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Estimated actual external debt payments of non-financial organisations in 2020 Q4 – 2021 Q1

According to macroeconomic statistics, the external debt payments of non-financial organisations, including principal and interest, will total $23.3 and $13.8 billion in 2020 Q4 and 2021 Q1 respectively.

Macrostatistical data show that a considerable amount of payments traditionally falls on December ($14.7 billion); however, historically, a sizeable amount of such payments tends to be carried over or restructured.

Stripping out intragroup payments, net payments may total up to $21.6 billion in 2020 Q4 (31% more than in the previous year) and up to $11.8 billion in 2021 Q1 (3% more than in the previous year). The balance is made up of intragroup payments (calculated for the top 40 Russian corporate borrowers in the external market).

The Bank of Russia’s survey of top companies suggests that the share of intragroup borrowings in major borrowers’ total external debt payments is as follows, in 2020: 0% — October, 2% — November, 60% — December; in 2021: 44% — January, 0% — February, and 1% — March.

Schedule of external debt payments, 40 largest non-financial corporate borrowers, 2020 Q4 — 2021 Q1*

Indicators 2020 2021
October November December January February March
Total due payments, millions of US dollars 2,682 2,334 2,723 4,497 1,994 1,363
Net payments, millions of US dollars 2,682 2,287 1,095 2,498 1,994 1,351
Share of intragroup borrowings 0% 2% 60% 44% 0% 1%

* The Q4 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: 20.10.2020