Obligation Turkiye 8% ( US900123AT75 ) en USD

Société émettrice Turkiye
Prix sur le marché refresh price now   105.62 %  ▲ 
Pays  Turquie
Code ISIN  US900123AT75 ( en USD )
Coupon 8% par an ( paiement semestriel )
Echéance 13/02/2034



Prospectus brochure de l'obligation Turkey US900123AT75 en USD 8%, échéance 13/02/2034


Montant Minimal /
Montant de l'émission /
Cusip 900123AT7
Prochain Coupon 14/08/2025 ( Dans 9 jours )
Description détaillée La Turquie est un pays transcontinental situé à la fois en Europe et en Asie, possédant un riche héritage culturel et historique qui englobe des influences byzantines, ottomanes et anatoliennes.

Une obligation de type souverain, identifiée par le code ISIN US900123AT75 (CUSIP : 900123AT7), est actuellement observée sur le marché, émise par la République de Turquie, un acteur majeur et récurrent sur les marchés de capitaux internationaux en tant qu'émetteur souverain émergent, cette dette libellée en dollars américains (USD) affichant un prix de marché de 105,62% de sa valeur nominale, offrant un taux d'intérêt annuel de 8% et arrivant à maturité le 13 février 2034, avec des paiements d'intérêts effectués bi-annuellement.







REPUBLIC OF TURKEY
424B5 1 y93039e424b5.htm REPUBLIC OF TURKEY
http://www.sec.gov/Archives/edgar/data/869687/000095012304000228/y93039e424b5.htm (1 of 77)1/9/04 11:23:42 AM


REPUBLIC OF TURKEY
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration Number 333-103059

PROSPECTUS SUPPLEMENT
(To Prospectus dated March 10, 2003)
$1,500,000,000

TÜRK·YE CUMHUR·YET·
(The Republic of Turkey)
8.0% Notes due February 14, 2034
The Republic of Turkey (the "Republic") is offering $1,500,000,000 principal amount of its 8.0% Notes due
February 14, 2034. 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 14 and August 14 of each year, beginning on August 14,
2004.
We have applied to list the notes on the Luxembourg Stock Exchange in accordance with its rules.







Per Note

Total



Public offering price

97.437%
$1,461,555,000
Underwriting discount


0.3%
$
4,500,000
Proceeds, before expenses, to the Republic of
Turkey

97.137%
$1,457,055,000
http://www.sec.gov/Archives/edgar/data/869687/000095012304000228/y93039e424b5.htm (2 of 77)1/9/04 11:23:42 AM


REPUBLIC OF TURKEY
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 January 14, 2004, through the book-entry facilities of The Depository Trust Company.
Joint Book Running Managers



Citigroup

UBS Investment Bank
Co-Managers



ABN AMRO
AKBANK
ALPHA BANK
Banco Finantia S.A.
BCP Investimento
Commerzbank Securities
Credit Suisse First Boston
Deutsche Bank Securities
JPMorgan
Lehman Brothers
Merrill Lynch & Co.

Morgan Stanley
The date of this prospectus supplement is January 7, 2004.
http://www.sec.gov/Archives/edgar/data/869687/000095012304000228/y93039e424b5.htm (3 of 77)1/9/04 11:23:42 AM


REPUBLIC OF TURKEY
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
USE OF PROCEEDS
DEBT SECURITIES
PLAN OF DISTRIBUTION
VALIDITY OF THE SECURITIES
OFFICIAL STATEMENTS
AUTHORIZED AGENT
http://www.sec.gov/Archives/edgar/data/869687/000095012304000228/y93039e424b5.htm (4 of 77)1/9/04 11:23:42 AM


REPUBLIC OF TURKEY
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


Prospectus Supplement



Offering Summary


S-3
Recent Developments


S-5
Description of the Notes

S-11
Global Clearance and Settlement

S-17
Taxation

S-21
Underwriting

S-24
Legal Matters

S-26
Prospectus



Where You Can Find More Information


2
Use of Proceeds


3
Debt Securities


3
Plan of Distribution


12
Validity of the Securities


13
Official Statements


13
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
http://www.sec.gov/Archives/edgar/data/869687/000095012304000228/y93039e424b5.htm (5 of 77)1/9/04 11:23:42 AM


REPUBLIC OF TURKEY
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.
S-2
http://www.sec.gov/Archives/edgar/data/869687/000095012304000228/y93039e424b5.htm (6 of 77)1/9/04 11:23:42 AM


REPUBLIC OF TURKEY
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
$1,500,000,000 principal amount of 8.0% Notes due

February 14, 2034.



Maturity Date

February 14, 2034.



Issue Price

97.437% of the principal amount of the notes.



Interest Payment Dates
February 14 and August 14 of each year, commencing
August 14, 2004. The first interest payment will include
interest for seven months for the period from January 14,

2004 to August 14, 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.



http://www.sec.gov/Archives/edgar/data/869687/000095012304000228/y93039e424b5.htm (7 of 77)1/9/04 11:23:42 AM


REPUBLIC OF TURKEY
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
January 14, 2004, provided that such Liens remain
confined to the assets affected thereby on January 14,
2004, and secure only those obligations so secured on

January 14, 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.



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 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 the DTC.
See "Description of the Notes -- Payments of Principal

and Interest" and
S-3
http://www.sec.gov/Archives/edgar/data/869687/000095012304000228/y93039e424b5.htm (8 of 77)1/9/04 11:23:42 AM


REPUBLIC OF TURKEY
Table of Contents




"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; 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, and
Amendment No. 2 to the Fiscal Agency Agreement, dated
as of January 7, 2004. 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.



http://www.sec.gov/Archives/edgar/data/869687/000095012304000228/y93039e424b5.htm (9 of 77)1/9/04 11:23:42 AM


REPUBLIC OF TURKEY
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 $1,457,055,000.00.



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, and as further amended by
Amendment No. 2 to the Fiscal Agency Agreement, dated

as of January 7, 2004 (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.



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
http://www.sec.gov/Archives/edgar/data/869687/000095012304000228/y93039e424b5.htm (10 of 77)1/9/04 11:23:42 AM


Document Outline