Obbligazione Turkiye 5.5% ( XS0212694920 ) in EUR

Emittente Turkiye
Prezzo di mercato 100 EUR  ⇌ 
Paese  Turchia
Codice isin  XS0212694920 ( in EUR )
Tasso d'interesse 5.5% per anno ( pagato 1 volta l'anno)
Scadenza 16/02/2017 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Turkey XS0212694920 in EUR 5.5%, scaduta


Importo minimo 2 000 EUR
Importo totale 1 500 000 000 EUR
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 EUR, with the ISIN code XS0212694920, pays a coupon of 5.5% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 16/02/2017








Prospectus dated 18 October 2006


Türkiye Cumhuriyeti
(The Republic of Turkey)

Euro 500,000,000

5.50 per cent. Notes due 2017
(to be consolidated and form a single series with The Republic's
Euro 1,000,000,000 5.50 per cent. Notes due 2017 issued on 16 February
2005)
____________________________________
Issue Price: 96.867 per cent.
(plus accrued interest from 16 February 2006)
____________________________________

The Notes will be issued on 19 October 2006. Interest on the Euro 500,000,000 5.50 per cent. Notes due
2017 of Türkiye Cumhuriyeti (The Republic of Turkey) (the "Notes") is payable annually in arrear on 16
February of each year at the rate of 5.50 per cent. per annum. Unless previously purchased and cancelled
the Notes will be redeemed at their principal amount together with any accrued but unpaid interest (being for
the period from and including 16 February 2016 to but excluding 16 February 2017) and are not redeemable
prior to that date. See "Terms and Conditions of the Notes -- Redemption."

The Notes, upon and to the extent that the Temporary Global Note (as defined below) is exchanged for the Permanent Global Note (as
defined below), will be fully fungible with, rank equally, and form a single issue and series with the Euro 1,000,000,000 5.50 per cent.
Notes due 2017, which were issued on 16 February 2005. The total principal amount of the previously issued notes and the Notes now
being issued will be Euro 1,500,000,000.

Application has been made to the Irish Financial Services Regulatory Authority (the "IFSRA"), as the competent authority under
Directive 2003/71/EC, for the Prospectus to be approved. Application has been made to the Irish Stock Exchange for the Notes to be
admitted to the Official List of the Irish Stock Exchange and trading on its regulated market.

See "Recent Developments" for a discussion of certain factors to be considered in connection with an investment in the Notes.

PARTICULAR ATTENTION IS DRAWN TO THE SECTION ENTITLED "RISK FACTORS" BELOW WHICH SHOULD
BE CONSIDERED IN CONNECTION WITH AN INVESTMENT IN THE NOTES.

The Notes have not been and will not be, registered under the US Securities Act of 1933, as amended (the "Securities Act") and are
subject to US tax law requirements. Subject to certain exemptions, the Notes may not be offered, sold or delivered within the United
States or to or for the account or benefit of US persons.

The Notes will be represented initially by a Temporary Global Note without coupons, which will be deposited with a common depositary
for Euroclear Bank N.V./S.A. ("Euroclear") and Clearstream Banking, société anonyme, Luxembourg ("Clearstream Luxembourg"), on
or about 19 October 2006 (the "Closing Date"). The Temporary Global Note will be exchangeable for interests in a Permanent Global
Note, without interest coupons, on or after a date which is expected to be 28 November 2006 upon certification as to non-U.S. beneficial
ownership. The Permanent Global Note will be exchangeable for definitive Notes in bearer form in the denomination of Euro 2,000 and
integral multiples of Euro 1,000 thereafter with coupons attached only in certain limited circumstances. See "Summary of Provisions
relating to the Notes while in Global Form".

DZ BANK AG
Morgan Stanley
T.C. Ziraat Bankasi A..



Türkiye Cumhuriyeti (The Republic of Turkey) ("The Republic", the "Issuer" or "Turkey"), accepts
responsibility for the information contained in this Prospectus.

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.

This Prospectus has been approved by the Irish Financial Services Regulatory Authority, which is the
competent authority for the purpose of Directive 2003/71/EC (the "Prospectus Directive") and relevant
implementing measures in Ireland, as a prospectus issued in compliance with the Prospectus Directive and
relevant implementing measures in Ireland.

The Republic has confirmed to the Managers named under "Subscription and Sale" below that this
Prospectus contains all information which is (in the context of the issue, offering and sale of the Notes)
material; that such information is true and accurate in all material respects and is not misleading in any
material respect; that any opinions, predictions, or intentions by The Republic expressed herein are honestly
held or made and are not misleading in any material respect; that this Prospectus does not omit to state any
material fact necessary to make such information, opinions, predictions or intentions (in the context of the
issue, offering and sale of the Notes) not misleading in any material respect; and that all proper inquiries have
been made to verify the foregoing.

No person has been authorised to give any information or to make any representation not contained in or
not consistent with this Prospectus or any other document entered into in relation to the Notes or any
information supplied by The Republic or such information as is in the public domain and, if given or made,
such information or representation should not be relied upon as having been authorised by The Republic or
the Managers as defined under "Subscription and Sale". The delivery of this Prospectus at any time does not
imply that the information contained in it is correct as at any time subsequent to the date of this Prospectus.
Unless otherwise indicated, all information in this Prospectus is given as of the date of this Prospectus.

No representation or warranty is made or implied by the Managers or any of their respective affiliates, and
neither the Managers nor any of their respective affiliates make any representation or warranty or accept any
responsibility as to the accuracy or completeness of the information in this Prospectus. Neither the delivery
of this Prospectus, nor the offering, sale or delivery of any Note shall, in any circumstances, create any
implication that the information contained in this Prospectus is true subsequent to the date hereof or the date
that this Prospectus has been most recently amended or supplemented or that there has been no adverse
change, or any event reasonably likely to involve any adverse change, in the conditions of The Republic since
the date thereof or, if later, the date upon which this Prospectus has been most recently amended or
supplemented or that any other information supplied in connection with the issue is correct at any time
subsequent to the date on which it is supplied, or, if different, the date indicated in the document containing
the same.

Unless otherwise stated, all annual information, including budgetary information, is based upon calendar
years. Figures included in this Prospectus have been subject to rounding adjustments; accordingly, figures
shown for the same item of information may vary, and figures which are totals may not be an arithmetical
aggregate of their components.

This Prospectus does not constitute an offer to sell or an offer to buy in any jurisdiction to any
person to whom it is unlawful to make the offer or solicitation in such jurisdiction, nor does this
Prospectus constitute an offer or an invitation to subscribe for or purchase any Notes and it should not
be considered as a recommendation by The Republic or the Managers that any recipient of this
Prospectus should subscribe for or purchase any Notes. The distribution of this Prospectus and the
offering, sale and delivery of the Notes in certain jurisdictions may be restricted by law. Persons into
whose possession this Prospectus comes are required by The Republic and the Managers to inform
themselves about and to observe any such restrictions. For a description of certain restrictions on
offers, sales and deliveries of the Notes, see "Subscription and Sale". Each recipient of this Prospectus
shall be taken to have made its own investigation and appraisal of the condition (financial or otherwise)


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and status of The Republic.

The Notes have not been and will not be registered under the Securities Act, or any state securities law,
and may not be offered or sold within the United States, except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act. For a description of certain
further restrictions on offers and sales of Notes and distribution of this Prospectus, see "Subscription and
Sale".

In this Prospectus, all references to "New Turkish Lira" and "YTL" are to the lawful currency for the time
being of The Republic, references to "", "Euro" or "euro" are to the single currency which was introduced at
the beginning of the third stage of the European Economic and Monetary Union pursuant to the Treaty
establishing the European Communities, as amended and all references to "dollars", "U.S.$" and "$" are to the
lawful currency for the time being of the United States of America.

Translations of amounts from New Turkish Lira to dollars or, as the case may be, euro 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. The Central Bank of Turkey foreign exchange buying rate for United
States dollars on October 11, 2006 was YTL 1.4827 = U.S.$1.00 and the Central Bank of Turkey foreign
exchange buying rate for euro on October 11, 2006 was YTL 1.8602 = 1.00. 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.

In connection with the issue of the Notes, Morgan Stanley & Co. International Limited (the
"Stabilising Manager") (or persons acting on behalf of the Stabilising Manager) may over allot Notes
(provided that the aggregate principal amount of Notes allotted does not exceed 105 per cent. of the
aggregate principal amount of the Notes) or effect transactions with a view to supporting the price of
the Notes at a level higher than that which might otherwise prevail. However, there is no assurance
that the Stabilising Manager (or persons acting on behalf of a Stabilising Manager) will undertake
stabilisation action. Any stabilisation action may begin on or after the date on which adequate public
disclosure of the terms of the Notes is made and, if begun, may be ended at any time, but it must end no
later than the earlier of 30 days after the issue date of the Notes and 60 days after the date of the
allotment of the Notes.


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TABLE OF CONTENTS


Page
SUMMARY ............................................................................................................................... 5
RISK FACTORS........................................................................................................................ 9
TERMS AND CONDITIONS OF THE NOTES ....................................................................... 15
SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN

GLOBAL FORM ....................................................................................................................... 25
USE OF PROCEEDS................................................................................................................. 27
RECENT DEVELOPMENTS.................................................................................................... 28
TAXATION ............................................................................................................................... 39
SUBSCRIPTION AND SALE ................................................................................................... 41
GENERAL INFORMATION .................................................................................................... 44



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SUMMARY

This summary should be read as an introduction to the Prospectus. Any decision to invest in the Notes by
an investor should be based on consideration of the Prospectus as a whole. Where a claim relating to the
information contained in the 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 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
72.0 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, enabling it to begin accession
negotiations with the European Union.

Securities Offered ..................................................... Euro 500,000,000 principal amount of 5.50 per cent.

Notes due 2017.



Maturity Date ........................................................... 16 February 2017.




ssue Price................................................................... 96.867 per cent. of the principal amount of the Notes plus

accrued and unpaid interest from and including 16
February 2006 to but excluding 19 October 2006.


Interest Payment

Dates .......................................................................... 16 February of each year, commencing 16 February 2007.


Status and Ranking .................................................. The Notes, upon and to the extent that the Temporary

Global Note is exchanged for the Permanent Global
Notes, will be fully fungible with, rank equally with, and
form a single issue and series with, The Republic's Euro
1,000,000,000 5.50 per cent. Notes due 2017, which
were issued on 16 February 2005. Following the issuance
of Notes pursuant to this Prospectus, the aggregate
principal amount of the 5.50 per cent. Notes due 2017
will be Euro 1,500,000,000.

Upon issuance, the Notes will be direct unconditional and
general obligations of the Issuer and will rank equally
with 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 "Terms and Conditions of the Notes
-- Status" and "Terms and Conditions of the Notes --
Negative Pledge" in this Prospectus.

Markets ..................................................................... The Notes are offered for sale in those jurisdictions where


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it is legal to make such offers. See "Subscription and
Sale".

Listing........................................................................ Application has been made to the Irish Stock Exchange

for the Notes to be admitted to the Official List and
trading on its regulated market.

Cross Acceleration.................................................... Any other present or future External Indebtedness of The

Republic for or in respect of money borrowed or raised,
in an amount in aggregate of not less than
U.S.$40,000,000 (or its equivalent in other currencies),
becomes due and payable prior to its stated maturity
otherwise than at the option of The Republic or any
amount of such External Indebtedness in an aggregate
amount of not less than U.S. $25,000,000 (or its
equivalent in other currencies) is not paid when due or, as
the case may be, within any applicable grace period; all as
more fully set out in this Prospectus.

Negative Pledge......................................................... The Republic will not, so long as any of the Notes

remains outstanding, create or permit to exist any Lien
(other than a Permitted Lien) for any purpose upon or
with respect to any International Monetary Assets of The
Republic; or any Lien (other than a Permitted Lien) upon
or with respect to any other assets of The Republic to
secure External Indebtedness of any Person; or any
Exportable Assets of any Government-Owned Enterprise
to secure External Indebtedness of The Republic; all as
more fully set out in this Prospectus.

Form .......................................................................... The Notes will be in bearer form, in denominations of

2,000 and integral multiples of 1,000 thereafter.

Clearance and
The Notes will initially be in the form of the Temporary
Settlement.................................................................. Global Note which will be deposited on or around the

Closing Date with a common depositary for Euroclear
and Clearstream, Luxembourg. The Temporary Global
Note will be exchangeable in whole or in part for interests
in the Permanent Global Note not earlier than 40 days
after the Closing Date upon certification as to non-U.S.
beneficial ownership. No payments will be made under
the Temporary Global Note unless exchange for interests
in the Permanent Global Note is improperly withheld or
refused. In addition, interest payments in respect of the
Notes cannot be collected without such certification of
non-U.S. beneficial ownership. The Permanent Global
Note will only become exchangeable in whole, but not in
part, for Notes in definitive form in limited circumstances
all as more fully explained in this Prospectus.

Payment of Principal and

Interest....................................................................... Payments of principal and interest shall be made only

against presentation of Notes or the presentation and
surrender of Coupons, as appropriate, at the specified
office of any Paying Agent outside the United States by
cheque drawn on, or by transfer to a euro account.



6





Default ....................................................................... The Notes will contain events of default, the occurrence

of which may result in the acceleration of the Issuer's
obligations under the Notes prior to maturity. See
Condition 8 -- "Events of Default" in this Prospectus.



Prescription Period................................................... Ten years in the case of principal and five years in the

case of interest, from the appropriate Relevant Date as
defined in Condition 7 (Taxation) of this Prospectus.



Use of Proceeds ......................................................... The net proceeds of the issue of the Notes, expected to

amount to Euro 502,293,904.11 will be used for the
general funding purposes of The Republic.

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) if Definitive Notes are issued, such
Notes will be issued in respect of all holdings of Notes
equal to or greater than the minimum denomination of
2,000 only and Noteholders should be aware that
Definitive Notes that have a denomination that is not an
integral multiple of the minimum denomination may be
illiquid and difficult to trade; 7) Turkey is a foreign
sovereign state and accordingly it may be difficult to
obtain or enforce judgments against it; 8) there can be no
assurance that English law in effect as at the date of this
Prospectus will not be modified; 9) 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 rating 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 the foreign exchange rate of The
Republic's currency; 6) there are risks associated with the
potential delay in The Republic's accession to the
European Union which may have a negative impact on
The Republic's economic performance and credit ratings;
and 7) there are risks associated with the outbreak of bird
flu which may have a significant effect on the Republic's
economy and population.

Fiscal Agency
The Notes will be issued pursuant to the fiscal agency


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Agreement ................................................................. agreement dated 16 February 2005 which is amended and

supplemented by a supplemental fiscal agency agreement
dated 19 October 2006.



Taxation..................................................................... For a discussion of the tax consequences associated with

the Notes, see "Taxation" in this Prospectus. Investors
should consult their own tax advisors in determining the
tax consequences to them of the purchase, ownership and
disposition of the Notes.

Governing Law ......................................................... The Notes will be governed by and construed in

accordance with the laws of England, 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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RISK FACTORS

You should read this entire Prospectus carefully. Words and expressions defined elsewhere in this
Prospectus have the same meanings in this section. Investing in the Notes involves certain risks. In addition,
the purchase of the Notes may involve substantial risks and be suitable only for investors who have the
knowledge and experience in financial and business matters to enable them to evaluate the risks and merits of
an investment in the Notes. You should make your own inquiries as you deem necessary without relying on
The Republic or any underwriter and should consult with your financial, tax, legal, accounting and other
advisers, prior to deciding whether to make an investment in the Notes. You should consider, among other
things, the following:

1. RISKS RELATING TO THE NOTES

Risks related to the Notes generally.

Set out below is a brief description of certain risks relating to the Notes generally.

The trading market for debt securities may be volatile and may be adversely impacted by many events.

The market for the Notes issued by The Republic is influenced by economic and market conditions and, to
varying degrees, interest rates, currency exchange rates and inflation rates in European and other
industrialized countries. There can be no assurance that events in Turkey, Europe or elsewhere will not cause
market volatility or that such volatility will not adversely affect the price of the Notes or that economic and
market conditions will not have any other adverse effect.

There could be no active trading market for the Notes.

There can be no assurance that an active trading market for the Notes will develop, or, if one does
develop, that it will be maintained. If an active trading market for the Notes does not develop or is not
maintained, the market or trading price and liquidity of the Notes may be adversely affected. If the Notes are
traded after their initial issuance, they may trade at a discount to their initial offering price, depending upon
prevailing interest rates, the market for similar securities, general economic conditions and the financial
condition of The Republic. Although an application has been made to list and trade the Notes on the
Regulated Market of the Irish Stock Exchange, there is no assurance that such application will be accepted or
that an active trading market will develop.

The Notes may not be a suitable investment for all investors.

You must determine the suitability of investment in the Notes in the light of your own circumstances. In
particular, you should:

(i) have sufficient knowledge and experience to make a meaningful evaluation of the Notes and the merits
and risks of investing in the Notes;

(ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have on your
overall investment portfolio;

(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes,
including where the currency for principal or interest payments is different from your currency;

(iv) understand thoroughly the terms of the Notes and be familiar with the behaviour of any relevant
indices and financial markets; and

(v) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect your investment and your ability to bear the
applicable risks.


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The Notes are unsecured

The Notes constitute unsecured obligations of The Republic.

The terms of Notes may be modified, waived or substituted without the consent of all of the Noteholders.

The conditions of the Notes contain provisions for convening meetings of Noteholders to consider matters
affecting their interests. These provisions permit defined majorities to bind all Noteholders including
Noteholders who did not attend and vote at the relevant meeting and Noteholders who voted in a manner
contrary to the majority.

Minimum Denomination
The Notes have a minimum denomination of 2,000. The Conditions provide that, for so long as the Notes
are represented by a Global Note and Euroclear and Clearstream, Luxembourg (or other relevant clearing
system) so permit, the Notes will be tradable in nominal amounts of the minimum denomination plus integral
multiples of an amount 1,000 thereafter.
Definitive Notes will only be issued if (a) Euroclear or Clearstream, Luxembourg (or other relevant
clearing system) is closed for business for a continuous period of 14 days (other than by reason of legal
holidays) or announces an intention permanently to cease business or (b) any of the circumstances described
in Condition 13 (Events of Default) occurs. If Definitive Notes are issued, such Notes will be issued in respect
of all holdings of Notes equal to or greater than the minimum denomination. However, Noteholders should be
aware that Definitive Notes that have a denomination that is not an integral multiple of the minimum
denomination may be illiquid and difficult to trade. Definitive Notes will in no circumstances be issued to any
person holding Notes in an amount lower than the minimum denomination and such Notes will be cancelled
and holders will have no rights against the Issuer (including rights to receive principal or interest or to vote) in
respect of such Notes.

Turkey is a foreign sovereign state and accordingly it may be difficult to obtain or enforce judgments
against it.

The Republic is a sovereign state. Although The Republic has waived its sovereign immunity in respect
of the Notes, except for its sovereign immunity in connection with any actions arising out of or based on
United States federal or state securities laws, enforcement in the event of a default may nevertheless be
impracticable by virtue of legal, commercial, political or other considerations.

Because Turkey has not waived its sovereign immunity in connection with any action arising out of or
based on United States federal or state securities laws, it will not be possible to obtain a United States
judgment against Turkey based on such laws unless a court were to determine that Turkey is not entitled
under the United State Foreign Sovereign Immunities Act of 1976, as amended, to sovereign immunity with
respect to such actions.

There can be no assurance that the laws of England in effect as at the date of this Prospectus will not be
modified.

The conditions of the Notes are based on the laws of England in effect as at the date of this Prospectus.
No assurance can be given as to the impact of any possible judicial decision or change to English law or
administrative practice after the date of this Prospectus.

Legal investment considerations may restrict certain investments.

The investment activities of certain investors are subject to legal investment laws and regulations, or
review or regulation by certain authorities. You should consult your legal advisers to determine whether and
to what extent (1) the Notes are legal investments for you, (2) the Notes can be used as collateral for various
types of borrowing and (3) other restrictions apply to its purchase or pledge of any Notes. Financial
institutions should consult their legal advisors or the appropriate regulators to determine the appropriate
treatment of Notes under any applicable risk-based capital or similar rules.

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