Obligation Turkiye 7% ( US900123AX87 ) en USD

Société émettrice Turkiye
Prix sur le marché 100 %  ▲ 
Pays  Turquie
Code ISIN  US900123AX87 ( en USD )
Coupon 7% par an ( paiement semestriel )
Echéance 04/06/2020 - Obligation échue



Prospectus brochure de l'obligation Turkey US900123AX87 en USD 7%, échue


Montant Minimal 1 000 USD
Montant de l'émission 2 000 000 000 USD
Cusip 900123AX8
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
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.

L'Obligation émise par Turkiye ( Turquie ) , en USD, avec le code ISIN US900123AX87, paye un coupon de 7% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 04/06/2020







FILED PURSUANT TO RULE 424(B)(5)
424B5 1 y09714b5e424b5.htm FILED PURSUANT TO RULE 424(B)(5)
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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)
$1,250,000,000

TÜRK·YE CUMHUR·YET·
(The Republic of Turkey)
7.0% Notes due June 5, 2020
The Republic of Turkey (the "Republic") is offering $1,250,000,000 principal amount of its 7.0% Notes due
June 5, 2020. 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 5 and December 5 of each year, beginning on December 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-14 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.
Application has been made to list the notes on the Luxembourg Stock Exchange in accordance with its rules.
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Per Note
Total

Public offering price
98.006% $1,225,075,000
Underwriting discount
0.15% $
1,875,000
Proceeds, before expenses, to the Republic of Turkey
97.856% $1,223,200,000
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 June 7, 2005, through the book-entry facilities of The Depository Trust Company.
Joint Book Running Managers
JPMorgan

Lehman Brothers
Co-Managers
Akbank T.A.S.
Alpha Bank
Bear, Stearns & Co. Inc.
HSBC
Millennium BCP Investimento
TSKB (Industrial Development Bank of Turkey)
Wachovia Securities

WestLB AG
The date of this prospectus supplement is June 2, 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
opinions and intentions misleading. The Republic accepts responsibility accordingly.
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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-13
Global Clearance and Settlement
S-19
Taxation
S-23
Underwriting
S-26
Legal Matters
S-28





Page
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
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new 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

$1,250,000,000 principal amount of 7.0% Notes due June 5, 2020.



Maturity Date

June 5, 2020.



Issue Price

98.006% of the principal amount of the notes.



Interest Payment Dates
June 5 and December 5 of each year, commencing December 5, 2005. The first
interest payment will include interest for the period from June 7, 2005 to but

excluding December 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
Application has been made 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 7, 2005,
provided that such Liens remain confined to the assets affected thereby on June 7,

2005, and secure only those obligations so secured on June 7, 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 other legal
Interest
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
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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" and " -- Acceleration of Maturity" in the accompanying

prospectus.



Collective Action
The notes will be designated Collective Action Securities under the Fiscal
Securities
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 $1,223,200,000.



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 June 2, 2005:



Political Party

Number of Seats
Justice and Development Party (AKP)

356
Republican People's Party (CHP)

160
Motherland Party (ANAP)

11
Social Democrat People's Party (SHP)

5
True Path Party (DYP)

4
People's Ascent Party (HYP)

1
Independents (no party affiliation)

10
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.
On February 15, 2005, the Minister of Culture and Tourism, Mr. Erkan Mumcu resigned from both the Cabinet
and the ruling AKP. On April 2, 2005, Mr. Mumcu was elected as the leader of the ANAP. On June 2, 2005, three
ministers of the Cabinet (the Minister of Agriculture, the Minister of Public Works and the Minister Responsible for
the Status of Women) resigned from the Cabinet. Their respective replacements were appointed on the same day.
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 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. On April 26, 2005, Turkey
submitted a new Letter of Intent and Memorandum of Economic and Financial Policies to the IMF. On May 11,
2005, the IMF Executive Board approved a new three year, SDR 6.66 billion (approximately $10 billion as of
May 11, 2005) stand-by arrangement (the "2005-2008 Stand-By Arrangement") to support Turkey's economic and
financial program through May 2008. An amount equivalent to SDR 555.17 million (approximately $837.5 million at
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