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Turkey Bonds, 5.95% 15jan2031, USD (FIGI BBG00YB7DZY8, WKN A285VW)

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International bonds, Senior Unsecured

Issue | Borrower
Borrower
  • M
    ***   | ***
    ***
  • S&P
    ***   | ***
    ***
  • F
    ***   | ***
    ***
Status
Outstanding
Amount
2,250,000,000 USD
Placement
25/11/2020
Redemption (put/call option)
15/01/2031 (-)
ACI
Country of risk
Turkey
Current coupon
5.95%
Price
97.905% (IND)
Frankfurt S.E.
Yield / Duration
6.612% MATURITY / 3.82
5 — average
  • Placement amount
    2,250,000,000 USD
  • Outstanding amount
    2,250,000,000 USD
  • USD equivalent
    2,250,000,000 USD
  • Minimum Settlement Amount
    200,000 USD
  • CFI
    DBFUGR
  • FIGI
    BBG00YB7DZY8
  • Ticker
    TURKEY 5.95 01/15/31 10Y
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Files for Turkey government bonds

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Prospectus (2 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
    2,250,000,000 USD
  • Outstanding amount
    2,250,000,000 USD
  • Outstanding face value amount
    2,250,000,000 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
    5.95%
  • Day count convention
    30E/360
  • Business Day Convention
    Following Business Day
  • Interest Accrual Date
    02/12/2020
  • Coupon frequency
    2 time(s) per year
  • Redemption price
    100%
  • Maturity date
    15/01/2031

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
    25/11/2020
  • Initial issue price (yield)
    99.612% (6.09%)
  • Settlement Duration
    7.66 years
Participants
  • Bookrunner
    Goldman Sachs, HSBC, Morgan Stanley
  • Depository
    Clearstream Banking S.A., DTCC, Euroclear Bank
  • Arranger Legal Adviser (Domestic law)
    Pekin & Pekin
  • 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
  • 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
Cbonds EM Sovereign USD Index
Cbonds EM Sovereign USD Price Index
Cbonds EM Sovereign USD T-spread Index
Cbonds EM Sovereign USD YTM Index
Cbonds Middle East Sovereign USD Duration Index
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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Identifiers

  • ISIN
    ***
  • Cbonds ID
    862547
  • CUSIP
    ***
  • CFI
    DBFUGR
  • FIGI
    BBG00YB7DZY8
  • WKN
    A285VW
  • Ticker
    TURKEY 5.95 01/15/31 10Y
  • 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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