Commentary & Deal Flow

Reoffer: 6yr: 6.75% / 99.757
Benchmark: 6yr: T 4⅛ 30-Jun-31 @ 99-28¾ / 4.148% / T+260.2bp

Launched: 6yr: US$2.75bn @ 6.75% - Books > US$6.85bn (excl. JLM)
Yield set at: 6yr: 6.75% - Books > US$6.75bn (excl. JLM)
Book Update: Orderbooks in excess of US$4.5bn (excl. JLMs)
IPTs: 6yr: 7.125%a

• Issuer: Hazine Müsteşarlığı Varlık Kiralama Anonim Şirketi
• Obligor: The Republic of Türkiye
• Issuer LEI: 6354003QFJP7RDXEOZ20
• Expected Issue Ratings: Ba3/BB- (Moody's/Fitch)
• Sukuk Structure: Sukuk Al-Ijara
• Status: Senior unsecured
• Format: Regulation S, Category 2 and Rule 144A/Section 3(c)(7)
• Issue Size: US$2.75bn
• Tenor: 6-year
• Maturity: 02-Jul-32
• Settlement: 02-Jul-26 (T+5)
• Reoffer: 6.75% / 99.757%
• Profit Rate: 6.70%, Fixed, 30/360, S/A
• Benchmark: T 4⅛ 30-Jun-31 @ 99-28¾ / 4.148% / T+260.2bp
• Listing: International Securities Market ("ISM") of the London Stock Exchange plc
• Governing Law of the Certificates: English Law
• Denominations: 200k x 1k
• ISINs/ Common Codes:
• • Reg S: XS3410791282 / 341079128
  • 144A: US421790AP11 / 341529816
• Target Market: UK MiFIR Professional investors/ECPs - only
• Index Eligibility: EMBI Global (expected)
• Documentation: Preliminary Offering Circular dated 25-Jun-26
• Joint Lead Managers: Dubai Islamic Bank, Emirates NBD Capital Limited, HSBC (B&D), KFH Capital, Mashreqbank psc (acting through its Islamic Banking Division), Standard Chartered Bank
• Timing: TOE: 16:59 UKT / FTT 08.00am UKT 26-Jun-26 (subj. to TS)
• Stabilisation: ICMA/FCA stabilisation applies