Key Highlights

● Turkcell redeemed two identically structured TRY 500,000,000 bonds that matured September 25, 2026.

● Each bond carried a 40.25% simple annual Interest Rate and paid TRY 51,277,500 in coupon interest.

● Both bonds were privately placed with qualified investors in Turkey during a June 23-24, 2026 offering.

● Turkcell held a Long Term National Rating of AAA (tr) from JCR Avrasya as of May 22, 2026 in connection with the bonds.

Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC) filed two related Form 6-K reports on September 25, 2026 confirming the Redemption of two separate short-term bonds, each with a principal amount of TRY 500,000,000, that matured that same day. The bonds, identified by ISIN codes TRFTCEL92610 and TRFTCEL92628, were issued in June 2026 and carried a fixed simple annual interest rate of 40.25%, with Turkcell paying TRY 51,277,500 in coupon interest on each bond alongside full repayment of principal.

Matching Terms, Separate Instruments

Both bonds were structured identically: TRY 500,000,000 in principal, sold during a June 23-24, 2026 offering period, issued June 24, 2026, and maturing exactly 93 days later on September 25, 2026. Each carried the same 40.25% simple annual rate, equivalent to a 46.6931% compound annual rate, and a single coupon payment structured at 10.2555% for the full Holding Period rather than periodic installments. As bill-type Debt securities, both instruments paid interest and principal together in one lump sum at Maturity rather than through recurring coupon payments.

How the Bonds Were Sold

Turkcell placed both bonds privately with qualified investors inside Turkey, describing the transactions as "Private Placement-Sale to Qualified Investor" rather than public offerings traded on an exchange. AK Yatirim Menkul Degerler A.S. served as the intermediary brokerage house for the sales, and Merkezi Kayit Kurulusu A.S., Turkey's central securities depository, held the instruments in registered form. This structure is a common way for large Turkish corporates to raise short-term local-currency financing without the disclosure burden of a public bond offering.

Turkcell's Credit Standing

The filings note that Turkcell carried a Long Term National Rating of AAA (tr) from JCR Avrasya Derecelendirme A.S., a Turkish credit rating agency, as of May 22, 2026, the most recent rating date referenced in connection with the bonds. Turkcell is Turkey's largest mobile network operator, providing telecommunications and digital services domestically and, through subsidiaries, in several neighboring markets. Its American Depositary Shares trade on the New York Stock Exchange under the ticker TKC.

A Short-Term Financing Tool

Ninety-three-day bills of this kind function as a working-capital or short-term Liquidity tool for large corporate issuers, allowing them to borrow domestically in Turkish lira at rates reflecting prevailing local interest-rate conditions without committing to long-term debt. The redemption disclosed here simply closes out both bonds on schedule; the filings do not indicate whether Turkcell intends to roll the proceeds into a new similar issuance or use the freed-up capacity for other purposes. Issuing two identically sized, identically dated bonds in parallel rather than one larger bond is a structuring choice the filings do not explain.

What the Filings Do Not Say

Neither 6-K discusses Turkcell's broader debt profile, total outstanding borrowings, or recent operating and subscriber metrics. The filings are limited to confirming that both bonds reached maturity on September 25, 2026 and were repaid in full, including coupon interest, with no mention of any refinancing plans or new bond issuances to replace the redeemed instruments. Neither filing discloses the identities of the qualified investors who purchased the bonds in June, consistent with the private nature of the placement.

Watching Turkcell's Next Financing Move

Investors tracking Turkcell's short-term financing activity should watch for any new bill or bond issuances that might follow this redemption, particularly given the company's apparent pattern of using 93-day instruments for domestic lira funding. No further deadlines or pending actions related to these two specific bonds remain, since both have now been fully redeemed.