Obligation Turkiye 6.625% ( US900123CG37 ) en USD

Turkiye

82.97 % ▼

Turquie

US900123CG37 ( en USD )

6.625% par an ( paiement semestriel )

17/02/2045

Prospectus brochure de l'obligation Turkey US900123CG37 en USD 6.625%, échéance 17/02/2045

900123CG3

17/08/2025 ( Dans 106 jours )

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 US900123CG37, paye un coupon de 6.625% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 17/02/2045

PROSPECTUS SUPPLEMENT
(To the Prospectus dated February 2, 2016)
$1,500,000,000

TÜRKYE CUMHURYET

(The Republic of Turkey)
6.625% Notes due February 17, 2045

The Republic of Turkey (the "Republic" or "Turkey") is offering $1,500,000,000 principal amount of its 6.625% Notes due
February 17, 2045 (the "notes"). 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 17 and August 17 of each year, commencing on August 17, 2016.

This prospectus supplement and accompanying prospectus dated February 2, 2016, constitute a prospectus for the purposes of
Article 5.3 of Directive 2003/71/EC, as amended (the "Prospectus Directive").

Application has been made to the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the
"CSSF"), as competent authority under the Prospectus Directive, to approve this prospectus supplement and the accompanying
prospectus dated February 2, 2016 as a prospectus for the purposes of the Prospectus Directive. Application is being made to list on
the Official List and trade the notes on the Regulated Market "Bourse de Luxembourg" of the Luxembourg Stock Exchange, which is
a regulated market for the purposes of the Market in Financial Instruments Directive (2004/39/EC) ("MiFiD"). The CSSF assumes no
responsibility as to the economic and financial soundness of the transaction and the quality or solvency of the Republic in line with the
provisions of Article 7(7) of the Luxembourg Prospectus Law.

As of their issuance, the notes will be a further issuance of, will be fully fungible with, rank equally with, and form a single issue
and series with, our $1,500,000,000 6.625% Notes due February 17, 2045 which were issued on February 19, 2014. The total principal
amount of the previously issued notes and the notes now being issued will be $3,000,000,000.

See the section entitled "Risk Factors" for a discussion of certain factors you should consider before investing in the notes.

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 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-33 of this prospectus supplement and "Debt Securities Collective
Action Securities Issued Prior to January 1, 2015" 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.

Per Note

Total
Public Offering Price (1)................................................................
117.781%
$1,766,715,000
Underwriting discount..................................................................
0.075%

$1,125,000
Proceeds, before expenses, to the Republic of Turkey..............................
117.706%
$1,765,590,000

(1)
Plus accrued and unpaid interest, from and including February 17, 2016 to but excluding the Issue Date, in the amount of
$21,255,208.33. Purchasers of the notes will be entitled to receive the semi-annual regular interest payments on February 17
and August 17 of each year.

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 May
4, 2016 (the "Issue Date"), through the book-entry facilities of The Depository Trust Company ("DTC"), against payment in same-day
funds.

Joint Book-Running Managers
BNP PARIBAS
Goldman Sachs International
J.P. Morgan
The date of this prospectus supplement is May 4, 2016.

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The Republic accepts responsibility for the information contained within this prospectus supplement and accompanying prospectus.
The Republic declares that having taken all reasonable care to ensure that such is the case, the information contained in this prospectus
supplement and accompanying prospectus 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. The Republic has 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 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.

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TABLE OF CONTENTS
Page
Prospectus Supplement
Overview ....................................................................................................................................................................................... S-6
Description of the Notes ............................................................................................................................................................... S-32
Global Clearance and Settlement .................................................................................................................................................. S-39
Taxation ...................................................................................................................................................................................... S-43
Underwriting................................................................................................................................................................................ S-48
Legal Matters ............................................................................................................................................................................... S-50
Table of References ..................................................................................................................................................................... S-51

Prospectus
Where You Can Find More Information ............................................................................................................................................. 2
Data Dissemination ............................................................................................................................................................................ 2
Use of Proceeds ................................................................................................................................................................................. 3
Debt Securities ................................................................................................................................................................................... 3
Plan of Distribution .......................................................................................................................................................................... 20
Debt Record ..................................................................................................................................................................................... 21
Validity of the Securities .................................................................................................................................................................. 21
Official Statements........................................................................................................................................................................... 22
Authorized Agent ............................................................................................................................................................................. 22

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The Republic has made forward-looking statements in this prospectus supplement. Statements that are not historical facts are forward-
looking statements. These statements are based on the Republic's current plans, estimates, assumptions and projections. Therefore,
you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made. The Republic
undertakes no obligation to update any of them in light of new information or future events.

Forward-looking statements involve inherent risks. The Republic cautions you that a number of factors could cause actual
results to differ materially from those contained in any forward-looking statements. These factors include, but are not limited to:

·
External factors, such as:
·
interest rates in financial markets outside Turkey;
·
the impact of changes in the credit ratings of Turkey;
·
the impact of changes in the international prices of commodities;
·
economic conditions in Turkey's major export markets;
·
the decisions of international financial institutions regarding the terms of their financial arrangements with Turkey;
·
the impact of any delays or other adverse developments in Turkey's accession to the European Union; and
·
the impact of adverse developments in the region where Turkey is located.

·
Internal factors, such as:
·
general economic and business conditions in Turkey;
·
political, military or internal security events in Turkey;
·
present and future exchange rates of the Turkish currency;
·
foreign currency reserves;
·
the level of domestic debt;
·
domestic inflation;
·
natural events, such as climatic changes, earthquakes and floods;
·
the ability of Turkey to effect key economic reforms;
·
the level of foreign direct and portfolio investment in Turkey; and
·
the level of Turkish domestic interest rates.

SOVEREIGN IMMUNITY AND ARBITRATION

The Republic is a foreign sovereign state. Consequently, it may be difficult for investors to obtain or realize upon judgments of
courts in the United States against the Republic. See "Debt Securities -- Governing Law and Consent to Service" in the
accompanying prospectus.

CURRENCY AND EXCHANGE RATE DATA

References to "Turkish Lira" and "TL" in this prospectus supplement in the context of a point in time after January 1, 2009 are to
the Turkish Lira, the Republic's new official currency, which was introduced on January 1, 2009 in place of the New Turkish Lira;
references in this prospectus supplement to "New Turkish Lira" and "YTL" are to the lawful currency of the Republic for the period
beginning on January 1, 2005 and ending on December 31, 2008; and references to "Turkish Lira" and "TL" in this prospectus
supplement in the context of a point in time prior to January 1, 2005 are to the Turkish Lira before it was replaced with New Turkish
Lira. References to "U.S.$", "$", "U.S. dollars" and "dollars" in this prospectus supplement are to lawful money of the United States
of America.

Translations of amounts from 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 Turkish
Lira or dollar amounts referred to herein could have been or could be converted into dollars or Turkish Lira, as the case may be, at any
particular rate or at all.

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OVERVIEW

This overview should be read as an introduction to the prospectus supplement and the accompanying prospectus. Any decision to
invest in the notes by an investor should be based on consideration of the prospectus supplement and the accompanying prospectus as
a whole. 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.

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 December
2015, was estimated to be 78,741,053.

The Republic of Turkey was founded in 1923 and currently has a parliamentary
form of government. The Republic has undertaken many reforms to strengthen its
democracy and economy, in connection with its accession negotiations with the
European Union.

Securities Offered
$1,500,000,000 6.625% Notes due February 17, 2045.

Maturity Date
February 17, 2045.

Issue Price
117.781% of the principal amount of the notes plus accrued and unpaid interest
from and including February 17, 2016 to but excluding the Issue Date.

Interest Payment Dates
February 17 and August 17 of each year, commencing on August 17, 2016.

Status and Ranking
The notes will be a further issuance of, will be fully fungible with, rank equally
with, and form a single issue and series with, our $1,500,000,000 6.625% Notes
due February 17, 2045 which were issued on February 19, 2014. Following the
issuance of notes pursuant to this prospectus supplement, the aggregate principal
amount of the 6.625% Notes due February 17, 2045 will be $3,000,000,000.

Upon issuance, the notes will constitute direct unconditional and general
obligations of the Republic and will rank equally with the Republic's 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 and Admission to
Application is being made to list on the Official List and trade the notes on the
Trading
Regulated Market "Bourse de Luxembourg" of the Luxembourg Stock Exchange.

Negative Pledge
Clause (9) of the definition of Permitted Lien set forth on pages 6 and 7 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 February 19, 2014,

S-6

provided that such Liens remain confined to the assets affected thereby on
February 19, 2014, and secure only those obligations so secured on February 19,
2014.

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
$200,000 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 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, société
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 DTC. See "Description of the Notes -- Payments of
Principal and Interest" and "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 "Debt Securities Collective Action Securities Issued
Prior to January 1, 2015 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
The Bank of New York Mellon (successor-in-interest to JPMorgan Chase Bank,
N.A.), as amended by Amendment No. 1 to Fiscal Agency Agreement, dated as
of September 17, 2003, Amendment No. 2 to the Fiscal Agency Agreement,
dated as of January 7, 2004, and Amendment No. 3 to Fiscal Agency Agreement,
dated as of January 22, 2014 (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, the Republic
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 of the series,
voting as a single class. 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 of the series, voting as a single class. 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 "Debt
Securities Collective Action Securities Issued Prior to January 1, 2015" in the
accompanying prospectus.

S-7

Sinking Fund
None.

Prescription Period
None.

Use of Proceeds
The Republic 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 is $1,765,590,000.

Risk Factors
Risks associated with the notes generally include: 1) the trading market for the
notes may be volatile and may be adversely impacted by many events; 2) there
may 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 notes contain
provisions that permit the Republic to amend the payment terms without the
consent of all holders; 6) there can be no assurance that the laws of the State of
New York in effect as at the date of this prospectus supplement will not be
modified; and 7) legal investment considerations may restrict certain investments.

Risks associated with the Republic generally include: 1) the Republic is a foreign
sovereign state and accordingly it may be difficult to obtain or enforce judgments
against it; 2) there can be no assurance that the Republic's credit ratings will not
change; 3) risks associated with political and economic environment; 4) risks
associated with significant seismic events; 5) volatile international markets and
events may have a negative effect on the Turkish economy; 6) potential
refinancing risk; 7) potential inflation risk; 8) risks associated with the Republic's
current account deficit; 9) risks associated with the foreign exchange rate of the
Republic's currency; 10) risks associated with delays or other adverse
developments in the Republic's accession to the European Union may have a
negative impact on the Republic's economic performance and credit ratings; 11)
risks associated with pending arbitration proceedings; 12) risks associated with
external shocks; and 13) risks associated with recent federal court decisions in
New York relating to ranking provisions.

These risk factors are described in the section entitled "Risk Factors" of this
prospectus supplement.

Fiscal Agency Agreement
The notes will be issued pursuant to 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.

Clearing Reference Numbers
ISIN No. US900123CG37
CUSIP No. 900123 CG3
Common Code 103497795

S-8

RISK FACTORS
You should read this entire prospectus supplement and the accompanying prospectus carefully. Words and expressions
defined elsewhere in this prospectus supplement and the accompanying 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:
Risks Relating to the Notes
The trading market for the notes may be volatile and may be adversely impacted by many events.
The market for the notes is expected to be influenced by economic and market conditions and, to varying degrees, interest
rates, currency exchange rates and inflation rates in the United States and Europe and other countries. There can be no assurance that
events in Turkey, the United States, 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 may 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 will be made to list on the Official List and trade the notes on the
Regulated Market "Bourse de Luxembourg" of the Luxembourg 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 behavior 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.
The notes are unsecured.
The notes constitute unsecured obligations of the Republic.

S-9

The notes contain provisions that permit the Republic to amend the payment terms without the consent of all holders.
The notes contain provisions regarding acceleration and voting on amendments, modifications, changes and waivers, which
are commonly referred to as "collective action clauses". Under these provisions, certain key provisions of the notes may be amended,
including the maturity date, interest rate and other payment terms, with the consent of the holders of 75% of the aggregate principal
amount of the outstanding notes. See "Description of the Notes -- Default; Acceleration of Maturity" and "-- Amendments and
Waivers" in this prospectus supplement and "Debt Securities -- Collective Action Securities Issued Prior to January 1, 2015" in the
accompanying prospectus.
There can be no assurance that the laws of the State of New York in effect as at the date of this prospectus supplement will
not be modified.
The conditions of the notes are based on the laws of the State of New York in effect as at the date of this prospectus
supplement. No assurance can be given as to the impact of any possible judicial decision or change to New York law or administrative
practice after the date of this prospectus supplement.
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. Prospective investors should consult their legal advisers to determine whether and to what extent: (1) the notes are
legal investments for such prospective investors; (2) the notes can be used as collateral for various types of borrowing; and (3) other
restrictions apply to their 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.
Risks Relating to the Republic
The Republic is a foreign sovereign state and accordingly it may be difficult to obtain or enforce judgments against it.
The Republic is a sovereign state. Consequently, the ability of noteholders to sue the Republic may be limited.
The Republic has not consented to service or waived sovereign immunity with respect to actions brought against it under
United States federal securities laws or any State securities laws. In the absence of a waiver of immunity by the Republic with respect
to these actions, it would not be possible to obtain judgment in such an action brought against the Republic in a court in the United
States unless the court were to determine that the Republic is not entitled under the Foreign Sovereign Immunities Act to sovereign
immunity with respect to such action. Further, even if a United States judgment could be obtained in such an action, it may not be
possible to enforce in the Republic a judgment based on such a United States judgment. Execution upon property of the Republic
located in the United States to enforce a United States judgment may not be possible except under the limited circumstances specified
in the Foreign Sovereign Immunities Act.
There can be no assurance that the Republic's credit ratings will not change.
Long-term foreign currency debt of the Republic is currently rated BB+ by Standard and Poor's Credit Market Services
Europe Limited ("Standard and Poor's") (which changed the Republic's long-term foreign currency debt rating on March 27, 2013
from BB), Baa3 by Moody's Investors Service Limited ("Moody's") (which changed the Republic's long-term foreign and local
currency rating on May 16, 2013 from Ba1) and BBB- by Fitch Ratings Limited ("Fitch") (which changed the Republic's long-term
foreign currency rating on November 5, 2012 from BB+). On February 7, 2014, Standard & Poor's revised its outlook on the long-
term debt ratings of the Republic to negative from stable (while affirming the BB+ long-term foreign currency sovereign credit rating),
due to perceived increased risks of a hard economic landing in Turkey as external conditions tighten and unfavorable exchange and
interest rate dynamics pose downside risks to GDP forecasts, the country's declining reserve coverage of net external financing needs,
and the view that Turkey's policy environment is becoming less predictable, and that this could weigh on the economy's resilience
and long-term growth potential. On November 6, 2015, Standard & Poor's affirmed the Republic's long-term foreign and local
currency ratings at BB+ and BBB-, respectively, each with a negative outlook. Standard & Poor's indicated that the negative outlook
incorporates the risks of an alternative scenario in which external financing becomes both more expensive and scarcer, and
institutional checks and balances deteriorate further. On April 4, 2014, Moody's changed the outlook on Turkey's Baa3 government
bond rating to negative from stable. Moody's indicated that key drivers of outlook change were: (i) increased pressure on the

S-10