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$ 68,416 million as of December 31, 2015. Of this total, US$ 64,638 million corresponded to external debts of the non-financial private sector (NFPS) and US$ 3,778 million to commitments of the private financial sector (SPF).

The external debt of the private sector decreased by about US$ 2,350 million during the fourth quarter of 2015, basically as a result of the fall in the financial liabilities of the non-financial private sector.

The quarterly decrease in the external commercial debt of the NFPS totaled about US$ 520 million, as a result of the net cancellation of debt for imports of goods for about US$ 970 million, among which the energy sector stood out (with cancellations for US$ 419 million), partially offset by the increase in service liabilities by about US$ 260 million and advances and pre-financing of exports of US$ 190 million.

NFPS’ financial external liabilities fell by US$1.8 billion in the fourth quarter due to the fall in distributed and unpaid earnings and dividend debt, mainly due to the fall in this debt measured in U.S. dollars.

Fresh funds received during the last quarter of 2015 amounted to approximately US$ 720 million.

During 2015, the external liabilities of the private sector registered an increase of about US$ 5,100 million, both due to the increase in the debt of the non-financial private sector of about US$ 3,920 million, and the increase in the external debt of the financial sector by about US$ 1,200 million.

In 2015, the growth of NFPS’ external liabilities occurred both in commercial debt (about US$ 3,200 million, in all types of debt) and in financial debt (about US$ 760 million).

The external debt of the NFPS for advances and pre-financing resulted in a year-on-year increase of about US$ 1,100 million, mainly explained by the increase in debt for pre-financing of exports of goods for about US$ 800 million, of which more than 50% corresponded to the oilseeds and cereals sector.

The debt for imports of goods registered an increase in 2015 of about US$ 1,000 million, driven mainly by the automotive sector and by the chemical, rubber and plastic industry sector, partially offset by the net cancellation of the energy sector (about US$ 345 million).

NFPS-declared foreign obligations for services registered a year-on-year increase of about US$1.2 billion, continuing the upward trend observed since the beginning of 2012.

For its part, the year-on-year increase in financial debt resulted in about US$ 750 million, explained by the increase in the stock of debt securities by about US$ 1,750 million (basically due to placements in the oil sector), which more than compensated for the fall recorded in liabilities for profits and dividends distributed and not paid.

During 2015, fresh funds totaled about US$ 3,900 million, in line with the values observed in recent years. The issuances of securities in the oil sector stood out, representing around 60% of the total raised.

The foreign obligations of the private financial sector fell by US$ 23 million in the fourth quarter of the year. In the annual cumulative, this debt registered an increase of US$ 1,161 million, as a result of the increase in the stock of credit lines and other commercial credits by about US$ 1,000 million.

The average life of the private sector’s external debt was 1.98 years.