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Turkey Bonds, 6% 14jan2041, USD (FIGI BBG001CYCG37, WKN A1GKZU)

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International bonds, Senior Unsecured

Issue | Borrower
Borrower
  • M
    ***  | ***
    ***
  • S&P
    ***  | ***
    ***
  • F
    ***  | ***
    ***
Status
Outstanding
Amount
3,000,000,000 USD
Placement
11/12/2012
Redemption (put/call option)
14/01/2041 (-)
ACI
Country of risk
Turkey
Current coupon
6.00%
Price
87.375% (IND)
Cbonds Estimation
Yield / Duration
7.581% MATURITY / 9.29
  • Placement amount
    3,000,000,000 USD
  • Outstanding amount
    3,000,000,000 USD
  • USD equivalent
    3,000,000,000 USD
  • Minimum Settlement Amount
    200,000 USD
  • Common Code
    057740574
  • CFI
    DBFTFR
  • FIGI
    BBG001CYCG37
  • SEDOL
    B3XJ8P5
  • Ticker
    TURKEY 6 01/14/41 30Y
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Prospectus (3 pcs.)

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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
    3,000,000,000 USD
  • Outstanding amount
    3,000,000,000 USD
  • Outstanding face value amount
    3,000,000,000 USD
Face value
  • Minimum Settlement Amount
    200,000 USD
  • Outstanding face value
    200,000 USD
  • Increment
    1,000 USD
  • Face value
    1,000 USD
Listing
  • Listing

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Cash flow parameters

  • Coupon Rate
    6%
  • Day count convention
    30E/360
  • Interest Accrual Date
    12/01/2011
  • Coupon frequency
    2 time(s) per year
  • Redemption price
    100%
  • Maturity date
    14/01/2041

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
    05/01/2011 - 11/12/2012
  • Initial issue amount
    1,000,000,000 USD
  • Initial issue price (yield)
    96.631% (6.25%)
  • Settlement Duration
    13.83 years
  • G-spread
    169.7 bp
  • Bids
    5,000,000,000 USD
  • Geographic breakdown
    Turkey - 35%, Europe - 33%, USA - 31%, Asia -1%
  • Investor breakdown
    Banks - 48%, asset maangers - 47%, pension and insurance companies - 3%, hendge funds - 2%
  • Use of proceeds
    Refinance
  • Use of proceeds description
    Unless otherwise specified in the applicable prospectus supplement, Turkey will use the net proceeds from the sale of the debt securities for the general financing purposes of Turkey, which may include the repayment of debt.
Participants
  • Bookrunner
    Barclays, BofA Securities, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, RBS
  • Depository
    Clearstream Banking S.A., DTCC, Euroclear Bank

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
  • Others
  • Rating Trigger
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Issue is included in calculation of indices

Cbonds EM Sovereign USD Duration Index
Cbonds EM Sovereign USD G-spread Index
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Cbonds EM Sovereign USD T-spread Index
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Cbonds Middle East Sovereign USD G-spread Index
Cbonds Middle East Sovereign USD Index
Cbonds Middle East Sovereign USD Price Index
Cbonds Middle East Sovereign USD T-spread Index
Cbonds Middle East Sovereign USD YTM Index
Cbonds Turkey Sovereign USD Duration Index
Cbonds Turkey Sovereign USD G-spread Index
Cbonds Turkey Sovereign USD Index
Cbonds Turkey Sovereign USD Price Index
Cbonds Turkey Sovereign USD T-spread Index
Cbonds Turkey Sovereign USD YTM Index
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Latest issues

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News

01/07/2026 New issue: Turkey issued international bonds (XS3410791282) with the coupon rate of 6.7% in the amount of USD 2750 mln maturing in 2032
16/04/2026 New issue: Turkey issued international bonds (US900123DV94) with the coupon rate of 6.375% in the amount of USD 2000 mln maturing in 2031
10/04/2026 New issue: Turkey issued bonds (TRB170327T15) in the amount of TRY 15777 mln maturing in 2027
23/03/2026 New issue: Turkey issued bonds (TRT150328T24) with the coupon rate of 36.8% in the amount of TRY 26516 mln maturing in 2028
12/03/2026 New issue: Turkey issued bonds (TRM080426T13) in the amount of TRY 20000 mln maturing in 2026
All organization news

Related entities

In which the company has interests

Identifiers

  • ISIN
    ***
  • Cbonds ID
    13945
  • CUSIP
    ***
  • Common Code
    057740574
  • CFI
    DBFTFR
  • FIGI
    BBG001CYCG37
  • WKN
    A1GKZU
  • SEDOL
    B3XJ8P5
  • Ticker
    TURKEY 6 01/14/41 30Y
  • 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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