Obligation Boliviana 4.5% ( USP37878AC26 ) en USD

Boliviana

100 % ▲

Bolivie

USP37878AC26 ( en USD )

4.5% par an ( paiement semestriel )

19/03/2028

Prospectus brochure de l'obligation Bolivia USP37878AC26 en USD 4.5%, échéance 19/03/2028

200 000 USD

1 000 000 000 USD

P37878AC2

20/09/2026 ( Dans 61 jours )

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 USP37878AC26, paye un coupon de 4.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 19/03/2028

OFFERING MEMORANDUM

Estado Plurinacional de Bolivia
U.S.$1,000,000,000 4.500% Notes Due 2028

The U.S.$1,000,000,000 4.500% notes due 2028 (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 March 20, 2028. Bolivia will pay the
principal of the Notes in three installments: 33.33% of the original principal amount on March 20, 2026, 33.33% of the original principal amount
on March 20, 2027 and the remaining outstanding principal balance on March 20, 2028. The Notes will bear interest at a rate of 4.500% per year
and will be payable on March 20 and September 20 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
September 20, 2017.
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 will contain provisions regarding acceleration and future modifications to their terms, including "collective action clauses".
Under these provisions, which differ from the terms of Bolivia's external indebtedness issued prior to March 20, 2017 and which are described in
the section entitled "Description of the Notes--Collective Action Clauses," "Description of the Notes--Meetings, Amendments and Waivers--
Collective Action", Bolivia may amend the payment provisions of the bonds and other reserve matters listed in the indenture with the consent of
the holders of: (1) with respect to a single series of debt securities, more than 75% of the aggregate principal amount outstanding of such series;
(2) with respect to two or more series of debt securities, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate
principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect
to two or more series of debt securities, more than 66 2/3% of the aggregate principal amount of the outstanding securities of all series affected by
the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding securities of each
series affected by the proposed modification, taken individually. 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 the Notes" beginning on page 128.
Investment in the Notes involves risks. See "Risk Factors" beginning on page 20 of this offering memorandum (the "Offering
Memorandum").

Issue Price: 99.104% plus accrued interest, if any, from March 20, 2017.

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the
securities laws of any other jurisdiction. The Notes may not be offered or sold within the United States or to U.S. persons, except to (1) qualified
institutional buyers in reliance of the exemption from registration provided by Rule 144A of the Securities Act and (2) certain persons in offshore
transactions in reliance on Regulation S of the Securities Act. You are hereby notified that sellers of the Notes may be relying on the exemption
from the provisions of Section 5 of the Securities Act provided by Rule 144A under the Securities Act. For a description of certain restrictions on
transfer of the Notes, 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 as
amended by Directive 2010/73/EU (the "Prospectus Directive") must be addressed to qualified investors (as defined in the Prospectus Directive).
We have applied to the Luxembourg Stock Exchange for the Notes to be admitted to the Official List and trading on the Euro MTF Market.
There can be no assurance that such application will be granted as of the settlement date for the Notes or at any time thereafter, and settlement of
the Notes is not conditioned on obtaining this listing. 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") for the accounts of its direct and indirect participants, including Euroclear Bank, S.A./N.V. ("Euroclear") and Clearstream
Banking S.A. ("Clearstream") on or about March 20, 2017.
Joint Lead Managers
BofA Merrill Lynch
J.P. Morgan
The date of this Offering Memorandum is March 22, 2017.

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 .............................................................................................................................vi
Forward-Looking Statements ..................................................................................................................................... vii
Enforcement of Civil Liabilities ...................................................................................................................................ix
Summary........................................................................................................................................................................ 1
Bolivia ...................................................................................................................................................................... 1
Bolivian Economy .................................................................................................................................................... 2
External Economy .................................................................................................................................................... 2
Monetary System ...................................................................................................................................................... 4
Public Finances ......................................................................................................................................................... 4
Public Sector Indebtedness ....................................................................................................................................... 5
Principal Industrialization and Diversification Projects ........................................................................................... 7
Recent Developments .................................................................................................................................................... 9
Summary Information .................................................................................................................................................. 14
The Offering ................................................................................................................................................................ 16
Exchange Rates ........................................................................................................................................................... 20
Risk Factors ................................................................................................................................................................. 21
Risks Relating to Bolivia ........................................................................................................................................ 21
Risks Relating to Owning the Notes ....................................................................................................................... 25
Use of Proceeds ........................................................................................................................................................... 27
Bolivia ......................................................................................................................................................................... 28
Overview ................................................................................................................................................................ 28
History .................................................................................................................................................................... 28
Territory and Population ......................................................................................................................................... 29
Political and Legal System ..................................................................................................................................... 31
Social Welfare Programs ........................................................................................................................................ 32
Infrastructure and Investments ................................................................................................................................ 36
International Relations ............................................................................................................................................ 38
National Policy Against Drug Trafficking and Reevaluation of the Coca Leaf...................................................... 42
Legal Proceedings and Processes............................................................................................................................ 44
The Bolivian Economy ................................................................................................................................................ 48
Overview ................................................................................................................................................................ 48
New Economic, Social, Communitarian and Productive Model ............................................................................ 48
Gross Domestic Product ......................................................................................................................................... 49
Principal Sectors of the Economy ........................................................................................................................... 52
Nationalization Process........................................................................................................................................... 64
Employment and Labor .......................................................................................................................................... 67
The External Economy ................................................................................................................................................ 70
Overview ................................................................................................................................................................ 70
Balance of Payments ............................................................................................................................................... 70
Remittances ............................................................................................................................................................ 73
Foreign Trade.......................................................................................................................................................... 73
International Reserves............................................................................................................................................. 81
Foreign Direct Investment ...................................................................................................................................... 82
The Monetary System .................................................................................................................................................. 84
Central Bank ........................................................................................................................................................... 84
Financial System Supervision Authority ................................................................................................................ 86
Monetary and Finance Sector ................................................................................................................................. 88
Stock Market ........................................................................................................................................................... 96
Public Finance ............................................................................................................................................................. 98
Public Sector Budget .............................................................................................................................................. 98
Non-Financial Public Sector ................................................................................................................................... 98
General Government ............................................................................................................................................. 106
State-Owned Companies....................................................................................................................................... 108
Taxes ..................................................................................................................................................................... 110
i

TABLE OF CONTENTS

Page
Public Sector Indebtedness ........................................................................................................................................ 112
General.................................................................................................................................................................. 112
Public Domestic Debt ........................................................................................................................................... 113
Public External Debt ............................................................................................................................................. 120
Description of the Notes ............................................................................................................................................ 129
Taxation ..................................................................................................................................................................... 142
Certain U.S. Federal Income Tax Considerations ................................................................................................. 142
Certain Bolivian Tax Considerations .................................................................................................................... 144
Plan of Distribution ................................................................................................................................................... 145
Transfer Restrictions .................................................................................................................................................. 150
Legal Matters ............................................................................................................................................................. 152
Official Statements .................................................................................................................................................... 153
General Information .................................................................................................................................................. 154

ii

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. J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated 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.

iii

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. This Offering Memorandum is personal to you and does not constitute an offer to any other person or to
the public in general to subscribe for or otherwise acquire the Notes.
Distribution of this Offering Memorandum by you to any person other than those persons retained to advise you
is unauthorized, and any disclosure of any of the contents of this Offering Memorandum without our prior written
consent is prohibited.
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 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
iv

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" 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 laws. You should consult with your own advisors as to legal, tax, business,
financial and related aspects of a purchase of the Notes.

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

PRESENTATION OF CERTAIN INFORMATION
Our fiscal year ends on December 31 of each year. The fiscal year ended December 31, 2016 is referred to in
this Offering Memorandum as "2016" 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 31, 2016 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.

vi

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, mineral and other commodity 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 changes in Bolivia's credit ratings;
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;
o terrorist attacks in the United States of America or elsewhere, acts of war, any general slowdown in the
U.S. or global economies;
o climatic events;
o international and domestic headlines and political uncertainty; and
o future decisions by international financial institutions regarding the terms of their financial assistance
to Bolivia.
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 or changes in our economic, tax or other
policies;
o our level of domestic debt;
vii

o general economic and business conditions in Bolivia, including a decline in foreign direct investment,
high domestic inflation, deflation or monetary fluctuations, high domestic interest rates, exchange rate
volatility and volatile unemployment levels, each of which could lead to lower levels of growth, lower
international reserves and diminish our access to international capital markets; and
o other factors identified or discussed under "Risk Factors."
You should not place undue reliance on forward-looking statements, which are based on current expectations.
Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and
assumptions. Future results may differ materially from those expressed in forward-looking statements. Many of the
factors that will determine these results and values are beyond our ability to control or predict. Because of the risks
and uncertainties involved, you should not make any investment decision based on the estimates and forward-
looking statements. All forward-looking statements and risk factors included in this Offering Memorandum are
made as of the date on the front cover of this Offering Memorandum, based on information available to us as of such
date, and we assume no obligation to update any forward-looking statement or risk factor.

viii

Document Outline

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