Repayments of Russian non-fin foreign debt to reach $11 billion
This is according to the Bank of Russia’s assessment, posted on its website.
The assessment of actual external debt repayments is different from the macroeconomic statistics by the value of intragroup payments, which are very likely to be rolled over and refinanced. The statistical reading of the total external debt repayments in 2016 Q3 is $17.8 billion and $22.4 billion in 2016 Q4.
The Bank of Russia-conducted survey of 30 major Russian non-financial corporate borrowers showed 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 borrowing companies’ payments are projected to be fairly even in Q3–Q4, to a total of approximately $2.3 billion a month. ■