Form FWP REPUBLIC OF TURKEY Filed by: REPUBLIC OF TURKEY
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E-mailFiled Pursuant to Rule 433
Registration No. 333-275976
October 27, 2025
Pricing Term Sheet
FINAL PRICING TERMS OF THE REPUBLIC OF TÜRKİYE USD 2,250,000,000 6.800% NOTES DUE NOVEMBER 4, 2036
| ISSUER: | The Republic of Türkiye | |
| SECURITIES: | USD 6.800% Notes due November 4, 2036 | |
| PRICING DATE: | October 27, 2025 | |
| ISSUE FORMAT: | Global (SEC Registered) Offering | |
| ISSUE SIZE: | USD 2,250,000,000 | |
| PRICE TO PUBLIC: | 100.000% | |
| TOTAL FEES: | USD 1,575,000 (0.07%) | |
| NET PROCEEDS TO ISSUER: | USD 2,248,425,000 | |
| RE-OFFER YIELD: | 6.800% | |
| COUPON: | 6.800% | |
| MATURITY DATE: | November 4, 2036 | |
| SPREAD TO BENCHMARK US TREASURY: | 280.7 bps | |
| BENCHMARK US TREASURY: | UST 4.25% due August 15, 2035 | |
| BENCHMARK US TREASURY YIELD: | 3.993% | |
| DENOMINATIONS: | USD 200,000 / USD 1,000 | |
| INTEREST PAYMENT DATES: | May 4 and November 4, beginning on May 4, 2026 | |
| CUSIP / ISIN: | 900123 DS6 / US900123DS65 | |
| 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 Türkiye. | |
| EXPECTED LISTING: | Luxembourg Stock Exchange (Regulated Market) | |
| LEAD-MANAGERS/BOOKRUNNERS: | J.P. Morgan Securities plc Morgan Stanley & Co. International plc SMBC Bank International plc Société Générale | |
| SETTLEMENT DATE: | Expected November 4, 2025 (T+6) through the book-entry facilities of The Depository Trust Company | |
| MiFID II/UK MiFIR MANUFACTURER TARGET MARKET: | Professional clients and eligible counterparties (subject to any applicable selling restrictions) (all distribution channels) | |
This communication is intended for the sole use of the person to whom it is provided by us.
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 J.P. Morgan at +1-866-803-9204, Morgan Stanley at +1-866-718-1649, SMBC at +1-888-868-6856 or Societe Generale at +1-855-881-2108.
The preliminary prospectus supplement relating to the Notes is available under the following link: https://www.sec.gov/Archives/edgar/data/869687/000119312525251232/d75546d424b5.htm
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