By Mary-Katherine Stinson
Lexington, Ky., April 6 – The Republic of Turkey sold $2.5 billion 9 1/8% notes due July 13, 2030 at 99.117 to yield 9.3%, or at Treasuries plus 596.8 basis points, according to an FWP filed with the Securities and Exchange Commission.
The SEC registered notes are not redeemable prior to maturity.
The notes are designated collective-action securities.
Application has been made to list the notes on the regulated market of the Luxembourg Stock Exchange.
Proceeds will be used to finance and/or refinance, in whole or in part, projects that fall under eligible ESG categories in accordance with the republic’s sustainable finance framework established in November 2021.
| Issuer: | Turkey
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| Amount: | $2.5 billion
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| Issue: | Notes
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| Maturity: | July 13, 2030
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| Bookrunners: | BofA Securities, Inc., ING Bank NV, J.P. Morgan Securities plc and Standard Chartered Bank
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| ESG structuring banks: | ING Bank NV and Standard Chartered Bank
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| Fiscal agent: | Bank of New York Mellon
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| Counsel to issuer: | Arnold & Porter Kaye Scholer LLP and the republic’s chief legal adviser
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| Counsel to bookrunners: | Clifford Chance LLP
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| Coupon: | 9 1/8%
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| Price: | 99.117
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| Yield: | 9.3%
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| Spread: | Treasuries plus 596.8 bps
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| Call features: | Non-callable
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| Pricing date: | April 5
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| Settlement date: | April 13
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| Distribution: | SEC registered
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| Cusip: | 900123DJ6
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