Obligation Turkiye 4.25% ( US900123CJ75 ) en USD

Turkiye

100 % ▲

Turquie

US900123CJ75 ( en USD )

4.25% par an ( paiement semestriel )

13/04/2026

Prospectus brochure de l'obligation Turkey US900123CJ75 en USD 4.25%, échéance 13/04/2026

200 000 USD

1 500 000 000 USD

900123CJ7

14/04/2026 ( Dans 158 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 US900123CJ75, paye un coupon de 4.25% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 13/04/2026

PROSPECTUS SUPPLEMENT
(To the Prospectus dated March 23, 2015)
$1,500,000,000

TÜRKYE CUMHURYET

(The Republic of Turkey)
4.25% Notes due April 14, 2026

The Republic of Turkey (the "Republic" or "Turkey") is offering $1,500,000,000 principal amount of its 4.25% Notes due April 14,
2026 (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 April 14 and October 14 of each year, commencing on October 14, 2015.

This prospectus supplement and accompanying prospectus dated March 23, 2015, 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 March 23, 2015 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.

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 will, therefore, contain "collective action clauses". Under these
provisions, which are described beginning on page 17 of the accompanying prospectus dated March 23, 2015, the Republic may
amend the payment provisions of the notes and other reserved matters listed in the fiscal agency agreement with the consent of the
holders of: (1) with respect to a single series of notes, more than 75% of the aggregate principal amount of the outstanding notes of
such series; (2) with respect to two or more series of notes, if certain "uniformly applicable" requirements are met, more than 75% of
the aggregate principal amount of the outstanding notes of all series affected by the proposed modification, taken in the aggregate; or
(3) with respect to two or more series of notes, more than 66 2/3% of the aggregate principal amount of the outstanding notes of all
series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the
outstanding notes of each series affected by the proposed modification, taken individually.

Per Note

Total
Public Offering Price...................................................................
98.669%
$1,480,035,000
Underwriting discount..................................................................
0.075%

$1,125,000
Proceeds, before expenses, to the Republic of Turkey..............................
98.594%
$1,478,910,000
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 April
14, 2015 (the "Issue Date"), through the book-entry facilities of The Depository Trust Company ("DTC"), against payment in same-
day funds.

Joint Book-Running Managers
Deutsche Bank Securities Goldman Sachs International
HSBC
The date of this prospectus supplement is April 14, 2015.

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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
Risk Factors ........................................................................................................................................................................................... S-9
Recent Developments .......................................................................................................................................................................... S-16
Description of the Notes ...................................................................................................................................................................... S-25
Global Clearance and Settlement ......................................................................................................................................................... S-30
Taxation ............................................................................................................................................................................................... S-34
Underwriting ........................................................................................................................................................................................ S-40
Legal Matters ....................................................................................................................................................................................... S-42
Table of References ............................................................................................................................................................................. S-43
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 .................................................................................................................................................................................. 21
Authorized Agent ..................................................................................................................................................................................... 22

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Forward-Looking Statements

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 or military 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 "US$", "$", "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
2014, was estimated to be 77,695,904.

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 4.25% Notes due April 14, 2026.

Maturity Date
April 14, 2026.

Issue Price
98.669% of the principal amount of the notes.

Interest Payment Dates
April 14 and October 14 of each year, commencing on October 14, 2015.

Status and Ranking
The notes will constitute direct, general, unconditional and unsubordinated public
external indebtedness of the Republic for which the full faith and credit of the
Republic is pledged. The notes rank and will rank without any preference among
themselves and equally with all other unsubordinated public external
indebtedness of the Republic. It is understood that this provision shall not be
construed so as to require the Republic to make payments under the debt
securities ratably with payments being made under any other public external
indebtedness. 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 April 14, 2015,
provided that such Liens remain confined to the assets affected thereby on April
14, 2015, and secure only those obligations so secured on April 14, 2015.

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.

S-6

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
"Description of the Notes -- Default; Acceleration of Maturity" in this
prospectus supplement.

Collective Action Securities
The notes will be designated Collective Action Securities under the Fiscal
Agency Agreement, dated as of March 23, 2015, between the Republic and The
Bank of New York Mellon (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, which are
described beginning on page 17 of the accompanying prospectus dated March 23,
2015, the Republic may amend the payment provisions of the notes and other
reserved matters listed in the Fiscal Agency Agreement with the consent of the
holders of: (1) with respect to a single series of notes, more than 75% of the
aggregate principal amount of the outstanding notes of such series; (2) with
respect to two or more series of notes, if certain "uniformly applicable"
requirements are met, more than 75% of the aggregate principal amount of the
outstanding notes of all series affected by the proposed modification, taken in the
aggregate; or (3) with respect to two or more series of notes, more than 66 2/3%
of the aggregate principal amount of the outstanding notes of all series affected
by the proposed modification, taken in the aggregate, and more than 50% of the
aggregate principal amount of the outstanding notes of each series affected by the
proposed modification, taken individually. These provisions are described in the
section "Debt Securities --Collective Action Securities Issued On or After
January 1, 2015" in the accompanying prospectus.

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 $1,478,910,000.

S-7

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 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) Turkey 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 Turkey's credit ratings will not
change; 3) changes in the Republic's domestic and international political and
economic environment may have a negative effect on its financial condition; 4)
risks associated with significant seismic events; 5) the volatile international
markets may have a negative effect on the Turkish market and Turkish Securities;
6) potential refinancing risk; 7) potential inflation risks; 8) risks associated with
Turkey'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 which 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, Turkish and Luxembourg 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. US900123CJ75
CUSIP No. 900123 CJ7
Common Code 121861135

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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 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 the United States and Europe and other industrialized 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.

S-9

The notes are unsecured.
The notes constitute unsecured obligations of the Republic.
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, which are described beginning on page 17 of the
accompanying prospectus dated March 23, 2015, the Republic may amend the payment provisions of the notes and other reserved
matters listed in the Fiscal Agency Agreement with the consent of the holders of: (1) with respect to a single series of notes, more than
75% of the aggregate principal amount of the outstanding notes of such series; (2) with respect to two or more series of notes, if
certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of the outstanding notes of all
series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of notes, more than 66
2/3% of the aggregate principal amount of the outstanding notes of all series affected by the proposed modification, taken in the
aggregate, and more than 50% of the aggregate principal amount of the outstanding notes of each series affected by the proposed
modification, taken individually. See "Debt Securities -- Collective Action Securities Issued On or After 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. 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.
Risks Relating to the Republic
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. Consequently, your ability to sue the Republic may be limited. See "Debt Securities -- Governing
Law and Consent to Service" in the accompanying prospectus.
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.

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