Obbligazione Turkiye 9.5% ( US900123AS92 ) in USD

Emittente Turkiye
Prezzo di mercato 100 USD  ▼ 
Paese  Turchia
Codice isin  US900123AS92 ( in USD )
Tasso d'interesse 9.5% per anno ( pagato 2 volte l'anno)
Scadenza 15/01/2014 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Turkey US900123AS92 in USD 9.5%, scaduta


Importo minimo 100 000 USD
Importo totale 1 750 000 000 USD
Cusip 900123AS9
Descrizione dettagliata La Turchia è una nazione transcontinentale situata tra l'Asia e l'Europa, con una ricca storia e una cultura variegata che fonde influenze orientali e occidentali.

The Obbligazione issued by Turkiye ( Turkey ) , in USD, with the ISIN code US900123AS92, pays a coupon of 9.5% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 15/01/2014







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Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-103059

PROSPECTUS SUPPLEMENT
(To Prospectus dated March 10, 2003)
$1,250,000,000

TÜRK·YE CUMHUR·YET·
(The Republic of Turkey)
9 1/2% Notes due 2014
The Republic of Turkey (the "Republic") is offering $1,250,000,000 principal amount of its 9 1/2% Notes due
January 15, 2014. 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 January 15 and July 15 of each year, beginning on January 15, 2004.
We have applied to list the notes on the Luxembourg Stock Exchange in accordance with its rules.







Per Note
Total



Public offering price (1)

99.06%
$1,238,250,000
Underwriting discount


.3%
$
3,750,000
Proceeds, before expenses, to the Republic of Turkey (1)

98.76%
$1,234,500,000
(1)
Plus accrued interest from September 24, 2003, if settlement occurs after that date
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
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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 delivery of the
notes on or about September 24, 2003, through the book-entry facilities of The Depository Trust Company.
Joint Book Running Managers



Merrill Lynch & Co.

Morgan Stanley
Co-Managers



ABN AMRO
Alpha Bank
Citigroup
Commerzbank Securities
Credit Suisse First Boston
Deutsche Bank Securities
Fortis Bank
HVB Corporates & Markets
IS Investment Securities
JPMorgan
Lehman Brothers

UBS Investment Bank
The date of this prospectus supplement is September 17, 2003.

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TABLE OF CONTENTS
OFFERING SUMMARY
RECENT DEVELOPMENTS
DESCRIPTION OF THE NOTES
GLOBAL CLEARANCE AND SETTLEMENT
TAXATION
UNDERWRITING
LEGAL MATTERS
WHERE YOU CAN FIND MORE INFORMATION
DEBT SECURITIES
PLAN OF DISTRIBUTION
VALIDITY OF THE SECURITIES
OFFICIAL STATEMENTS
AUTHORIZED AGENT
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Table of Contents
The Republic has made all reasonable inquiries and confirms that this prospectus supplement and the
accompanying prospectus, dated March 10, 2003, including the documents incorporated by reference, contain all
information with respect to the Republic and the notes that is material in the context of the issue and offering of
the notes, and that this information is true and accurate in all material respects and is not misleading, that the
opinions and intentions expressed herein and therein are honestly held and that, to the best of the Republic's
knowledge and belief, there are no other facts the omission of which would make any of this information or the
expression of these opinions and intentions misleading. The Republic accepts responsibility accordingly.
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


Page





Prospectus Supplement



Prospectus


Offering Summary
S-3
Where You Can Find More
2


Information

Recent Developments

S-5
Use of Proceeds

3
Description of the Notes

S-10
Debt Securities

3
Global Clearance and Settlement

S-16
Plan of Distribution

12
Taxation

S-20
Validity of the Securities

13
Underwriting

S-23
Official Statements

13
Legal Matters

S-25
Authorized Agent

13
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.
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References to "TL" in this prospectus supplement are to the Turkish Lira, the Republic's official currency.
References to "US$," "$," "U.S. dollars" and "dollars" in this prospectus supplement are to lawful money of the
United States of America.
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Table of Contents
OFFERING SUMMARY
The following summary is qualified in its entirety by reference to the more detailed information appearing
elsewhere in this prospectus supplement and the accompanying prospectus.



Issuer

The Republic of Turkey.



Securities Offered

$1,250,000,000 principal amount of 9 1/2% Notes due January 15, 2014.



Maturity Date

January 15, 2014.



Issue Price
99.06% of the principal amount of the notes, plus accrued interest from

September 24, 2003, if settlement occurs after that date.



Interest Payment Dates

January 15 and July 15 of each year, commencing January 15, 2004.



Status and Ranking
Upon issuance, the notes will be our direct 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."



Listing
We have applied to list the notes on the Luxembourg Stock Exchange in

accordance with its rules.



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
September 24, 2003, provided that such Liens remain confined to the assets
affected thereby on September 24, 2003 and secure only those obligations

so secured on September 24, 2003.



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 $1,000 and integral multiples of $1,000 in excess thereof.



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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 The Depository Trust
Company ("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, sociéte 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
Principal and interest on the notes will be payable in U.S. dollars or other
Interest
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 the DTC. See "Description
of the Notes -- Payments of Principal and Interest" and "Global Clearance

and Settlement -- Ownership of Notes through DTC,
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Table of Contents





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; Acceleration of Maturity" in the

accompanying prospectus.



Collective Action Securities
The notes are Collective Action Securities under the Fiscal Agency
Agreement, dated as of December 15, 1998, between the Republic and
JPMorgan Chase Bank, as amended by Amendment No. 1 to Fiscal Agency
Agreement, dated as of September 17, 2003. The notes will contain
provisions regarding acceleration and voting on amendments,
modifications, changes and waivers that differ from those applicable to the
Republic's outstanding public external indebtedness 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. 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.



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 $1,234,500,000.00.



Fiscal Agent
The notes will be issued pursuant to the fiscal agency agreement, dated as
of December 15, 1998, between the Republic and JPMorgan Chase Bank,
as fiscal agent, paying agent, transfer agent and registrar, as amended by
Amendment No. 1 to Fiscal Agency Agreement, dated as of September 17,

2003 (the "fiscal agency agreement").



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Taxation
For a discussion of United States and Turkish 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.



Governing Law
The notes will be governed by the laws of the State of New York, except
with respect to the authorization and execution of the notes, which will be

governed by the laws of the Republic of Turkey.
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