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Domestic bonds: Turkey, 7.8 15feb2017 sukuk
TRD150217T18

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Issue information

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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Volume
  • Placement amount
    1,801,515,310 TRY
  • Outstanding amount
    1,801,515,310 TRY
Nominal
  • Nominal
    100 TRY
  • Outstanding face value
    *** TRY
  • Par amount, integral multiple
    *** TRY

Cash flow parameters

  • Reference rate
    ***
  • Coupon Rate
    ***
  • Day count fraction
    ***
  • Business Day Convention
    Following Business Day
  • Interest Accrual Date
    ***
  • Coupon frequency
    *** time(s) per year
  • Payment currency
    ***
  • Delay days
    *** days
  • Maturity date
    ***
  • Early redemption date
    ***

Cash flow

Early redemption terms

***

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to order full access
DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS
  • High performance interface for global bond market screening
  • Full information on close to 500,000 bonds from 180 countries
  • 100% coverage of Eurobonds worldwide
  • Over 300 primary sources of prices
  • Ratings data from all international and local ratings agencies
  • Stock market data from 100 world trading floors
  • Intuitive, high speed user interface
  • Data access via the website, mobile application and add-in for Microsoft Excel

Placement

  • Placement method
    Open subscription
  • Placement type
    Public
  • Order book
    *** (***) - *** (***)
  • Coupon (Yield) Guidance
    ***% - ***% (*** - ***%)
  • Issuer rating on issue date (M/S&P/F)
    *** / *** / ***
  • Placement
    *** - ***
  • Initial issue price (yield)
    (***%)
  • Bids
    *** TRY
  • Number of bids
    ***
  • Geographic breakdown
    ***
  • Investor breakdown
    ***
  • Listing
    ***

Conversion and exchange

  • Convertion date
    ***
  • Initial premium
    ***%
  • Convertible until
    ***
  • Lock-up
    *** days
  • Conversion terms
    ***

Additional information

***

Latest issues

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News

20/02/2021 Fitch Ratings revised outlook on Turkey to stable and affirmed at "BB-" (LT Int. Scale (foreign curr.)) credit rating
20/02/2021 Fitch Ratings revised outlook on Turkey to stable and affirmed at "BB-" (LT Int. Scale (local curr.)) credit rating
20/01/2021 New bond issue: Turkey issued international bonds (US900123DC14) with a 5.875% coupon for USD 1,750.0m maturing in 2031
20/01/2021 New bond issue: Turkey issued international bonds (US900123DB31) with a 4.75% coupon for USD 1,750.0m maturing in 2026
08/12/2020 New bond issue: Turkey issued international bonds (US900123DA57) with a 5.95% coupon for USD 2,250.0m maturing in 2031
All organization news

Identifiers

  • Registration
    ***
  • Date of program registration
    ***
  • ISIN
    TRD150217T18
  • CUSIP
    ***
  • CUSIP 144A
    ***
  • CFI
    DBFTFB
  • FIGI
    BBG00848PKY1
  • Ticker
    TURKSK 7.8 02/15/17
  • Type of security by CBR
    ***

Ratings



Bond classification

  • Coupon bonds
  • Bonds
  • Bearer
  • Sukuk
  • Amortization
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • Floating rate
  • For qualified investors (CIS region)
  • Foreign bonds
  • Green bonds
  • Indexed
  • Supranational bond issues
  • Mortgage bonds
  • Perpetual
  • Payment-in-kind
  • Non-Marketable Securities
  • Redemption Linked
  • Restructuring
  • Retail bonds
  • Covered
  • Securitization
  • Structured product
  • Subordinated
  • Trace-eligible
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Restructuring

***

***

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