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International bonds: Turkey, FRN 13jun2003, EUR (DE0002466653)

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Variable rate

Issue | Borrower
Borrower
  • JCRA
    -  | ***
    ***
  • Scope
    -  | ***
    ***
Status
Matured
Amount
500,000,000 EUR
Placement
***
Redemption (put/call option)
*** (-)
ACI on
Country of risk
Turkey
Current coupon
-
Price
-
Yield / Duration
-
Calculate in two clicks! yield, duration and other parameters
Calculate in two clicks! yield, duration and other parameters
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  • Placement amount
    500,000,000 EUR
  • Outstanding amount
    500,000,000 EUR
  • Minimum Settlement Amount
    50,000 EUR
  • ISIN
    DE0002466653
  • CFI
    DBVUFB
  • FIGI
    BBG0006740N7
  • Ticker
    TURKEY F 06/13/03

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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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  • Borrower
    Go to the issuer page
    Turkey
  • Full borrower / issuer name
    Turkey
  • Sector
    Sovereign
Volume
  • Placement amount
    500,000,000 EUR
  • Outstanding amount
    500,000,000 EUR
Nominal
  • Minimum Settlement Amount
    50,000 EUR
  • Outstanding face value
    *** EUR
  • Integral multiple
    *** EUR
  • Nominal
    1,000 EUR

Cash flow parameters

  • Reference rate
    3M EURIBOR
  • Coupon Rate
    ***
  • Interest Accrual Date
    ***
  • Coupon frequency
    *** time(s) per year
  • Payment currency
    ***
  • Maturity date
    ***

Early redemption terms

***

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Why

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Placement

  • Placement method
    Open subscription
  • Placement type
    Public
  • Placement
    ***
  • Geographic breakdown
    ***
  • Investor breakdown
    ***

Conversion and exchange

  • Conversion terms
    ***

Additional information

Latest issues

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News

01/12/2023 S&P Global Ratings revised outlook on Turkey to positive and affirmed at "B" (Local Currency LT) credit rating
01/12/2023 S&P Global Ratings revised outlook on Turkey to positive and affirmed at "B" (Foreign Currency LT) credit rating
14/11/2023 New issue: Issuer Turkey issued bonds (TRT081128T15) with the coupon rate of 31.08% in the amount of TRY 9573 mln maturing in 2028
09/11/2023 New issue: Issuer Turkey issued international bonds (XS2689091846) with the coupon rate of 8.5091% in the amount of USD 2500 mln maturing in 2029
07/11/2023 Upcoming issue: The Republic of Turkey
All organization news

Related entities

In which the company has interests

Identifiers

  • ISIN
    DE0002466653
  • CUSIP
    ***
  • CUSIP 144A
    ***
  • CFI
    DBVUFB
  • FIGI
    BBG0006740N7
  • WKN
    246665
  • Ticker
    TURKEY F 06/13/03
  • Type of security by CBR
    ***

Ratings

Bond classification

  • Rank: Undefined
  • Coupon bonds
  • Bearer
  • Variable rate
  • Amortization
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • 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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Restructuring

***

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