The Republic of Türkiye (Turkey), rated Ba3 (Stable) by Moody’s and BB- (Stable) by Fitch, has mandated banks and released initial price thoughts (IPTs) for a dual-tranche US dollar-denominated sovereign issuance comprising a seven-year and a 12-year benchmark bond.

IPTs for the seven-year issuance fall in the 6.650% area, while the 12-year is in the 7.200% area.

The senior unsecured SEC registered global offering will be listed on Luxembourg Stock Exchange (Regulated Market).

Abu Dhabi Commercial Bank, BNP PARIBAS, Citi (B&D), Goldman Sachs and Standard Chartered are the bookrunners on the dual tranche.

Proceeds will be deployed for general budgetary purposes.

Turkey raised $2.25 billion in October 2025 through a 11-year USD senior unsecured benchmark bond.

(Writing by Bindu Rai, editing by Brinda Darasha)

bindu.rai@lseg.com