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Turkey Bonds, 4.375% 8jul2027, EUR (FIGI RegS BBG011N21MC3, XS2361850527, WKN A3KTN9)

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International bonds, Senior Unsecured

Issue | Borrower
Borrower
  • M
    ***   | ***
    ***
  • S&P
    ***   | ***
    ***
  • F
    ***   | ***
    ***
Status
Outstanding
Amount
1,500,000,000 EUR
Placement
30/06/2021
Redemption (put/call option)
08/07/2027 (-)
ACI
Country of risk
Turkey
Current coupon
4.38%
Price
100.564% (IND)
Cbonds Estimation
Yield / Duration
3.634% MATURITY / 0.80
7 — high
  • Placement amount
    1,500,000,000 EUR
  • Outstanding amount
    1,500,000,000 EUR
  • USD equivalent
    1,722,915,000 USD
  • Minimum Settlement Amount
    100,000 EUR
  • ISIN RegS
    XS2361850527
  • Common Code RegS
    236185052
  • CFI RegS
    DBFTFR
  • FIGI RegS
    BBG011N21MC3
  • Ticker
    TURKEY 4.375 07/08/27 6Y
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Issue information Turkey government bonds

Profile
Turkey has the sixth largest local currency bond market among the emerging market countries. Its key instruments are corporate bonds, commercial paper and bank bills. The corporate bond market in Turkey amounted to only TL481 million ...
Turkey has the sixth largest local currency bond market among the emerging market countries. Its key instruments are corporate bonds, commercial paper and bank bills.

The corporate bond market in Turkey amounted to only TL481 million (US$340million) at the end of 2009, jumping up to TL1.4 billion5 (US$1.9 billion) in end 2010 and to TL4.3 billion in end 2011. This is still very small in comparison to other major emerging market countries.

Since the Turkish eurobond market opened in early 2011, banks and corporates are now allowed to issue eurobonds directly without having to pay withholding tax on interest payments under the bonds. This change in law, along with the favourable market conditions, has encouraged many Turkish issuers (predominantly banks) to come to market.

Strategic benchmarks in public debt are:
- To make borrowing mainly in TL;
- To use fixed rate TL instruments as the major source of domestic cash borrowing and decrease the share of debt which has interest rate refixing period less than 12 months;
- To increase the average maturity of domestic cash borrowing taking market conditions into consideration and decrease the share of debt maturing within 12 months;
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  • Borrower
    Go to the issuer page
    Turkey
  • Full borrower / issuer name
    Turkey
  • Sector
    Sovereign
Volume
  • Placement amount
    1,500,000,000 EUR
  • Outstanding amount
    1,500,000,000 EUR
  • Outstanding face value amount
    1,500,000,000 EUR
  • USD equivalent
    1,722,915,000 USD
Face value
  • Minimum Settlement Amount
    100,000 EUR
  • Outstanding face value
    100,000 EUR
  • Increment
    1,000 EUR
  • Face value
    1,000 EUR
Listing
  • Listing

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Cash flow parameters

  • Coupon Rate
    4.375%
  • Day count convention
    Actual/Actual (ICMA)
  • Business Day Convention
    Following Business Day
  • Interest Accrual Date
    08/07/2021
  • Coupon frequency
    1 time(s) per year
  • Redemption price
    100%
  • Maturity date
    08/07/2027

Cash flow

Calculations for international bonds are made according to the minimum trading lot
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Placement

  • Placement method
    Open subscription
  • Placement type
    Public
  • Placement
    30/06/2021
  • Initial issue price (yield)
    99.355% (4.50%)
  • Settlement Duration
    5.40 years
  • Spread to mid-swaps
    468.3 bp
  • Use of proceeds
    General Budgetary Purposes
  • Use of proceeds description
    General Corporate Purposes
Participants
  • Bookrunner
    BNP Paribas, BofA Securities, Deutsche Bank
  • Depository
    Clearstream Banking S.A., Euroclear Bank
  • Arranger Legal Adviser (International law)
    Clifford Chance
  • Issuer Legal Adviser (International law)
    Arnold & Porter

Covenants

  • Change of Control
  • Collective Action Clause
  • Covenant Suspension/Fall-Away
  • Cross Default
  • Designation of Restricted and Unrestricted Subsidiaries
  • Events of Default
  • Financial Covenants
  • Limitation on Business Activities
  • Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
  • Limitation on Indebtedness
  • Limitation on Investments
  • Limitation on Liens
  • Limitation on Restricted Payments
  • Limitation on Sale of Assets
  • Limitation on Sale/Leaseback
  • Limitation on Subsidiary Debt
  • Limitation on layering (anti-layering)
  • Limitations on transactions with affiliates
  • Merger Restrictions
  • Rating Trigger
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Identifiers

  • ISIN RegS
    XS2361850527
  • Cbonds ID
    1069087
  • Common Code RegS
    236185052
  • CFI RegS
    DBFTFR
  • FIGI RegS
    BBG011N21MC3
  • WKN RegS
    A3KTN9
  • Ticker
    TURKEY 4.375 07/08/27 6Y
  • Type of security by CBR
    BON5

Ratings

Bond classification

  • Senior Unsecured
  • Registered
  • Coupon bonds
  • Non-complex financial instruments (MiFID)
  • Amortization
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • Variable rate
  • For qualified investors (CIS region)
  • Foreign bonds
  • Green bonds
  • Guaranteed
  • Inflation-linked principal
  • Supranational bond issues
  • Inflation-linked coupon
  • Mortgage bonds
  • Perpetual
  • Payment-in-kind
  • Non-Marketable Securities
  • Redemption Linked
  • Restructuring
  • Retail bonds
  • Covered
  • Securitization
  • Structured product
  • Commercial Bonds
  • Subordinated
  • Sukuk
  • Trace-eligible
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