Commentary & Deal Flow

Republic of Türkiye exp Ba3/BB- (Moody's/Fitch - s/s) US$1.5bn SEC registered long 10y FXD sustainable sr unsec notes due 01/30/37. BNP/ING as Sustainable Bond Coordinators. Citi/JPM (B&D) joint bookrunners. Target Market: Professional clients, eligible counterparties (subject to any applicable selling restrictions) (all distribution channels). First Pay: 1/30/27. Denoms: 200,000 x 1,000. UoP: An amount at least equal to the net proceeds will be used to finance/refinance, in whole or in part, Eligible Green and/or Social Projects in line with Türkiye’s Sustainable Finance Framework. Sustainable Finance Framework and SPO: https://ms.hmb.gov.tr/uploads/sites/2/2021/11/Republic-of-Turkey-Sustainable-Finance-Framework.pdf and https://ms.hmb.gov.tr/uploads/sites/2/2021/11/Republic-of-Turkey-Sustainable-Finance-Framework-Second-Party-Opinion.pdf. ESG Investor Presentation: https://ms.hmb.gov.tr/uploads/sites/2/2026/09/Republic-of-Turkiye-Sustainable-Finance-Presentation_September-2026-5f1b0ad59c82b531.pdf. Governing Law: New York. Listing: London Stock Exchange (International Securities Market). Docs: Issuer’s US SEC Shelf Programme. Pricing 09/23. Settle 09/30 (T+5).
IPTs: 7.875% area.

UPDATE: yield set at 7.65%.

LAUNCHED: $1.5bn L10y at 7.65%.

PRICED: $1.5bn 7.50% 1/30/37 98.957 7.65%.