Tuesday, August 5, 2014

5/8/2014: Of Coming Russian Debt Showdown...


September and December 2014 are going to be crunch time for redemptions of Russian bonds, followed by 3rd and 4th quarters of 2015... All data below is in billions USD.


To the above: red bars = government debt issuance, pink = banks and blue = corporates.

And here is how Russian economy's dependence on external funding markets has grown over time:

Per above: red bars are state-owned banks external debt, pink bars are state-owned non-financial corporates, darker blue private banks, lighter blue private non-financial corporates.

All data sourced from RBKDaily which cites as sources Central Bank and Morgan Stanley Research.

The big question is how these maturities will be met, as EU and US are prohibiting issuance of any new debt in excess of 90-days duration...
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