Obbligazione Turkiye 9% ( US900123AU49 ) in USD

Emittente Turkiye
Prezzo di mercato 100 USD  ▼ 
Paese  Turchia
Codice isin  US900123AU49 ( in USD )
Tasso d'interesse 9% per anno ( pagato 2 volte l'anno)
Scadenza 30/06/2011 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Turkey US900123AU49 in USD 9%, scaduta


Importo minimo 2 000 USD
Importo totale 750 000 000 USD
Cusip 900123AU4
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 US900123AU49, pays a coupon of 9% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 30/06/2011







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Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-112081
PROSPECTUS SUPPLEMENT
(To Prospectus dated February 18, 2004)
$750,000,000

TÜRKÏYE CUMHURÏYETÏ
(The Republic of Turkey)
9.0% Notes due June 30, 2011
The Republic of Turkey (the "Republic") is offering $750,000,000 principal amount of its 9.0% Notes due
June 30, 2011. 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 June 30 and December 30 of each year, beginning on December 30, 2004.
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-12 of this prospectus supplement and "Collective Action Securities"
beginning on pages 13 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.
We have applied to list the notes on the Luxembourg Stock Exchange in accordance with its rules.





Per Note
Total



Public offering price

98.732%
$740,490,000
Underwriting discount

0.175%
$ 1,312,500
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Proceeds, before expenses, to the Republic of
Turkey

98.557%
$739,177,500
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 delivery of the
notes on or about June 30, 2004, through the book-entry facilities of The Depository Trust Company.
Joint Book Running Managers


JPMorgan

Lehman Brothers
Co-Managers


ABN AMRO Incorporated

Bear, Stearns & Co. Inc.
Citigroup

Commerzbank Securities
Credit Suisse First Boston

Deutsche Bank Securities
HVB Corporates & Markets

HSBC
Merrill Lynch & Co.

Morgan Stanley
Turkiye Garanti Bankasi A.S.

T. Vakiflar Bankasi T.A.O.
The date of this prospectus supplement is June 24, 2004.
The Republic has made all reasonable inquiries and confirms that this prospectus supplement and the
accompanying prospectus, dated February 18, 2004, 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
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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


Where You Can Find More
Offering Summary
S-3 Information

2
Recent Developments
S-5 Use of Proceeds

3
Description of the Notes
S-11 Debt Securities

3
Global Clearance and
Settlement
S-17 Collective Action Securities
13
Taxation
S-21 Plan of Distribution

17
Underwriting
S-24 Validity of the Securities

18
Legal Matters
S-26 Official Statements

18


Authorized Agent

18
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.
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

$750,000,000 principal amount of 9.0% Notes due June 30, 2011.



Maturity Date

June 30, 2011.



Issue Price

98.732% of the principal amount of the notes.



Interest Payment Dates

June 30 and December 30 of each year, commencing December 30, 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 six and
seven 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 June 30, 2004, provided that such Liens remain confined to the assets
affected thereby on June 30, 2004, and secure only those obligations so

secured on June 30, 2004.



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.



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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, Euroclear and

Clearstream Banking Luxembourg."
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Table of Contents



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 JPMorgan Chase Bank, 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 (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. 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 $739,177,500.



Fiscal Agent

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



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.
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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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Table of Contents
RECENT DEVELOPMENTS
Political Conditions
The most recent national elections for the Grand National Assembly (the "Assembly") were held on November 3,
2002. The Justice and Development Party (AKP) won 34.3% of the votes and 363 out of 550 seats in the Assembly.
As a result of election irregularities in the province of Siirt, the High Electoral Board reset the election date to
March 9, 2003. In the election on March 9, 2003, Mr. Recep Tayyip Erdogan won the election for the Siirt
parliamentary post and was later appointed by President Sezer as the Prime Minister of Turkey. On March 23, 2003,
Prime Minister Erdogan formed the 59th Government of the Republic, which received a vote of confidence from the
Assembly. Mr. Ali Babacan was appointed as the Minister in charge of the Undersecretariat of Treasury.
Mr. Abdullatif Sener was appointed as the Deputy Prime Minister in charge of the State Planning Organization.
Mr. Kemal Unakitan, who leads the Privatization Administration, was appointed as the Finance Minister.
The following table sets forth the composition of the Assembly by total number of seats as of June 24, 2004:



Number of
Political Party
Seats

Justice and Development Party (AKP)

367
Republican People's Party (CHP)

173
True Path Party (DYP)

4
Independent Candidates (no party affiliation)
6
The most recent local elections for municipalities were held on March 28, 2004. The Justice and Development
Party (AKP) received 41.7% of the votes cast for the seats in city councils of the municipalities and was able to
secure the mayoral position in 57 out of 81 cities. The Republican People's Party (CHP) received 18.2% of the votes
cast for the seats in city councils and won mayoral positions in 9 cities. The Nationalist Action Party (MHP) and the
True Path Party (DYP) received 10.5% and 10.0% of the votes, respectively.
General
In 2002, the International Monetary Fund (the "IMF") Executive Board and the Republic agreed on a stand-by
arrangement for 2002-2004 (the "2002-2004 Stand-By Arrangement"), which provides for international lending of up
to SDR1 12.8 billion. During 2002, Turkey drew SDR 9.9 billion under the facility. On April 18, 2003, the IMF
released the fourth tranche, consisting of SDR 510.6 million, to Turkey (at the time of the release, approximately
$701 million). The fifth tranche of SDR 340.2 million (at the time of the release, approximately $476 million) was
released on August 1, 2003 following IMF Executive Board approval. At the time of the release of the fifth tranche,
the IMF also amended Turkey's principal repayment schedule and, as a result, a total of $4.4 billion of scheduled
repayments due in 2004 was deferred to 2005 and a total of $7 billion due in 2005 was deferred to 2006. The sixth
tranche in the amount of SDR 340.2 (at the time of the release, approximately $502 million) was released by the IMF
on December 18, 2003. The seventh tranche in the amount of SDR 340.2 million (at the time of the release,
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approximately $495 million) was released by the IMF in April 2004. The IMF Executive Board also approved the
rephrasing of the remaining program reviews and an extension of the 2002-2004 Stand-By Arrangement through
February 3, 2005. Including the seventh tranche, Turkey has drawn SDR 11.5 billion (at the time of the release of the
seventh tranche, approximately $16.7 billion) under the 2002-2004 Stand-By Arrangement. An IMF team completed
the eighth review and required discussions under the 2002 ­ 2004 Stand-By Arrangement on June 22, 2004. The
eighth tranche of SDR 454 million (as of the date of
1The Special Drawing Right, or SDR, serves as the unit of account of the IMF. The value of the SDR in terms of
U.S. dollars was SDR 1 = $1.46587 on June 24, 2004.
S-5
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