Commentary & Deal Flow

The Republic of Turkiye (TURKEY), exp Ba3/BB- (s/s) by Moody's/Fitch, US$ benchmark SEC registered 2-part global sr notes (long 7y due 3/14/33 and 12y due 1/14/38). ADCB/BNP/Citi (B&D)/GS/StanChart joint books. Denoms: 200,000 x 1,000. Listing: Luxembourg Stock Exchange’s Regulated Market. Governing Law: New York Law. UOP: The Republic of Türkiye will use the net proceeds of the offering for general budgetary purposes. Books open, pricing today (1/7). Settle 1/14 (T+5). IPTs: L7y 6.65% area, 12y 7.20% area.