Obligation Turkey 7.25% ( US900123BB58 ) en USD

Turkey

88.7 % ▲

Turquie

US900123BB58 ( en USD )

7.25% par an ( paiement semestriel )

04/03/2038

Prospectus brochure de l'obligation Turkey US900123BB58 en USD 7.25%, échéance 04/03/2038

2 000 USD

1 000 000 000 USD

900123BB5

N/A

05/09/2024 ( Dans 139 jours )

L'Obligation émise par Turkey ( Turquie ) , en USD, avec le code ISIN US900123BB58, paye un coupon de 7.25% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 04/03/2038

PROSPECTUS SUPPLEMENT
424B5 1 y47926bxe424b5.htm PROSPECTUS SUPPLEMENT
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PROSPECTUS SUPPLEMENT
Table of Contents

Filed Pursuant to Rule 424(b)(5)
File No. 333-133956
PROSPECTUS SUPPLEMENT
(To the Prospectus dated August 10, 2006) $1,000,000,000

TÜRK·YE CUMHUR·YET·
(The Republic of Turkey)

7.25% Notes due March 5, 2038

The Republic of Turkey (the "Republic" or "Turkey") is offering $1,000,000,000 principal amount of its
7.25% Notes due March 5, 2038 (the "notes"). The notes will constitute direct, general and unconditional
obligations of the Republic. The full faith and credit of the Republic will be pledged for the due and punctual
payment of all principal and interest on the notes. The Republic will pay interest on March 5 and September 5
of each year, beginning on September 5, 2008.
This prospectus supplement and accompanying prospectus dated August 10, 2006, constitute a prospectus for
the purposes of Directive 2003/71/EC (the "Prospectus Directive").
Application is being made to the Commission de Surveillance du Secteur Financier of the Grand Duchy of
Luxembourg (the "CSSF"), as competent authority under the Prospectus Directive, to approve this prospectus
supplement and the accompanying prospectus dated August 10, 2006 as a prospectus for the purposes of the
Prospectus Directive. Application has been made to list on the Official List and trade the notes on the
Regulated Market "Bourse de Luxembourg" of the Luxembourg Stock Exchange.
See the section entitled "Risk Factors" for a discussion of certain factors you should
consider before investing in the notes.
The notes will be designated Collective Action Securities and, as such, will contain provisions regarding
acceleration and voting on amendments, modifications, changes and waivers that differ from those applicable
to certain other series of U.S. dollar denominated debt securities issued by the Republic. Under these
provisions, which are described in the sections entitled "Description of the Notes -- Default; Acceleration of
Maturity" and "-- Amendments and Waivers" beginning on page S-21 of this prospectus supplement and
"Collective Action Securities" beginning on page 12 of the accompanying prospectus, the Republic may
amend the payment provisions of the notes and certain other terms with the consent of the holders of 75% of
the aggregate principal amount of the outstanding notes.

Per

Note
Total

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Public Offering Price
96.457 % $ 964,570,000
Underwriting discount
0.10 % $ 1,000,000
Proceeds, before expenses, to the Republic of Turkey
96.357 % $ 963,570,000

Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these notes or determined that this prospectus supplement or the accompanying
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The underwriters are offering the notes subject to various conditions. The underwriters expect to deliver the
notes on or about March 5, 2008 (the "Issue Date"), through the book-entry facilities of The Depository
Trust Company, ("DTC"), against payment in same-day funds.

Joint Book Running Managers
Citi
HSBC

The date of this prospectus supplement is February 27, 2008.
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PROSPECTUS SUPPLEMENT

The Republic accepts responsibility for the information contained within this document. The Republic
declares that having taken all reasonable care to ensure that such is the case, the information contained in this
document is, to the best of its knowledge, in accordance with the facts and makes no omission likely to affect
its import.
Unless otherwise stated, all annual information, including budgetary information, is based upon calendar
years. Figures included in this prospectus supplement and the accompanying prospectus have been subject to
rounding adjustments; accordingly, figures shown for the same item of information may vary, and figures that
are totals may not be an arithmetical aggregate of their components.
You should rely only on the information contained in this prospectus supplement and the accompanying
prospectus, including the documents incorporated by reference, in making your investment decision. We have
not authorized anyone to provide you with any other information. If you receive any unauthorized
information, you must not rely on it.
We are offering to sell the notes only in places where offers and sales are permitted.
You should not assume that the information contained in this prospectus supplement or the accompanying
prospectus is accurate as of any date other than its respective date.

TABLE OF CONTENTS

Page

Prospectus Supplement
Summary
S-3
Risk Factors
S-6
S-
Recent Developments
10
S-
Description of The Notes
21
S-
Global Clearance and Settlement
27
S-
Taxation
30
S-
Underwriting
34
S-
Legal Matters
36
S-
Table of References
37
Prospectus
Where You Can Find More Information

2
Data Dissemination

3
Use of Proceeds

3
Debt Securities

3
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Collective Action Securities
12
Plan of Distribution
15
Debt Record
16
Validity of the Securities
16
Official Statements
16
Authorized Agent
16
We are a foreign sovereign state. Consequently, it may be difficult for investors to obtain or realize upon
judgments of courts in the United States against us. See "Debt Securities -- Governing Law and Consent to
Service" in the accompanying prospectus.
References to "TL" in this prospectus supplement are to the Turkish Lira, the Republic's official currency
prior to January 1, 2005. References to "YTL" in this prospectus supplement are to the New Turkish Lira, the
Republic's new official currency, which was introduced on January 1, 2005. References to "US$", "$", "U.
S. dollars" and "dollars" in this prospectus supplement are to lawful money of the United States of America.
Translations of amounts from New Turkish Lira to dollars are solely for the convenience of the reader and,
unless otherwise stated, are made at the exchange rate prevailing at the time as of which such amounts are
specified. No representation is made that the New Turkish Lira or dollar amounts referred to herein could
have been or could be converted into dollars or New Turkish Lira, as the case may be, at any particular rate or
at all.
S-2
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Table of Contents

SUMMARY
This summary should be read as an introduction to the prospectus supplement and the accompanying
prospectus. Any decision to invest in the notes by an investor should be based on consideration of the
prospectus supplement and the accompanying prospectus as a whole. Where a claim relating to the
information contained in the prospectus supplement or the accompanying prospectus is brought before
a court in a Member State of the European Economic Area, the plaintiff may, under the national
legislation of the Member State where the claim is brought, be required to bear the costs of translating
the prospectus supplement and the accompanying prospectus before the legal proceedings are initiated.
Issuer
The Republic of Turkey.

The Republic of Turkey is located in southwestern Asia, where it
borders Iran, Armenia, Georgia, Azerbaijan, Iraq and Syria, and
southeastern Europe, where it borders Greece and Bulgaria, with
a total territory (inclusive of its lakes) of approximately
814,578 square kilometers. Turkey's population, as of June
2005, was estimated to be 73.0 million.

The Republic of Turkey was founded in 1923 and currently has a
parliamentary form of government. It has recently undertaken
many reforms to strengthen its democracy and economy, in
connection with its accession negotiations with the European
Union.

Securities Offered
$1,000,000,000 principal amount of 7.25% Notes due March 5,
2038.

Maturity Date
March 5, 2038.

Issue Price
96.457% of the principal amount of the notes.

Interest Payment Dates
March 5 and September 5 of each year, commencing
September 5, 2008.

Status and Ranking
Upon issuance, the notes will be our direct other unconditional
and general obligations and will rank equally with our other
external debt denominated in currencies other than Turkish Lira
which is (i) payable to a person or entity not resident in Turkey
and (ii) not owing to a Turkish citizen. See "Debt
Securities -- Status of the Debt Securities" and "Debt
Securities -- Negative Pledge" in the accompanying prospectus.

Markets
The notes are offered for sale in those jurisdictions where it is
legal to make such offers. See "Underwriting".
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Listing and Admission to Trading Application is being made to list on the Official List and trade
the notes on the Regulated Market "Bourse de Luxembourg" of
the Luxembourg Stock Exchange.

Negative Pledge
Clause (9) of the definition of Permitted Lien set forth on pages
five and six of the accompanying prospectus shall read as
follows for purposes of the notes: Liens on assets (other than
official holdings of gold) in existence on March 5, 2008,
provided that such Liens remain confined to the assets affected
thereby on March 5, 2008, and secure only those obligations so
secured on March 5, 2008.

Form
The notes will be book-entry securities in fully registered form,
without coupons, registered in the names of investors or their
nominees in denominations of $2,000 and integral multiples of
$1,000 in excess thereof.
S-3
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Clearance and Settlement
Beneficial interests in the notes will be shown on, and transfer
thereof will be effected only through, records maintained by
DTC and its participants, unless certain contingencies occur, in
which case the notes will be issued in definitive form. Investors
may elect to hold interests in the notes through DTC, Euroclear
Bank S.A./N.V. ("Euroclear") or Clearstream Banking
Luxembourg, société anonyme ("Clearstream Banking
Luxembourg"), if they are participants in such systems, or
indirectly through organizations that are participants in such
systems. See "Global Clearance and Settlement".

Payment of Principal and Interest Principal and interest on the notes will be payable in U.S. dollars
or other legal tender of the United States of America. As long as
the notes are in the form of a book-entry security, payments of
principal and interest to investors shall be made through the
facilities of DTC. See "Description of the Notes -- Payments of
Principal and Interest" and "Global Clearance and Settlement --
Ownership of Notes through DTC, Euroclear and Clearstream
Banking Luxembourg".

Default
The notes will contain events of default, the occurrence of which
may result in the acceleration of our obligations under the notes
prior to maturity. See "Debt Securities -- Default" and
"-- Acceleration of Maturity" in the accompanying prospectus.

Collective Action Securities
The notes will be designated Collective Action Securities under
the Fiscal Agency Agreement, dated as of December 15, 1998,
between the Republic and The Bank of New York (succesor-in-
interest to JPMorgan Chase Bank, N.A.), as amended by
Amendment No. 1 to Fiscal Agency Agreement, dated as of
September 17, 2003, and Amendment No. 2 to the Fiscal Agency
Agreement, dated as of January 7, 2004 (collectively, the "Fiscal
Agency Agreement"). The notes will contain provisions
regarding acceleration and voting on amendments,
modifications, changes and waivers that differ from those
applicable to certain other series of U.S. dollar denominated debt
securities issued by the Republic and described in the
accompanying prospectus. The provisions described in this
prospectus supplement will govern the notes. These provisions
are commonly referred to as "collective action clauses." Under
these provisions, we may amend certain key terms of the notes,
including the maturity date, interest rate and other payment
terms, with the consent of the holders of not less than 75% of the
aggregate principal amount of the outstanding notes.
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Additionally, if an event of default has occurred and is
continuing, the notes may be declared to be due and payable
immediately by holders of not less than 25% of the aggregate
principal amount of the outstanding notes. These provisions are
described in the sections entitled "Description of the Notes --
Default; Acceleration of Maturity" and "-- Amendments and
Waivers" in this prospectus supplement and "Collective Action
Securities" in the accompanying prospectus.

Sinking Fund
None.

Prescription Period
None.

Use of Proceeds
We will use the net proceeds of the sale of the notes for general
financing purposes, which may include the repayment of debt.
The amount of net proceeds (before expenses) is $963,570,000.
S-4
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Risk Factors
Risks associated with the notes generally include: 1) the trading
market for debt securities may be volatile and may be adversely
impacted by many events; 2) there could be no active trading
market for the notes; 3) the notes may not be a suitable
investment for all investors; 4) the notes are unsecured; 5) the
terms of the notes may be modified, waived or substituted
without the consent of all of the holders; 6) Turkey is a foreign
sovereign state and accordingly it may be difficult to obtain or
enforce judgments against it; 7) there can be no assurance that
the laws of the State of New York in effect as at the date of this
prospectus supplement will not be modified; and 8) there may be
certain legal restraints in relation to investment in the notes with
regard to your particular circumstances.

Risks associated with the Republic generally include: 1) there
can be no assurance that Turkey's credit ratings will not change;
2) changes in the Republic's domestic and international political
and economic environment may have a negative effect on its
financial condition; 3) the risks arising from the relatively short
maturity structure of domestic borrowing and the potential
deterioration in financing conditions as a result of market,
economic and political factors, which may be outside the
Republic's control, may jeopardize the debt dynamics of the
Republic; 4) there are potential inflation risks; 5) there are risks
associated with Turkey's current account deficit; 6) there are
risks associated with the foreign exchange rate of the Republic's
currency; and 7) there are risks associated with delays or other
adverse developments in the Republic's accession to the
European Union which may have a negative impact on the
Republic's economic performance and credit ratings.

These risk factors are described in the section entitled "Risk
Factors" of this prospectus supplement.

Fiscal Agency Agreement
The notes will be issued pursuant to the fiscal agency agreement.

Taxation
For a discussion of United States, Turkish and Luxembourg tax
consequences associated with the notes, see "Taxation" in this
prospectus supplement. Investors should consult their own tax
advisors in determining the foreign, U.S. federal, state, local and
any other tax consequences to them of the purchase, ownership
and disposition of the notes.

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