EIB bond issues in TRY

The Bank's first appearance in the Turkish Lira market was in March 2004 with a USD 79 million 18% synthetic Turkish Lira bond issue due April 2012. Synthetic format had to be used because the large denominations of the TRL could not technically be handled by the international settlement systems. This difficulty was overcome as of 1 January 2005, when the Turkish Lira was redenominated by converting one million Turkish Lira (TRL 1,000,000) into one new Turkish Lira (TRY).

The redenomination, implementation of the Government's stabilisation programme and the decision of the EU to begin membership negotiations with Turkey in October 2005 has supported increased interest by international investors in the currency which has offered a substantial yield-pick up over EUR interest rates.

In 2007, EIB was the largest non-government issuer of TRY, with seventeen issues outstanding, maturing between 2008 and 2022. By end 2007, EIB had issued a total of TRY 6 billion.

TRY Issues
Additional information on the issues can be obtained by clicking on the ISIN code (documentation available for most issues). Outstanding amounts are updated on issue value date.