The Treasury has authorized Bank of America, BBVA, Citigroup and J.P. Morgan to issue a 10-year (January 2035) bond denominated in US dollars within the framework of the 2024 external financing program.

The Treasury will also exchange 6 US dollar-denominated bonds with maturities between 2024 and 2026 for the newly issued bonds and/or repurchase them for cash.

The statement reads as follows:

“The Treasury and Finance Ministry has authorized Bank of America, BBVA, Citigroup and J.P. Morgan to issue a 10-year (January 2035) bond denominated in US dollars within the framework of the 2024 external financing program.

A liability management process will be carried out simultaneously with the new bond issuance. Within the scope of this transaction, 6 bonds denominated in US dollars between the maturities of 2024-2026, which are traded in international capital markets, will be exchanged with the newly issued bond and/or repurchased in cash.

The liability management transaction will be carried out on September 25, 2024. Investors who wish to participate in the transaction will notify the authorized banks about the prices determined for the bonds to be repurchased and the initial indicative information announced regarding the new bond to be given in return, and the amount of which bond they want to return for exchange and/or repurchase. The refund request period will end on the same day.

The pricing of the new bond will be carried out at the end of the liability management and demand collection period for the new issue. The first results of the transaction will be announced on September 26, 2024. The process regarding the liability management transaction will be completed as of October 1, 2024, and the final results regarding both transactions will be announced as of October 3, 2024.

✒️Ekotürk