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ANKARA - The Republic of Turkey announced plans to issue benchmark 10-year fixed-rate senior unsecured U.S. dollar-denominated notes, according to a stabilization notice released Tuesday.
JP Morgan Securities PLC will serve as the stabilization coordinator, with BBVA, Deutsche Bank, and Goldman Sachs International acting as stabilization managers. The stabilization period is expected to begin September 9, 2025, and end no later than October 9, 2025.
The securities will be listed on the Luxembourg Stock Exchange’s Regulated Market with a minimum denomination of $200,000 and integral multiples of $1,000 thereafter. The offer price has not yet been determined.
As part of the stabilization process, managers may over-allot securities by up to 5% of the aggregate nominal amount to support the market price. This practice allows stabilization managers to purchase securities in the open market if the price falls below the issue price.
The stabilization measures are being implemented in accordance with Commission Delegated Regulation under the Market Abuse Regulation, which permits certain market interventions following new issuances to prevent or slow declining prices.
The announcement specifies that stabilization may not necessarily occur and any stabilization action could cease at any time, but must end within 30 days after the issue date or 60 days after allotment.
The bonds will not be registered under the United States Securities Act and are not being offered to U.S. investors, according to the press release statement.
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