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Turkey Sukuk, 4.489% 25nov2024, USD (FIGI RegS BBG007K3CHY7, XS1141043296, WKN A1ZSTF)

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International bonds, Sukuk, Senior Unsecured

Issue | Borrower
Borrower
  • M
    ***  | ***
    ***
  • S&P
    ***  | ***
    ***
  • F
    ***  | ***
    ***
Status
Matured
Amount
1,000,000,000 USD
Placement
17/11/2014
Redemption (put/call option)
25/11/2024 (-)
ACI
Country of risk
Turkey
Current profit share rate
-
Price
100% (IND)
Cbonds Estimation
Yield / Duration
4.489% MATURITY / 0.01
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Calculate in two clicks! yield, duration and other parameters
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  • Placement amount
    1,000,000,000 USD
  • Outstanding amount
    1,000,000,000 USD
  • Minimum Settlement Amount
    200,000 USD
  • ISIN RegS
    XS1141043296
  • Common Code RegS
    114104329
  • CFI RegS
    DBFNCR
  • FIGI RegS
    BBG007K3CHY7
  • SEDOL
    BSTLQR8
  • Ticker
    TURKSK 4.489 11/25/24 REGS

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Issue information Turkey government sukuk

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

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Cash flow parameters

  • Coupon Rate
    4.489%
  • Day count convention
    30E/360
  • Interest Accrual Date
    25/11/2014
  • Coupon frequency
    2 time(s) per year
  • Redemption price
    100%
  • Maturity date
    25/11/2024

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
    17/11/2014
  • Initial issue price (yield)
    100% (4.49%)
  • Settlement Duration
    8.05 years
  • G-spread
    216.5 bp
  • Spread to mid-swaps
    205 bp
  • Bids
    3,400,000,000 USD
  • Number of bids
    140
  • Geographic breakdown
    Middle East - 37%, UK - 16%, US - 14%, Europe - 9%, Asia - 7%
  • Investor breakdown
    banks and private banks - 46%, fund managers - 42%, supranationals, insurance and pension funds - 12%
  • Use of proceeds
    Refinance
  • Use of proceeds description
    The proceeds of the issue of the Certificates will be paid by the Issuer on the Closing Date to the Republic or to its order as the purchase price for the Lease Assets pursuant to the Sale Agreement. The total net proceeds in connection with the issuance and offering of the Certificates are expected to be approximately U.S.$999,250,000.
Participants
  • Bookrunner
    CIMB Group, Citigroup, HSBC
  • Depository
    Clearstream Banking S.A., Euroclear Bank
  • Arranger Legal Adviser (Domestic law)
    YEGIN CIFTCI
  • Arranger Legal Adviser (International law)
    Clifford Chance
  • Issuer Legal Adviser (Domestic law)
    Paksoy Ortak Avukat Burosu
  • Issuer Legal Adviser (International law)
    Arnold & Porter

Covenants

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Additional information

Latest issues

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Similar issues

News

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
12/03/2026 New issue: Turkey issued bonds (TRM070426T14) in the amount of TRY 20000 mln maturing in 2026
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Related entities

In which the company has interests

Identifiers

  • ISIN RegS
    XS1141043296
  • Cbonds ID
    96763
  • ISIN 144A
    ***
  • CUSIP 144A
    ***
  • Common Code RegS
    114104329
  • Common Code 144A
    114320137
  • CFI RegS
    DBFNCR
  • CFI 144A
    DBFUGR
  • FIGI RegS
    BBG007K3CHY7
  • FIGI 144A
    BBG007K92KF9
  • WKN RegS
    A1ZSTF
  • WKN 144A
    A1ZSWW
  • SEDOL
    BSTLQR8
  • Ticker
    TURKSK 4.489 11/25/24 REGS
  • Type of security by CBR
    BON5
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Ratings

Bond classification

  • Senior Unsecured
  • Registered
  • Coupon bonds
  • Non-complex financial instruments (MiFID)
  • Sukuk
  • 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
  • Trace-eligible
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