% 78%

* The Q3 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: 21.07.2021