Relevamiento de Títulos de Deuda y Otros Pasivos Externos

These statistics are based on the information obtained in the Survey of Debt Securities and Other External Liabilities provided by Communication A3602 and complementary ones.

Executive Summary

Foreign obligations declared by the private sector totaled US$ 62,464 million as of March 31, 2017. Of that total, US$ 61,647 million corresponded to the capital position, while US$ 817 million were accrued interest.

In a quarter where an improvement was observed in the international financial markets (with a positive capital flow in emerging countries once again), the increase in private external debt in the first quarter of 2017, of US$ 3,095 million, was explained both by the rise in financial debt (basically debt securities worth US$ 1,458 million and financial loans for US$ 585 million) and commercial debt (explained by the increase in financial debt (basically debt securities worth US$ 1,458 million and financial loans for US$ 585 million) and commercial debt (explained by the increase in financial debt (basically debt securities worth US$ 1,458 million and financial loans for US$ 585 million) and commercial debt (explained by for advances and pre-financing of exports for US$ 559 million and imports of goods and services for US$ 448 million).

Debt for advances and pre-financing of exports of goods reached a stock of US$ 5,920 million as of 31.03.17, registering an increase in the quarter of US$ 559 million, basically in the “Manufacture of food products” sector, in line with the seasonality in this type of debt.

The debt for imports of goods reached US$ 17,971 million as of 31.03.17, with an increase in the quarter of US$ 431 million (2%) and a year-on-year decrease of US$ 4,339 million (20%). This fall was verified as a result of greater deleveraging of the private sector in a context of flexibilization of the foreign exchange market. At the level of sectors of economic activity, the quarterly increase in import debt was mainly driven by the “Manufacturing Industry” sector (US$ 426 million).

Foreign obligations for services totaled a stock of US$ 8,038 million as of 31.03.17, remaining at a similar level with respect to the previous quarter and exhibiting a year-on-year decrease of US$ 1,728 million (18%), following the trend of commercial deleveraging previously indicated.

External financial debt reached US$ 29,709 million as of 31.03.17, a level that represented an increase of US$ 2,160 million (8%) in relation to the previous quarter and US$ 3,949 million (15%) compared to the same quarter of the previous year. Fresh funds totaled US$ 2,156 million in the first quarter of 2017, continuing within the highest amounts in the series, in line with the higher financing flows received after the normalization of public debt. These funds were raised at an average rate of around 8% nominal per annum and an average term of 6 years.

The average maturity of the private sector’s external debt as of March 31, 2017 stood at 2.27 years (increasing by 0.13 years in relation to the previous quarter and 0.23 years in relation to what was observed a year ago).