Obligation Boliviana 4.875% ( USP37878AA69 ) en USD

Boliviana

100 % ▲

Bolivie

USP37878AA69 ( en USD )

4.875% par an ( paiement semestriel )

28/10/2022 - Obligation échue

Prospectus brochure de l'obligation Bolivia USP37878AA69 en USD 4.875%, échue

200 000 USD

500 000 000 USD

P37878AA6

La Bolivie est un pays d'Amérique du Sud sans accès à la mer, riche en ressources naturelles et caractérisé par une grande diversité géographique et culturelle, avec une population majoritairement indigène.

L'Obligation émise par Boliviana ( Bolivie ) , en USD, avec le code ISIN USP37878AA69, paye un coupon de 4.875% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/10/2022

OFFERING MEMORANDUM

ESTADO PLURINACIONAL DE BOLIVIA
U.S.$500,000,000 4.875% Notes Due 2022
______________________
The U.S.$500,000,000 4.875% notes due 2022 (the "Notes") are being offered by the Estado Plurinacional de Bolivia (the "Issuer," the "Government,"
"Bolivia," "we," "us," and "our"). The Notes will constitute unconditional, unsecured and unsubordinated external indebtedness of Bolivia and will not be
promissory notes (pagarés) under Bolivian law. The Notes will mature on October 29, 2022. The Notes will bear interest at a rate of 4.875% per year and will
be payable on April 29 and October 29 of each year, or if such date is not a Business Day (as defined herein) on the next succeeding Business Day (without any
additional interest being payable as a result of such delay) (each, a "Payment Date"). The first Payment Date will be April 29, 2013.
The Notes will rank at all times equally with all of our existing and future senior unsecured indebtedness (other than obligations preferred by statute or by
operation of law).
The Notes contain provisions, commonly known as "collective action clauses," under which we may amend or obtain waivers of the payment provisions of the
Notes and certain other terms with the consent of holders of 75% of the aggregate principal amount of the outstanding Notes. See "Description of the Notes--
Meetings and Amendments--Approval (Collective Action Securities)." Bolivia may redeem the Notes, in whole or in part, at any time by paying the greater of
(1) 100% of the principal amount of the Notes to be redeemed and (2) a "make-whole" amount, plus in each case accrued and unpaid interest to the redemption
date, as described under "Description of the Notes--Optional Redemption."
For a more detailed description of the Notes, see "Description of Notes" beginning on page 125.
Investment in the Notes involves risks. See "Risk Factors" beginning on page 12 of this offering memorandum (the "Offering Memorandum").
__________________________
Issue Price: 100.00% plus accrued interest, if any, from October 29, 2012.
__________________________
THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S.
SECURITIES ACT"), AND MAY ONLY BE OFFERED OR SOLD WITHIN THE UNITED STATES OF AMERICA TO QUALIFIED
INSTITUTIONAL BUYERS IN RELIANCE ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES
ACT PROVIDED BY RULE 144A OR OUTSIDE THE UNITED STATES OF AMERICA TO NON-U.S. PERSONS IN RELIANCE ON THE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT PROVIDED BY REGULATION
S.

PROSPECTIVE PURCHASERS ARE HEREBY NOTIFIED THAT SELLERS OF THE NOTES MAY BE RELYING ON THE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144A OR REGULATION S. FOR
CERTAIN RESTRICTIONS ON RESALES, SEE "TRANSFER RESTRICTIONS."
ANY OFFER OR SALE OF NOTES IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (THE "EEA") THAT HAS IMPLEMENTED
DIRECTIVE 2003/71/EC (THE "PROSPECTUS DIRECTIVE") MUST BE ADDRESSED TO QUALIFIED INVESTORS (AS DEFINED IN THE
PROSPECTUS DIRECTIVE).
Application has been made to the Luxembourg Stock Exchange for the Notes to be admitted to the Official List and trading on the Euro MTF Market. This
Offering Memorandum can only be used for the purposes for which it was published. This Offering Memorandum constitutes a prospectus for the purposes of
the Luxembourg Law on prospectuses for securities, dated July 10, 2005, as amended.
The Initial Purchasers expect to deliver the Notes to purchasers in book-entry form only through the facilities of The Depository Trust Company ("DTC"),
Euroclear Bank, S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme Luxembourg ("Clearstream") on or about October 29, 2012.
Joint Lead Managers
BofA Merrill Lynch
Goldman, Sachs & Co.
The date of this Offering Memorandum is October 22, 2012.

SOUTH AMERICA
BOLIVIA

___________________________
Source: http://www.worldofmaps.net/

TABLE OF CONTENTS
Page
About This Offering Memorandum .........................................................................................................iii
Notice to Investors......................................................................................................................................iv
Presentation of Certain Information.......................................................................................................vii
Forward-Looking Statements .................................................................................................................viii
Enforcement of Civil Liabilities................................................................................................................. x
Summary...................................................................................................................................................... 1
Bolivia....................................................................................................................................................... 1
Bolivian Economy..................................................................................................................................... 1
External Economy..................................................................................................................................... 2
Monetary System ...................................................................................................................................... 3
Public Finances ......................................................................................................................................... 4
Public Sector Indebtedness ....................................................................................................................... 5
Summary Information................................................................................................................................ 7
The Offering ................................................................................................................................................ 8
Exchange Rates ......................................................................................................................................... 11
Risk Factors............................................................................................................................................... 12
Risks Relating to Bolivia ........................................................................................................................ 12
Risks Relating to Owning the Notes ....................................................................................................... 16
Use of Proceeds.......................................................................................................................................... 18
Bolivia ........................................................................................................................................................ 19
Overview................................................................................................................................................. 19
History..................................................................................................................................................... 19
Territory and Population ......................................................................................................................... 20
Political and Legal System...................................................................................................................... 22
Social Welfare Programs ........................................................................................................................ 23
Infrastructure and Investments................................................................................................................ 26
International Relations ............................................................................................................................ 29
National Policy Against Drug Trafficking and Reevaluation of the Coca Leaf ..................................... 33
Legal Proceedings and Processes............................................................................................................ 35
The Bolivian Economy.............................................................................................................................. 39
Overview................................................................................................................................................. 39
New Economic, Social, Communitarian and Productive Model ............................................................ 40
Gross Domestic Product.......................................................................................................................... 40
Principal Sectors of the Economy ........................................................................................................... 43
Nationalizations ...................................................................................................................................... 54
Employment and Labor........................................................................................................................... 57
The External Economy ............................................................................................................................. 59
Overview................................................................................................................................................. 59
Balance of Payments............................................................................................................................... 59
Remittances............................................................................................................................................. 63
Foreign Trade.......................................................................................................................................... 64
International Reserves............................................................................................................................. 71
Foreign Direct Investment ...................................................................................................................... 72
The Monetary System............................................................................................................................... 74
Central Bank ........................................................................................................................................... 74
Financial System Supervision Authority ................................................................................................ 76
Monetary and Finance Sector ................................................................................................................. 78

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Page
Stock Market ........................................................................................................................................... 88
Public Finances.......................................................................................................................................... 90
Public Sector Budget............................................................................................................................... 90
Non-Financial Public Sector ................................................................................................................... 90
General Government ............................................................................................................................... 99
Public Companies ................................................................................................................................. 102
Taxes ..................................................................................................................................................... 104
Public Sector Indebtedness .................................................................................................................... 105
General .................................................................................................................................................. 105
Public Domestic Debt ........................................................................................................................... 106
Public External Debt ............................................................................................................................. 114
Description of the Notes.......................................................................................................................... 125
Taxation ................................................................................................................................................... 140
United States of America Tax Considerations ...................................................................................... 140
Certain Bolivian Tax Considerations .................................................................................................... 143
Plan of Distribution................................................................................................................................. 144
Transfer Restrictions .............................................................................................................................. 149
Legal Matters .......................................................................................................................................... 151
General Information ............................................................................................................................... 152

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ABOUT THIS OFFERING MEMORANDUM
In this Offering Memorandum, the "Issuer," the "Government," or "Bolivia," "we," "us," and "our"
refer to the Estado Plurinacional de Bolivia. As used in this Offering Memorandum, "Business Day"
means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions
are authorized or obligated by law to close in New York City, United States of America, or La Paz,
Bolivia.
In making an investment decision, you should only rely on the information contained in this Offering
Memorandum. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman, Sachs & Co. will act
as initial purchasers with respect to the offering of the Notes (the "Initial Purchasers"). We have not and
the Initial Purchasers have not, authorized anyone to provide you with different information. Neither we
nor the Initial Purchasers are making an offer of the Notes in any jurisdiction where the offer is not
permitted.
We, having made all reasonable inquiries, confirm that as of the date on the front cover of this
Offering Memorandum the information contained in this Offering Memorandum with regards to Bolivia
is true and accurate in all material respects, that the opinions and intentions we express in this Offering
Memorandum are honestly held, and that there are no other facts the omission of which would make this
Offering Memorandum as a whole or any of such information or the expression of any such opinions or
intentions misleading in any material respect. We accept responsibility for the Offering Memorandum
accordingly.
__________________________
This Offering Memorandum does not constitute an offer to sell, or a solicitation of an offer to
buy, any Notes offered hereby by any person in any jurisdiction in which it is unlawful for such
person to make an offer or solicitation. Neither the delivery of this Offering Memorandum nor any
sale made hereunder shall under any circumstances imply that there has been no change in our
affairs or that the information set forth in this Offering Memorandum is correct as of any date
subsequent to the date of this Offering Memorandum.

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NOTICE TO INVESTORS
In making an investment decision, you must rely on your own examination of Bolivia and the
terms of this offering, including the merits and risks involved. The Notes have not been
recommended by the U.S. Securities and Exchange Commission ("SEC") or any state or foreign
securities commission or regulatory authority. Furthermore, these authorities have not confirmed
the accuracy or determined the adequacy of this Offering Memorandum. Any representation to the
contrary is a criminal offense.
The Notes may not be transferred or resold except as permitted under the U.S. Securities Act
and related regulations and applicable state securities laws. In making your purchase, you will be
deemed to have made certain acknowledgements, representations and agreements set forth in this
Offering Memorandum under this caption "Notice to Investors." You should be aware that you
may be required to bear the financial risks of this investment for an indefinite period of time.
This Offering Memorandum may only be used for the purpose for which it has been published.
Neither the Initial Purchasers nor any of their agents is making any representation or warranty as
to the accuracy or completeness of the information contained in this Offering Memorandum, and
nothing contained in this Offering Memorandum is, or shall be relied upon as, a promise or
representation, whether as to the past or the future. Neither the Initial Purchasers nor any of their
agents has independently verified any of such information and assumes no responsibility for the
accuracy or completeness of the information contained in this Offering Memorandum.
__________________________
This Offering Memorandum has been prepared by us solely for use in connection with the proposed
offering of the Notes.
You must (1) comply with all applicable laws and regulations in force in any jurisdiction in
connection with the possession or distribution of this Offering Memorandum and the purchase, offer or
sale of the Notes, and (2) obtain any required consent, approval or permission for the purchase, offer or
sale by you of the Notes under the laws and regulations applicable to you in force in any jurisdiction to
which you are subject or in which you make such purchases, offers or sales, and neither we nor the Initial
Purchasers or their agents have any responsibility therefor. See "Transfer Restrictions" for information
concerning some of the transfer restrictions applicable to the Notes.
You acknowledge and agree that:
the Notes have not been and will not be registered under the Securities Act or any
country's or state's securities laws and may not be reoffered, resold, pledged or otherwise
transferred except as described under "Transfer Restrictions;"
you have been afforded an opportunity to request from us, and to review, all additional
information considered by you to be necessary to verify the accuracy of, or to
supplement, the information contained in this Offering Memorandum;
you have not relied on the Initial Purchasers or their agents or any person affiliated with
the Initial Purchasers or their agents in connection with your investigation of the accuracy
of such information or your investment decision;
the Initial Purchasers make no representation or warranty, express or implied, as to the
accuracy or completeness of such information, and nothing contained in this Offering

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Memorandum is, or shall be relied upon as, a promise or representation by the Initial
Purchasers;
no person has been authorized to give any information or to make any representation
concerning us or the Notes other than those in this Offering Memorandum. If given or
made, any such other information or representation should not be relied upon as having
been authorized by us, the Initial Purchasers or their agents;
if you are purchasing the Notes pursuant to Rule 144A, you are purchasing the Notes for
your own account with respect to which you exercise sole investment discretion and you
are a qualified institutional buyer (as defined in Rule 144A) or you are purchasing the
Notes for the account of a qualified institutional buyer in compliance with Rule 144A;
and
if you are outside the United States of America and purchasing the Notes through an
offshore transaction in reliance on Regulation S, you are not purchasing the Notes with a
view to distribution thereof in the United States of America.
__________________________
See "Risk Factors," following the "Summary," for a description of certain factors relating to an
investment in the Notes. None of us, the Initial Purchasers or any of our or their representatives is
making any representation to you regarding the legality of an investment by you under applicable legal
investment or similar laws. You should consult with your own advisors as to legal, tax, business,
financial and related aspects of a purchase of the Notes.
__________________________
Notwithstanding anything in this Offering Memorandum to the contrary, each prospective investor
(and each employee, representative or other agent of the prospective investor) may disclose to any and all
persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of any offering and
all materials of any kind (including opinions or other tax analyses) that are provided to the prospective
investor relating to such U.S. tax treatment and U.S. tax structure, other than any information for which
nondisclosure is reasonably necessary in order to comply with applicable securities laws.
To ensure compliance with Treasury Department Circular 230, holders of the Notes are hereby
notified that: (a) any discussion of federal tax issues in this document is not intended or written to be
relied upon, and cannot be relied upon, by holders of the Notes for the purpose of avoiding penalties that
may be imposed on holders of the Notes under the Internal Revenue Code; (b) such discussion is included
herein by Bolivia in connection with the promotion or marketing (within the meaning of Circular 230) by
Bolivia of the transactions addressed herein; and (c) holders of the Notes should seek advice based on
their particular circumstances from an independent tax advisor.
__________________________
The distribution of this Offering Memorandum and the offering of the Notes (and beneficial interests
therein) in certain jurisdictions may be restricted by law. Persons who come into possession of this
Offering Memorandum are required by the Issuer, the Trustee (as defined in the "Description of the
Notes") and the Initial Purchasers to inform themselves about and to observe any such restrictions. This
Offering Memorandum does not constitute an offer to sell or the solicitation of an offer to buy the Notes
(or beneficial interests therein) in any jurisdiction in which such offer or solicitation is unlawful. In
particular, there are restrictions on the distribution of this Offering Memorandum and the offer and sale of
the Notes (or beneficial interests therein) in the European Economic Area, the United Kingdom and the
United States of America. See "Transfer Restrictions."

v

NOTICE TO NEW HAMPSHIRE RESIDENTS ONLY
NEITHER THE FACT THAT A OFFERING MEMORANDUM OR AN APPLICATION FOR
A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE
REVISED STATUTES WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A
SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE
OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF
NEW HAMPSHIRE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE,
COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT
AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION
MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE
MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY
PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE
MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY
REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.

vi

PRESENTATION OF CERTAIN INFORMATION
Our fiscal year ends on December 31 of each year. The fiscal year ended December 31, 2011 is
referred to in this Offering Memorandum as "2011" and other years are referred to in a similar manner.
Certain percentages and amounts in this Offering Memorandum have been rounded for ease of
presentation. Certain totals, percentages and other amounts in this Offering Memorandum may not sum
due to rounding. The abbreviation "n.a." means "not available."
In this Offering Memorandum, all references to the "boliviano" or "Bs." are to the lawful currency of
Bolivia. Unless otherwise specified herein, amounts in Bolivian currency are expressed herein in
boliviano. All references to "U.S. dollars," "dollars" or "U.S.$" are to United States dollars, the lawful
currency of the United States of America.
Certain amounts stated herein in U.S. dollars have been translated, for the convenience of the reader,
from bolivianos at the rate in effect on December 30, 2011 of Bs.6.86 = U.S.$1.00. See "Exchange
Rates." Such translations should not be construed as a representation that the boliviano could have been
converted at such rate on such date or at any other time.

vii

FORWARD-LOOKING STATEMENTS
This Offering Memorandum contains forward-looking statements within the meaning of Section 27A
of the U.S. Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the
"U.S. Exchange Act"). Our estimates and forward-looking statements are based on our current
expectations and projections of future events and trends, which affect or may affect us. Words such as
"believe," "anticipate," "plan," "expect," "target," "estimate," "project," "predict," "forecast," "guideline,"
"should," "aim," "continue," "could," "guidance," "may," "potential," "will," as well as similar
expressions and the negative of such expressions are intended to identify forward-looking statements, but
are not the exclusive means of identifying these statements.
These forward-looking statements are subject to numerous risks and uncertainties. There are
important factors that could cause actual results to differ materially from those in forward-looking
statements, certain of which are beyond our control, including, but not limited to, information identified
in "Risk Factors," "Bolivia," "The Bolivian Economy," "The External Economy," "Public Finance,"
"Public Debt," and "The Monetary System," as well as:
External factors, such as:
o
lower petroleum and mineral prices, which could adversely affect our economy, fiscal
accounts and international reserves;
o
damage to and volatility in the international capital markets for emerging markets issuers
caused by economic conditions in other emerging markets and the international capital
markets generally, which could affect our ability to engage in planned borrowing;
o
changes in import tariffs and exchange rates of other countries, which could harm our
exports and, as a consequence, have a negative impact on the growth of our economy;
o
recession or low growth in the economies of our trading partners, particularly of
Argentina and Brazil, which could lead to fewer exports and affect our growth;
o
a deterioration in relations between us and other countries in the region or other
disruptions to our international relations;
o
higher international interest rates, which could increase our debt service requirements and
require a shift in budgetary expenditures toward additional debt service; and
o
terrorist attacks in the United States of America or elsewhere, acts of war, any general
slowdown in the U.S. or global economies.
Internal factors, such as:
o
social and political unrest in Bolivia;
o
our ability to continue to attract foreign investment;
o
continued public support for our current economic policies;
o
our level of domestic debt;

viii