Republic of Turkey is offering $1,500,000,000 of 7.500% notes due January 30, 2037, with interest beginning January 30, 2027. Investors receive obligations backed by Türkiye’s full faith and credit, while net proceeds are designated for eligible green and social projects under its Sustainable Finance Framework.

Key Highlights

  • Interest on the notes is payable each January 30 and July 30, beginning January 30, 2027.
  • The notes are unsecured and include provisions allowing payment terms to be amended without every holder’s consent.
  • Republic of Turkey is seeking a listing for the securities on the International Securities Market of the London Stock Exchange.

Republic of Turkey is offering $1,500,000,000 ($1.5 billion) principal amount of 7.500% notes maturing January 30, 2037. The securities are direct, general and unconditional obligations of Türkiye, with its full faith and Credit pledged toward principal and interest payments. Interest will be paid twice a year, beginning January 30, 2027.

$1.5B Sovereign Notes Fund ESG Projects

The notes carry a public offering price of 98.957%, equal to $1,484,355,000 ($1.48 billion), while the Underwriting discount is 0.070%, or $1,050,000 ($1.05 million). Proceeds before expenses to the Republic stand at 98.887%, representing $1,483,305,000 ($1.48 billion). BNP PARIBAS, Citigroup, ING and J.P. Morgan are joint book-running managers.