Obbligazione Turkiye 7.375% ( US900123AW05 ) in USD

Emittente Turkiye
Prezzo di mercato 100.29 USD  ▼ 
Paese  Turchia
Codice isin  US900123AW05 ( in USD )
Tasso d'interesse 7.375% per anno ( pagato 2 volte l'anno)
Scadenza 05/02/2025 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Turkey US900123AW05 in USD 7.375%, scaduta


Importo minimo /
Importo totale /
Cusip 900123AW0
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 US900123AW05, pays a coupon of 7.375% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 05/02/2025







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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)
$2,000,000,000

(The Republic of Turkey)
7.375% Notes due February 5, 2025
The Republic of Turkey (the "Republic") is offering $2,000,000,000 principal amount of its 7.375% Notes due
February 5, 2025. 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 February 5 and August 5 of each year, beginning on August 5, 2005.
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-13 of this prospectus supplement and "Collective Action Securities"
beginning on page 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.
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Per Note
Total



Public offering price
98.507% $1,970,140,000
Underwriting discount

0.2% $
4,000,000
Proceeds, before expenses, to the Republic of Turkey
98.307% $1,966,140,000
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 January 24, 2005, through the book-entry facilities of The Depository Trust Company.
Joint Book Running Managers
Citigroup

Morgan Stanley
Co-Managers
Bear, Stearns International Limited
Credit Suisse First Boston
Deutsche Bank
Goldman Sachs International
HSBC
Is Investment
JPMorgan
Lehman Brothers
Merrill Lynch & Co.
Turkiye Garanti Bankasi A.S.
UBS Investment Bank

UBM-UniCredit Banca Mobiliare
The date of this prospectus supplement is January 13, 2005.
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
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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
Prospectus Supplement


Offering Summary
S-3
Recent Developments
S-5
Description of the Notes
S-12
Global Clearance and Settlement
S-18
Taxation
S-22
Underwriting
S-25
Legal Matters
S-27
Prospectus


Where You Can Find More Information

2
Use of Proceeds

3
Debt Securities

3
Collective Action Securities

13
Plan of Distribution

16
Validity of the Securities

17
Official Statements

17
Authorized Agent

17
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
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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.
S-2
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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
$2,000,000,000 principal amount of 7.375% Notes due February 5,

2025.



Maturity Date

February 5, 2025.



Issue Price

98.507% of the principal amount of the notes.



Interest Payment Dates
February 5 and August 5 of each year, commencing August 5, 2005.
The first interest payment will include interest for the period from

January 24, 2005 to but excluding August 5, 2005.



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 January 24, 2005, provided that such Liens
remain confined to the assets affected thereby on January 24, 2005,

and secure only those obligations so secured on January 24, 2005.



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
Interest
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 the
DTC. See "Description of the Notes -- Payments of Principal and
Interest" and "Global Clearance and Settlement -- Ownership of

Notes through DTC,
S-3
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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" 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, 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. 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 $1,966,140,000.



Fiscal Agency Agreement

The notes will be issued pursuant to 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.
S-4
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Table of Contents
RECENT DEVELOPMENTS
Political Conditions
The following table sets forth the composition of the Assembly by total number of seats as of January 13, 2005:


Political Party

Number of Seats
Justice and Development Party (AKP)

367
Republican People's Party (CHP)

171
True Path Party (DYP)

4
Independent Candidates (no party affiliation)

7
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 provided for international lending of
up to SDR 1 12.8 billion. During 2002, 2003 and 2004 Turkey drew SDR 11.9 billion (at the time of the release of
the eighth tranche on July 30, 2004, approximately $17 billion) under the 2002-2004 Stand-By Arrangement. At the
time of the release of the fifth tranche on August 1, 2004, 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. On September 20, 2004, Turkey and an IMF team began program
discussions for a new stand-by arrangement. The first part of the discussions was completed on September 29, 2004,
and the second part of the discussions was completed on October 25, 2004. On December 14, 2004, the next round of
discussions between the IMF and Turkey relating to a new stand-by arrangement was completed and an agreement
on the draft letter of intent was reached. The new stand-by arrangement is expected to be approved by the IMF
Executive Board in early 2005, once the specifics of Turkey's structural reforms of the tax and social security
systems and of the domestic banking sector are finalized, the tax system reform is adopted by the Assembly and the
social security and banking sector reforms are submitted to the Assembly. In connection with the new stand-by
arrangement, the ninth and tenth tranches of the 2002-2004 Stand-By Arrangement have been cancelled. The
approximately SDR 907 million that was to be released under the ninth and tenth tranches of the 2002-2004 Stand-
By Arrangement are expected to be part of, and released to Turkey under, the new stand-by arrangement. The new
stand-by arrangement is expected to be in an amount equivalent to approximately $10 billion. In connection with the
new stand-by arrangement, $3.7 billion of repayments due to be paid to the IMF in 2006 are expected to be
postponed until 2007.
In October 2003, the Government and the World Bank agreed on a new Country Assistance Strategy to define a
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