Commentary & Deal Flow

Turkiye Ihracat Kredi Bankasi AS (Export Credit Bank of Turkiye Inc) (EXCRTU), exp issue rating Ba3 by Moody's (issuer ratings Ba3/BB- by Moody's/Fitch), US$ benchmark 144A/Reg S (Cat 2) 5y sr notes due 1/15/31. Citi (B&D)/ENBD/ING/StanChart as JGCs. ADCB/BBVA/Citi/DB/DNBD/FADB/ING/MUFG?SMBC/SG/StanChart as JBRs. Coupon: fixed, SA 30/360. Denoms: 200,000 x 1,000. Listing: The Global Exchange Market (GEM) of Euronext Dublin. Governing Law: English Law. UOP: gcp. Investor Presentation: URL: https://dealroadshow.com. Entry Code: Turkexim2026. Direct Link: https://dealroadshow.com/e/Turkexim2026. Pricing 1/8. Settle 1/15 (T+5). 144A ISIN: US90015LAM90.

IPTs: 6.75% area.

GUIDANCE: 6.50-6.625%. Book greater than $1.2bn (excl JLM int).