TKC Raises TRY1.5B via Private Bill; 41.5% Simple Interest, Matures Nov 20
Rhea-AI Filing Summary
Turkcell completed a private placement of a short-term TRY-denominated financing bill totaling TRY 1,500,000,000 under an existing TRY 10,000,000,000 issuance limit. The instrument is a bill with a single coupon, fixed annual simple interest of 41.50% (annual compound 48.18042%), and a maturity date of 20 November 2025, corresponding to a 99-day term. The securities were placed with qualified investors in Türkiye through book building and are recorded under ISIN TRFTCELK2516. Payment is in Turkish lira and the securities will be transferred to investor accounts on August 13, 2025.
The issuance is listed as tradable on the stock exchange and the issuer holds a Long Term National Rating of AAA(tr) from JCR Avrasya. The single-coupon structure and short maturity mean interest and principal are due at the same payment date rather than periodic payments.
Positive
- Successfully placed the full nominal amount of TRY 1,500,000,000 through book building to qualified investors
- Issuance conducted within the approved TRY 10,000,000,000 limit, demonstrating use of authorized capacity
- Listed and tradable on the stock exchange with an assigned ISIN (TRFTCELK2516), supporting secondary-market liquidity
- Issuer has a Long Term National Rating AAA(tr) from JCR Avrasya
Negative
- High annual simple interest of 41.50% (48.18042% compound) represents a materially costly source of short-term funding
- Short maturity (99 days) concentrates refinancing and principal repayment risk into a near-term date
- Private placement to qualified investors means no public retail offering, limiting broader market participation
Insights
TL;DR: Turkcell placed a short-term, high-yield TRY bill for TRY 1.5bn to qualified investors; routine funding but at a high domestic rate.
The transaction is a standard private placement to qualified investors, executed within the company’s existing TRY 10bn issuance ceiling. Key terms—TRY 1.5bn nominal, fixed simple interest 41.50%, single coupon, maturity 20 November 2025—indicate a short-duration funding instrument designed to raise liquidity quickly. Listing and an ISIN increase secondary-market tradability for investors. From a capital markets perspective this is a routine financing execution that successfully accessed domestic investor appetite for short-term Turkish lira paper.
TL;DR: The issuance secures short-term funding but at a materially high cost and short tenor, which raises refinancing and interest-cost considerations.
The stated annual simple interest of 41.50% (48.18042% annual compound) is a significant funding cost in absolute terms for the 99-day instrument. The single-coupon structure concentrates cash outflows at maturity, creating near-term liquidity and rollover requirements. While the issuer benefits from a Long Term National Rating of AAA(tr), the high coupon and short tenor are relevant for credit monitoring since they affect short-term cash requirements and interest expense profile over the maturity period.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2025
Commission File Number: 001-15092
TURKCELL ILETISIM HIZMETLERI A.S.
(Translation of registrant’s name into English)
Aydınevler Mahallesi İnönü Caddesi No:20
Küçükyalı Ofispark
34854 Maltepe
Istanbul, Türkiye
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x Form 20-F ¨ Form 40-F
Enclosure: A press release dated August 13, 2025, announcing the issuance of the registrant's financing bond.
Istanbul, August 13, 2025
Announcement Regarding the Financing Bond Issuance
Within the scope of the TRY 10,000,000,000 issuance limit approved by the Capital Markets Board, the book building of the financing bond issuance of our Company with a maturity date of November 20, 2025, an annual simple interest of 41.50% with a nominal amount of TRY 1,500,000,000 to qualified investors within Türkiye, without a public placement was completed, and the securities will be transferred to the investor accounts on August 13, 2025.
| Board Decision Date | : 25.03.2025 |
| Related Issue Limit Info | |
| Currency Unit | : TRY |
| Limit | : 10,000,000,000 |
| Issue Limit Security Type | : Debt Securities |
| Sale Type | : Private Placement-Sale to Qualified Investor |
| Domestic / Oversea | : Domestic |
| Capital Market Board Approval Date | : 13.06.2025 |
| Capital Market Instrument to be Issued Info | |
| Type | : Bill |
| Maturity Date | : 20.11.2025 |
| Maturity (Day) | : 99 |
| Sale Type | : Sale To Qualified Investor |
| Intended Nominal Amount | : 500,000,000 |
| Intended Maximum Nominal Amount | : 1,500,000,000 |
| The country where the issue takes place | : Türkiye |
| Title Of Intermediary Brokerage House | : |
| Central Securities Depository | : Merkezi Kayıt Kuruluşu A.Ş. |
| Starting Date of Sale | : 12.08.2025 |
| Ending Date of Sale | : 12.08.2025 |
| Nominal Value of Capital Market Instrument Sold | : 1,500,000,000 |
| Maturity Starting Date | : 13.08.2025 |
| Issue Price | : 1 |
| Interest Rate Type | : Fixed |
| Interest Rate - Yearly Simple (%) | : 41.50000 |
| Interest Rate - Yearly Compound (%) | : 48.18042 |
| Traded in the Stock Exchange | : Yes |
| Payment Type | : TL Payment |
| ISIN Code | : TRFTCELK2516 |
| Coupon Number | : 1 |
| Currency Unit | : TRY |
| Coupon Payment Frequency | : Single Coupon |
1
Redemption Plan of Capital Market Instrument Sold
| Coupon Number | Payment Date | Record Date* | Payment Date | Interest Rate - Periodic (%) |
Payment Amount |
Exchange Rate |
Was The Payment Made? |
| 1 | 20.11.2025 | 19.11.2025 | 20.11.2025 | 11.25616 | |||
| Principal/Maturity Date Payment Amount | 20.11.2025 | 19.11.2025 | 20.11.2025 |
* The date on which the beneficiaries are determined.
Issuer Rating Note
| Rating Company | Rating Note | Rating Date | Is it Investment Grade? |
| JCR AVRASYA DERECELENDİRME A.Ş. | Long Term National Rating AAA (tr) | 29.05.2025 | Yes |
For more information:
Turkcell Investor Relations
investor.relations@turkcell.com.tr
Tel: + 90 212 313 1888
Disclaimer
This press release does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for securities in the United States or any other jurisdiction in which such offer or solicitation would be unlawful. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered within the United States or to or for the benefit of, US persons (as defined in Regulation S under the Securities Act) absent registration or an applicable exemption from the registration requirements of the Securities Act. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Turkcell Iletisim Hizmetleri A.S. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TURKCELL ILETISIM HIZMETLERI A.S. | |||
| Date: August 13, 2025 | By: | /s/ Özlem Yardım | |
| Name: | Özlem Yardım | ||
| Title: | Investor Relations Corporate Finance Director | ||
| TURKCELL ILETISIM HIZMETLERI A.S. | |||
| Date: August 13, 2025 | By: | /s/ Kamil Kalyon | |
| Name: | Kamil Kalyon | ||
| Title: | Chief Financial Officer | ||
FAQ
What did Turkcell (TKC) issue?
What are the key terms of the bill issued by TKC?
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When will investors receive the securities and how is payment made?
Is the issuance tradable and what is the ISIN?
