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$ 64,665 million as of December 31, 2014, decreasing about US$ 4,100 million in the year. Of the total debt stock, US$ 62,056 million corresponded to external debts of the non-financial private sector (NFPS) and US$ 2,609 million to commitments of the private financial sector (SPF). Continuing the trend recorded in previous years, private external debt showed a new fall in relation to the Gross Domestic Product (GDP), representing 12% at the end of 2014 compared to 13% at the end of 2013 and around 31% in 2004. During the fourth quarter of 2014, the external debt of the NFPS fell by US$ 815 million, explained by both the fall in commercial debt and in financial debt. Thus, 2014 ended with a fall in the NFPS’ external liabilities of around US$ 3,800 million, highlighting the variation in financial debt.

The decrease in commercial debt totaled US$ 398 million in the quarter and was due to the fall in liabilities for imports of goods, partially offset by the increase in liabilities for advances and pre-financing of exports and services by some US$ 779 million and US$ 295 million, respectively. On the other hand, NFPS financial debts fell by US$ 400 million in the quarter, mainly due to the capitalization of debt from profits and dividends in the mining sector and the net cancellation of financial loans made by several sectors.

Over the course of 2014, commercial debt increased by US$ 25 million, due to the increase in liabilities for services and export advances and pre-financing (with year-on-year increases of around 7% and 15%, respectively), offset by the fall in debts for imports of goods (which fell by 6%).

Financial debt registered a fall in the year of about US$ 3,800 million, mainly explained by the capitalization of financial loans in the mining sector registered during the second quarter of the year, partially offset by the net placement of debt securities, especially in the oil sector by placements in international markets.

The external debt for advances and pre-financing of exports of goods reached a stock of US$ 6,023 million as of 31.12.14, registering an increase both year-on-year and in the fourth quarter of about US$ 780 million. The increase due to this type of indebtedness was basically explained by the behavior of the oilseeds and cereals sector (increase of US$ 950 million year-on-year), particularly during the last quarter of the year, within the framework of agreements to enter funds in addition to those necessary to attend to the operations of the agro-export sector.

Liabilities for the financing of imports of goods reached a stock of US$ 22,801 million as of 31.12.14, falling in the fourth quarter by about US$ 1,470 million, closing 2014 with a decrease of about US$ 1,300 million (6%), mainly explained by the electricity (US$ 1,200 million) and the automotive industry (US$ 500 million) sectors. partially offset by the increase recorded in the chemical industry (US$ 560 million).

The foreign obligations declared by the NFPS for services totaled a stock of US$ 9,323 million as of 12/31/14, with a year-on-year increase of about US$ 580 million (7%), setting a new record for the stock in the series. During 2014, the upward trend observed during previous years continued, with regard to the share of debt for services in the total external liabilities of the NFPS (15% of the total as of 31.12.14).

Fresh funds received during the fourth quarter of 2014 amounted to approximately US$780 million. The average rate of these was around 8% and with an average term of 8 years. Thus, the fresh funds received during 2014 totaled US$ 3,700 million, in line with the values observed in recent years. The participation of the issuances of securities in the oil sector for about US$ 1,000 million, related to investment projects for the production of unconventional gas and oil and the attention to the growth needs of the sector, and the revenues of the communications sector recorded during the last part of 2014 for the subscription of the 3G and 4G frequency bands for US$ 390 million, were highlighted. which were added to the income from other concepts for about US$ 400 million.

The SPF’s foreign obligations fell by US$ 873 million in the fourth quarter and US$ 294 million (2%) in the year. The aforementioned drop was basically explained by debts intended to finance foreign trade operations, in particular with the use of external lines to finance energy purchases.

The NFPS debt payable as of 31.12.14 reached about US$ 23,600 million (38% of the sector’s external obligations), basically composed of debt from imports and services. The oil sector had to face the largest maturities during 2015, totaling US$ 4,414 million, followed in order of importance by the automotive industry and the chemical, rubber and plastics industry (with maturities of US$ 3,393 million and US$ 2,634 million, respectively).

The average life of the external debt of the private sector was 1.74 years, where that of the external liabilities of the NFPS was 1.68 years, while the financial sector ended the year with an external debt with an average life of 3.32 years.