Filed Pursuant to Rule 433
Registration No. 333-236683
January 19, 2021
Pricing Term Sheet
FINAL PRICING TERMS OF THE REPUBLIC OF TURKEY
USD 1,750,000,000 4.750% NOTES DUE JANUARY 26, 2026
USD 1,750,000,000 5.875% NOTES DUE JUNE 26, 2031
| ISSUER: | The Republic of Turkey | |||
| SECURITIES: | 4.750% Notes due January 26, 2026 | 5.875% Notes due June 26, 2031 | ||
| PRICING DATE: | January 19, 2021 | |||
| ISSUE FORMAT: | Global (SEC Registered) | |||
| EXPECTED RATINGS OF THE NOTES*: | B2 (Moody’s) / BB- (Fitch) | B2 (Moody’s) / BB- (Fitch) | ||
| ISSUE SIZE: | USD 1,750,000,000 | USD 1,750,000,000 | ||
| PRICE TO PUBLIC: | 99.342% | 99.430% | ||
| TOTAL FEES: | USD 1,225,000 (0.07%) | USD 1,225,000 (0.07%) | ||
| NET PROCEEDS TO ISSUER: | USD 1,737,260,000 | USD 1,738,800,000 | ||
| YIELD TO MATURITY: | 4.900% per annum | 5.950% per annum | ||
| COUPON: | 4.750% per annum, payable semi-annually on a 30/360 basis | 5.875% per annum, payable semi-annually on a 30/360 basis | ||
| MATURITY DATE: | January 26, 2026 | June 26, 2031 | ||
| SPREAD TO BENCHMARK US TREASURY: | 445.3 bps | 486.0 bps | ||
| BENCHMARK US TREASURY: | UST 0.375% due December 12, 2025 | UST 0.875% due November 15, 2030 | ||
| BENCHMARK US TREASURY YIELD: | 0.447% | 1.090% | ||
| DENOMINATIONS: | USD 200,000/USD 1,000 | USD 200,000/USD 1,000 | ||
| INTEREST PAYMENT DATES: | January 26 and July 26, beginning on July 26, 2021 | June 26 and December 26, beginning on June 26, 2021 (short first coupon) | ||
| CUSIP / ISIN: | 900123DB3 / US900123DB31 | 900123DC1 / US900123DC14 | ||
| 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. | |||
| EXPECTED LISTING: | Luxembourg Stock Exchange (Regulated Market) | |||
| LEAD-MANAGERS/ BOOKRUNNERS: | Citigroup Global Markets Inc.
Goldman Sachs International
J.P. Morgan Securities plc | |||
| SETTLEMENT DATE: | Expected January 26, 2021 (T+5) through the book-entry facilities of The Depository Trust Company | |||
| MANUFACTURER TARGET MARKET: | Professional clients, eligible counterparties and retail clients (subject to any applicable selling restrictions) (all distribution channels) | |||
* A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus, any prospectus supplement or free writing prospectus for this offering if you request it by calling toll-free Citigroup Global Markets Inc. at +1-800-831-9146, Goldman Sachs International at +1-866-471-2526 and J.P. Morgan Securities plc at +1-866-803-9204.
The preliminary prospectus supplement relating to the Notes is available under the following link:
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