Obligation Turkiye 7% ( US900123AZ36 ) en USD

Société émettrice Turkiye
Prix sur le marché 100 %  ⇌ 
Pays  Turquie
Code ISIN  US900123AZ36 ( en USD )
Coupon 7% par an ( paiement semestriel )
Echéance 26/09/2016 - Obligation échue



Prospectus brochure de l'obligation Turkey US900123AZ36 en USD 7%, échue


Montant Minimal 100 000 USD
Montant de l'émission 2 000 000 000 USD
Cusip 900123AZ3
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 US900123AZ36, paye un coupon de 7% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 26/09/2016







424B5
424B5 1 y25035b5e424b5.htm FILED PURSUANT TO RULE 424(B)(5)
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PROSPECTUS SUPPLEMENT
Filed Pursuant to Rule 424(b)(5)
(to Prospectus, dated August 10, 2006)

File No. 333-133956

THE REPUBLIC OF TURKEY
U.S. $ 1,500,000,000
7% Notes due 2016
The 7% Notes due 2016 (the "2016 Notes") will be direct, unconditional and general obligations of the Republic. The
2016 Notes will mature on September 26, 2016. The Republic will pay interest on the 2016 Notes in U.S. dollars on
March 26 and September 26 of each year, commencing March 26, 2007.
The 2016 Notes are being issued pursuant to the recently concluded offering for cash of 2016 Notes (the "cash
offering") and invitation of the Republic (the "invitation", and together with the "cash offering," the "global note
offering") to the owners of 11.375% Notes due 2006, 10% Notes due 2007, 10.5% Notes due 2008, 9.875% Notes due
2008, 12% Notes due 2008, 12.375% Notes due 2009 and 11.75% Notes due 2010 (the "old notes"), to submit offers to
exchange old notes for 2016 Notes on the terms and subject to the conditions set forth in the prospectus supplement
dated September 6, 2006 and the accompanying prospectus. See "The Global Note Offering -- Results of the Global
Note Offering" in this prospectus supplement for a summary of the results of the global note offering.
The 2016 Notes will contain provisions regarding acceleration and future modifications to their terms that differ from
those applicable to much of The Republic of Turkey's outstanding public external indebtedness, including the old
notes. Under these provisions, which are described in the sections entitled "Description of the 2016 Notes -- Default;
Acceleration of Maturity" and "-- Amendments and Waivers" in this prospectus supplement and "Collective Action
Securities" in the accompanying prospectus, The Republic of Turkey may amend the payment provisions of the 2016
Notes and certain other terms with the consent of the holders of not less than 75% of the
aggregate principal amount of the outstanding 2016 Notes.
Application has been made to list and trade the 2016 Notes on the Regulated Market "Marché Officiel" of the
Luxembourg Stock Exchange which is a regulated market for the purpose of Directive 95/22/EC (the Investment
Services Directive).
The 2016 Notes will be ready for delivery in book-entry form only through the facilities of the Depository Trust
Company, or DTC, on or about September 26, 2006.
Neither the Securities and Exchange Commission nor any other regulatory body in the United States has
approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus
supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

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The joint dealer managers for the invitation and the joint book runners for the cash offering are:

Citigroup

Goldman Sachs International

The date of this prospectus supplement is September 14, 2006

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The Republic accepts responsibility for the information contained within this document. 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.
Unless otherwise stated, all annual information, including budgetary information, is based upon calendar years.
Figures included in this prospectus supplement and the accompanying prospectus have been subject to rounding
adjustments; accordingly, figures shown for the same item of information may vary, and figures that are totals may not
be an arithmetical aggregate of their components.
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.
The Republic is not offering to sell any securities other than the 2016 Notes offered under this prospectus
supplement. The Republic is not offering to sell the 2016 Notes in places where such offers are not permitted by
applicable law. You should not assume that the information in this prospectus supplement or the accompanying
prospectus, or the information the Republic has previously filed with the Securities and Exchange Commission,
or SEC, and incorporated by reference in this prospectus supplement and the accompanying prospectus, is
accurate as of any date other than their respective dates. The Republic's economic, fiscal or political
circumstances may have changed since such dates.
The distribution of this prospectus supplement and the offering of the 2016 Notes in certain jurisdictions is
restricted by law. Persons who acquire this prospectus supplement are required by the Republic, the joint dealer
managers, the exchange agent and the Luxembourg exchange agent to inform themselves about, and to observe,
any such restrictions. See "Jurisdictional Restrictions" in this prospectus supplement.
In connection with the issue of the 2016 Notes, the joint dealer managers (or persons acting on behalf of the
joint dealer managers) may over-allot the 2016 Notes (provided that the aggregate principal amount of 2016
Notes allotted does not exceed 105 per cent of the aggregate principal amount of the 2016 Notes) or effect
transactions with a view to supporting the market price of the 2016 Notes at a level higher than that which might
otherwise prevail. However, there is no assurance that the joint dealer managers (or persons acting on behalf of
the joint dealer managers) will undertake stabilisation action. Any stabilisation action may begin on or after the
date on which adequate public disclosure of the terms of the offer of the 2016 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 2016 Notes
and 60 days after the date of the allotment of the 2016 Notes.

TABLE OF CONTENTS




Prospectus Supplement

Page
Summary

S-4
Risk Factors

S-9
Forward-Looking Statements

S-14
Recent Developments

S-15
The Global Note Offering

S-30
The Old Notes



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Description of the 2016 Notes

S-33
Global Clearance and Settlement

S-41
Taxation

S-45
Joint Dealer Managers and Joint Book Runners; Plan of Distribution

S-52
Jurisdictional Restrictions

S-54
Legal Matters

S-62
Incorporation by Reference

S-63
ANNEX A: Hypothetical Terms

A-1
ANNEX B: Formula to Determine Note Issue Price Based on Yield to Maturity

B-1
Prospectus

Page
Where You Can Find More Information


2
Data Dissemination


2
Use of Proceeds


3
Debt Securities


3
Collective Action Securities


13
Plan of Distribution


16
Validity of the Securities


17
Official Statements


18
Authorized Agent


18

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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
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.
Translations of amounts from New Turkish Lira to dollars 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. 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.
S-3
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SUMMARY
This summary should be read as an introduction to the prospectus supplement and the accompanying prospectus. Any
decision to invest in the 2016 Notes by an investor should be based on consideration of the prospectus supplement and
the accompanying prospectus as a whole. You should read the entire prospectus supplement and the accompanying
prospectus carefully. Where a claim relating to the information contained in the prospectus supplement or the
accompanying 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 supplement and the accompanying prospectus before the legal proceedings are initiated.
THE ISSUER


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 of approximately 814,578 square
kilometers. Turkey's population, as of June 2005, was estimated to be 72.2 million.



The Republic of Turkey was founded in 1923 and currently has a parliamentary
form of government. It is currently in negotiations with the European Union with
respect to the possible accession of the Republic to the European Union.


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Risk Factors
The global note offering is subject to certain risks:

· Risks associated with the 2016 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 2016 Notes; 3) the 2016 Notes may not be a
suitable investment for all investors; 4) the 2016 Notes are unsecured; 5) the terms of
the 2016 Notes may be modified, waived or substituted without the consent of all of
the holders; 6) the Republic is a foreign sovereign state and accordingly it may be
difficult to obtain or enforce judgments against it; 7) there can be no assurance that
New York law in effect as at the date of this prospectus supplement will not be
modified; and 8) there may be certain legal restraints in relation to investment in the
2016 Notes with regard to your particular circumstances.

· Risks associated with the Republic generally include: 1) there can be no assurance that
the Republic's credit rating will not change; 2) changes in the Republic's domestic
and international political and economic environment may have an adverse 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; and 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.



For further information, see "Risk Factors" commencing on page S-9 of this
prospectus supplement.


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THE 2016 NOTES



Securities Offered
7% Notes due 2016.


Aggregate Principal Amount US $1,500,000,000


Maturity Date
September 26, 2016.


Issue Date
The 2016 Notes are expected to be issued on or about September 26, 2006, unless
the invitation is extended or earlier terminated in accordance with the terms of the
invitation.


Interest Payment Dates
March 26 and September 26 of each year, commencing March 26, 2007.


Status and Ranking
Upon issuance, the 2016 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 2016 Notes are offered for sale in those jurisdictions where it is legal to make
such offers. See "Joint Dealer Managers and Joint Book Runners; Plan of
Distribution" and "Jurisdictional Restrictions".
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Listing and admission to
Application has been made to list and trade the 2016 Notes on the Regulated
trading
Market "Marché Officiel" of the Luxembourg Stock Exchange.


Form
The 2016 Notes will be book-entry securities in fully registered form, without
coupons, registered in the names of investors or their nominees in denominations of
$100,000 and integral multiples of $1,000 in excess thereof.


Clearance and Settlement
Beneficial interests in the 2016 Notes will be shown on, and transfer thereof will be
effected only through, records maintained by DTC and its participants, unless
certain contingencies occur, in which case the 2016 Notes will be issued in
definitive form. Investors may elect to hold interests in the 2016 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 2016 Notes will be payable in U.S. dollars or other
Interest
legal tender of the United States of America. As long as the 2016 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 2016 Notes --
Payments of Principal and Interest" and "Global Clearance and Settlement --
Ownership of 2016 Notes through DTC, Euroclear and Clearstream Banking
Luxembourg".


Default
The 2016 Notes will contain events of default, the occurrence of which may result
in the acceleration of our obligations under the 2016 Notes prior to maturity. See
"Debt Securities -- Default" and "-- Acceleration of Maturity" in the
accompanying prospectus.


Collective Action Securities
The 2016 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 2016 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 2016 Notes. These
provisions are commonly referred to as "collective action clauses." Under these
provisions, we may amend certain key terms of the 2016 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 2016
Notes. Additionally, if an event of default has occurred and is continuing, the 2016
Notes may be declared to be due and payable immediately by holders of not less
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