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International bonds: Turkey, 11.875% 15jan2030, USD (US900123AL40, TUR-30)

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Senior Unsecured

Issue | Borrower
Borrower
  • JCRA
    -  | ***
    ***
  • Scope
    B-  | ***
    ***
Status
Outstanding
Amount
1,500,000,000 USD
Placement
11/01/2000
Redemption (put/call option)
15/01/2030 (-)
ACI on
Country of risk
Turkey
Current coupon
11.88%
Price
123.505%
Yield / Duration
6.968% MATURITY / 4.31
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  • Placement amount
    1,500,000,000 USD
  • Outstanding amount
    1,500,000,000 USD
  • USD equivalent
    1,500,000,000 USD
  • Minimum Settlement Amount
    1,000 USD
  • ISIN
    US900123AL40
  • Common Code
    010652448
  • CFI
    DBFUFR
  • FIGI
    BBG00003V1W0
  • SEDOL
    5866575
  • Ticker
    TURKEY 11.875 01/15/30

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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
    1,500,000,000 USD
  • Outstanding amount
    1,500,000,000 USD
  • Outstanding face value amount
    1,500,000,000 USD
Face value
  • Minimum Settlement Amount
    1,000 USD
  • Outstanding face value
    1,000 USD
  • Increment
    1,000 USD
  • Face value
    1,000 USD
Listing
  • Listing
    Luxembourg S.E., Berlin Exchange, Italian S.E. - EuroTLX, US3AL4, Istanbul S.E., SPB Exchange, TRY0130

Cash flow parameters

  • Coupon Rate
    11.875%
  • Day count convention
    30E/360
  • Business Day Convention
    Following Business Day
  • Interest Accrual Date
    18/01/2000
  • Coupon frequency
    2 time(s) per year
  • Redemption price
    100%
  • Maturity date
    15/01/2030

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
    11/01/2000
  • Initial issue price (yield)
    99.604% (12.28%)
  • Settlement Duration
    8.49 years
  • The purpose of placing
    We will use the net proceeds of the sale of the bonds for general financing purposes, which may include the repayment of debt. The amount of net proceeds (before expenses) is $1,480,935,000.
Participants
  • Depository
    Clearstream Banking S.A., DTCC, Euroclear Bank

Issue is included in calculation of indices

Cbonds EM Sovereign USD Duration 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 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 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

19/03/2024 New issue: Turkey issued international bonds (XS2790222116) with the coupon rate of 5.875% in the amount of EUR 2000 mln maturing in 2030
13/03/2024 Upcoming Issue: Turkey
11/03/2024 Fitch Ratings upgrades LT Int. Scale (foreign curr.) credit rating of Turkey to "B+" from "B"; outlook positive
11/03/2024 Fitch Ratings upgrades LT Int. Scale (local curr.) credit rating of Turkey to "B+" from "B"; outlook positive
09/03/2024 Fitch Upgrades Turkiye to 'B+'; Outlook Positive (Rating action commentary)
All organization news

Related entities

In which the company has interests

Identifiers

  • ISIN
    ***
  • CUSIP
    ***
  • Common Code
    010652448
  • CFI
    DBFUFR
  • Issue short name on trading floor
    TUR-30
  • FIGI
    BBG00003V1W0
  • WKN
    451038
  • SEDOL
    5866575
  • Ticker
    TURKEY 11.875 01/15/30
  • Type of security by CBR
    BON5

Ratings

Bond classification

  • Senior Unsecured
  • Registered
  • Documentary bonds
  • Coupon bonds
  • 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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Holders

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