Estimated actual external debt repayments of non-financial organisations in 2016 Q3 – Q4
The statistical reading of the total external debt repayments (principal and interest) stands at $17.8 billion in 2016 Q3 and $22.4 billion in 2016 Q4. The Bank of Russia estimates however the actual repayments to total up to $11 billion in 2016 Q3 and $ 21.5 billion in 2016 Q4.
The difference owes its origin to intra-group payments (calculated for 30 Russian top corporate borrowers in the external market), which are very likely to be rolled over and refinanced.
The Bank of Russia-conducted survey of major Russian companies shows that the share of intra-group loans in the total repayments will equal to 25% in July, 3% in August, 70% in September, 0,2% in October, 14% in November and 17% in December 2016.
Adjusted for intra-group financing, major corporate borrowers are projected to enjoy fairly even debt repayments in Q3—Q4, to a total of approximately $2.3 billion a month.
schedule: outstanding external debt repayments (30 major corporate
non-financial borrowers, 2016 Q
|Total outstanding repayments, million USD||3 899||1 890||8 289||1 687||3 061||2 736|
|Net repayments, million USD||2 921||1 830||2 484||1 684||2 638||2 266|
|Intra-group financing, %||25||3||70||0||14||17|
* Q3 readings are adjusted for updated data based on transaction report forms issued by the authorised banks as part of the procedure for implementing forex transactions between residents and non-residents
19 July 2016