In the first and second quarters of 2017 schedule of payments on the external debt of Russian companies (except for banks and other financial institutions) provides for the payment on account of repayment of principal and interest of $37.9 billion, according to the message of the Central Bank.
However, a significant portion of scheduled payments are payments on intercompany loans in respect of which a high probability of rollover and refinancing. In the end, according to the Central Bank, the actual amount of payments on the external debt could reach $29 billion – $15.2 billion in the first quarter of 2017 and another $13.8 billion in the second.
In a statement the Central Bank highlighted that March 2017, Russian companies have to repay $12.8 billion, With major portion of this amount ($11,608 billion) will make payments of the 30 largest borrowers. Their payments will make up a large part of all payments on the external debt in the first quarter of 2017.
“Of this amount, about $4.4 billion are intra-group payments and $3.8 billion – a scheduled repayment of public borrowings in the form of Eurobonds of a number of large non-financial institutions with adequate supply of foreign exchange liquidity for the execution of debt obligations”, – stated in the materials of the Central Bank.
According to the Central Bank, the share of intra-group payments in the total payments on external debts of large borrowers in 2017 in January is 24%, in February – 14% in March to 38% in April to 32% in may to 28% in June to 42%.
Including payments on intercompany borrowings payments of the 30 largest borrowers of external debt in the first half of 2017 can be $24,291 billion rubles., and excluding these payments – $15,937 billion.
The total volume of external debt of Russia as of 1 January 2017 was estimated by CB at $518,661 billion, of which $351,026 billion (67.7 per cent) was accounted for by non-financial institutions, $119,283 billion (23%) – the banking sector, and the remainder in the Central Bank and state administration bodies.