Bond Colombiana 5.625% ( US195325BR53 ) in USD

Colombiana

100 % ▲

Colombia

US195325BR53 ( in USD )

5.625% per year ( payment 2 times a year)

26/02/2044

Prospectus brochure of the bond Colombia US195325BR53 en USD 5.625%, maturity 26/02/2044

200 000 USD

2 500 000 000 USD

195325BR5

26/08/2025 ( In 79 days )

Colombia is a South American country boasting diverse geography, including Andes Mountains, Amazon rainforest, and Caribbean coastlines, with a rich history blending indigenous cultures, Spanish colonial influence, and vibrant modern society.

The Bond issued by Colombiana ( Colombia ) , in USD, with the ISIN code US195325BR53, pays a coupon of 5.625% per year.
The coupons are paid 2 times per year and the Bond maturity is 26/02/2044

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312514017481/...
424B5 1 d658212d424b5.htm FINAL PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-178546

PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED DECEMBER 20, 2011)

5.625% Global Bonds due 2044

The bonds will mature on February 26, 2044. The Republic of Colombia ("Colombia" or the "Republic") will pay interest on
the bonds each February 26 and August 26, commencing on August 26, 2014. The bonds will be issued in denominations of U.S.
$200,000 and integral multiples of U.S. $1,000 in excess thereof.
The bonds will be direct, general, unconditional, unsecured and unsubordinated external indebtedness of Colombia and will be
backed by the full faith and credit of Colombia. The bonds will rank equal in right of payment with all of Colombia's present and
future unsecured and unsubordinated external indebtedness.
Colombia may, at its option, redeem the bonds, in whole or in part, before maturity, on not less than 30 nor more than 60 days'
notice on the terms described under "Description of the Bonds--Optional Redemption" in this prospectus supplement. The bonds will
not be entitled to the benefit of any sinking fund.
The bonds will contain provisions regarding acceleration and future modifications to their terms that differ from those
applicable to Colombia's outstanding public external indebtedness issued prior to January 21, 2004. Under these provisions, which
are described in the sections entitled "Description of the Securities--Debt Securities--Default and Acceleration of Maturity,"
"--Collective Action Securities" and "--Meetings and Amendments--Approval (Collective Action Securities)" in the accompanying
prospectus, Colombia may amend the payment provisions of the bonds with the consent of the holders of 75% of the aggregate
principal amount of the outstanding bonds.
Application will be made to list the bonds on the official list of the Luxembourg Stock Exchange and to trade them on the Euro
MTF Market of the Luxembourg Stock Exchange.
See "Risk Factors" beginning on page S-9 to read about certain risks you should consider before
investing in the bonds.
Neither the Securities and Exchange Commission, referred to as the SEC, nor any other regulatory body has approved or
disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.

Per bond

Total

Public offering price(1)

99.677%
U.S. $1,993,540,000
Underwriting discount

0.250%
U.S. $
5,000,000
Proceeds, before expenses, to Colombia

99.427%
U.S. $1,988,540,000
(1) Purchasers will also be required to pay accrued interest, if any, from January 28, 2014, if settlement occurs after that date.
1 of 63
1/23/2014 9:05 AM

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312514017481/...
Delivery of the bonds, in book-entry form only, is expected to be made on or about January 28, 2014.

The date of this prospectus supplement is January 21, 2014.
2 of 63
1/23/2014 9:05 AM

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312514017481/...
Table of Contents
TABLE OF CONTENTS
Prospectus Supplement

Summary
S-3

The Issuer
S-3

The Offering
S-6

Risk Factors
S-9

Certain Defined Terms And Conventions
S-12
About This Prospectus Supplement
S-12
Incorporation by Reference
S-12
Table of References
S-13
Use of Proceeds
S-15
Recent Developments
S-16
Description of the Bonds
S-27
General Terms of the Bonds
S-27
Further Issues
S-28
Optional Redemption
S-28
Payment of Principal and Interest
S-29
Paying Agents and Transfer Agents
S-30
Notices
S-30
Registration and Book-Entry System
S-30
Certificated Bonds
S-31
Jurisdiction; Enforceability of Judgments
S-31
Taxation
S-32
Underwriting
S-35
General Information
S-40
Prospectus

About This Prospectus
2

Forward-Looking Statements
2

Use of Proceeds
2

Description of the Securities
3

Taxation
13
Debt Record
15
Plan of Distribution
15
Official Statements
16
Validity of the Securities
16
Authorized Representative
16
Where You Can Find More Information
16

Colombia has only provided to you the information contained in or incorporated by reference in this prospectus
supplement and the accompanying prospectus. Colombia has not authorized anyone to provide you with different information.
Colombia is not making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume
that the information contained in this prospectus supplement or the accompanying prospectus is accurate as of any date other
than the date on the front of this prospectus supplement.

S-2
3 of 63
1/23/2014 9:05 AM

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312514017481/...
Table of Contents
SUMMARY
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying
prospectus. It is not complete and may not contain all of the information that you should consider before investing in the
bonds. You should read this entire prospectus supplement and the accompanying prospectus carefully.
The Issuer
Overview
Colombia is the fourth largest country in South America, with a territory of 441,020 square miles (1,141,748 square
kilometers). Located on the northwestern corner of the South American continent, Colombia borders Panama and the Caribbean
Sea on the north, Peru and Ecuador on the south, Venezuela and Brazil on the east and the Pacific Ocean on the west. According to
the Departamento Administrativo Nacional Estadístico (National Administrative Department of Statistics, or "DANE"),
Colombia's population in 2013 was approximately 47.1 million, compared with 46.6 million in 2012. Based on the latest
available population statistics for Colombian cities, in 2013, approximately 7.7 million people live in the metropolitan area of
Bogotá, the capital of Colombia. Furthermore, in 2013, Medellín and Cali, the second and third largest cities, had populations of
approximately 2.4 million and 2.3 million, respectively. The most important urban centers, with the exception of Barranquilla (the
largest port city), are located in the Cordillera valleys. Colombia has a population density of approximately 108 people per
square mile (42 people per square kilometer).
Government
Colombia is governed as a Presidential Republic. Colombia's territory is divided into 32 departments. Each department is
divided into municipalities.
The Republic of Colombia is one of the oldest democracies in the Americas. In 1991, a popularly elected Constitutional
Assembly approved a new Constitution, replacing the Constitution of 1886. The Constitution provides for three independent
branches of government: an executive branch headed by the President; a legislative branch consisting of the bicameral Congress,
composed of the Chamber of Representatives and the Senate; and a judicial branch consisting of the Corte Constitucional
(Constitutional Court), the Corte Suprema de Justicia (Supreme Court of Justice, or "Supreme Court"), the Consejo de Estado
(Council of State), the Consejo Superior de la Judicatura (Supreme Judicial Council), the Fiscalía General de la Nación
(National Prosecutor General) and in such lower courts as may be established by law.
On June 20, 2010, Juan Manuel Santos was elected President of the Republic of Colombia with 69.0% of the vote. President
Santos assumed the office of the President on August 7, 2010. The next Presidential election is scheduled for May 2014.
Judicial power is vested in the Constitutional Court, the Supreme Court, the Council of State, the Supreme Judicial Council,
the National Prosecutor General and in such lower courts as may be established by law. The function of the Constitutional Court,
whose nine members are elected by the Senate for an eight-year term, is to assure that all laws are consistent with the Constitution
and to review all decisions regarding fundamental rights. The Supreme Court is the final appellate court for resolving civil,
criminal and labor proceedings. The Council of State adjudicates all matters relating to the exercise of public authority or actions
taken by the public sector, including the review of all administrative decisions or resolutions that are alleged to contradict the
Constitution or the law. The Council of State also acts as advisor to the Government on administrative matters. The Supreme
Court and Council of State justices are appointed for eight-year terms by their predecessors from a list of candidates provided by
the Supreme Judicial Council. The National Prosecutor General, who is appointed for a

S-3
4 of 63
1/23/2014 9:05 AM

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312514017481/...
Table of Contents
four-year term by the Supreme Court from a list of three candidates submitted by the President, acts as the nation's prosecutor.
The judicial branch is independent from the executive branch with respect to judicial appointments as well as budgetary matters.
National legislative power is vested in the Congress, which consists of a 102-member Senate and a 166-member Chamber
of Representatives. Senators and Representatives are elected by direct popular vote for terms of four years. Senators are elected
on a nonterritorial basis, while Representatives are elected on the basis of proportional, territorial representation. In each
department, administrative power is vested in departmental assemblies whose members are elected by direct popular vote. At the
municipal level, administrative power is vested in municipal councils, which preside over budgetary and administrative matters.
The most recent Congressional elections occurred on March 14, 2010, when candidates from Partido Social de La Unidad
Nacional and Partido Conservador Colombiano won 50 of the 100 elected seats in the Senate and 84 of the 166 seats in the
Chamber of Representatives. The next Congressional elections will be held in March 2014.
Selected Colombian Economic Indicators

For the Year Ended December 31,

2008

2009

2010

2011

2012

Domestic Economy

Real GDP Growth (percent)(1)
3.5%
1.7%
4.0%
6.6%
4.2%
Gross Fixed Investment Growth
(percent)(1)
9.9

(1.3)
4.9

18.7

6.0

Private Consumption Growth (percent)(1) 3.5

0.6

5.0

5.9

4.3

Public Consumption Growth (percent)(1) 3.3

5.9

5.6

3.6

5.1

Consumer Price Index(2)
7.7

2.0

3.2

3.7

2.4

Producer Price Index(2)
9.0

(2.2)
4.4

5.5

(3.0)
Interest Rate (percent)(3)
9.7

6.1

3.7

4.2

5.4

Unemployment Rate (percent)(4)
10.6

11.3

11.1

9.8

9.6

Balance of Payments

(millions of U.S. dollars)

Exports of Goods (FOB)(5)
$
37,095 $
32,556 $
39,511 $
56,680 $
59,848
Oil and its derivatives(5)
12,204

10,254

16,499

28,421

31,497

Coffee(5)
1,883

1,543

1,884

2,608

1,910

Imports of Goods (FOB)(5)
36,320

30,504

37,348

50,518

54,639

Current Account Balance(5)
(6,746

(4,964)
(8,809)
(9,840)
(12,124)
Net Foreign Direct Investment(5)
8,110

3,789

(147)
5,101

15,953

Net International Reserves
24,030

25,356

28,452

32,300

37,467

Months of Coverage of Imports (Goods
and Services)
6.4

7.9

7.3

6.3

6.8

Public Finance(6)

(billions of pesos or percentage of GDP)

Non-financial Public Sector Revenue(7) Ps. 193,190 Ps. 204,487 Ps. 214,797 Ps. 249,991 Ps. 285,558
Non-financial Public Sector
Expenditures(7)
190,381

213,257

229,354

255,631

278,136

Non-financial Public Sector Primary
Surplus/(Deficit)(8)
17,022

4,862

(652)
7,059

21,633

Percent of Nominal GDP(1)
3.5%
0.9%
(0.1)%
1.1%
3.3%
Non-financial Public Sector Fiscal
Surplus/(Deficit)
342

(11,019)
(17,489)
(11,318)
2,989

Percent of Nominal GDP(1)
0.1%
(2.2)%
(3.2)%
(1.8)%
0.4

Central Government Fiscal Surplus/
(Deficit)
(11,067)
(20,715)
(21,019)
(17,507)
(15,440)
Percent of Nominal GDP(1)
(2.3)%
(4.1)%
(3.9)%
(2.8)%
(2.3)%
Public Debt (9)

Public Sector Internal Funded Debt
(billions of pesos)(10)
Ps. 140,935
Ps. 159,032
Ps. 183,319 Ps. 192,105 Ps. 200,536
Percent of Nominal GDP(1)
29.3%
31.3%
33.6%
30.9%
30.2%
Public Sector External Funded Debt
(millions of dollars)(11)
$
28,720 $
35,563 $
38,253 $
40.606 $
44,496
Percent of Nominal GDP(1)
12.0%
15.4%
14.0%
14.9%
11.3%
5 of 63
1/23/2014 9:05 AM

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312514017481/...

S-4
6 of 63
1/23/2014 9:05 AM

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312514017481/...
Table of Contents
Some of the foregoing figures are updated by more recent information under "Recent Developments".
1: Figures for 2011 and 2012 are preliminary.
2: Percentage change over the twelve months ended December 31 of each year.
3: Average for each year of the short-term composite reference rate, as calculated by the Superintendencia Financiera
(Financial Superintendency).
4: Refers to the average national unemployment rates in December of each year.
5: Figures for all years have been calculated according to the recommendations contained in the fifth edition of the IMF's
Balance of Payments Manual. Preliminary figures for 2008 through 2012. Imports and exports of goods do not include
"special trade operations."
6: All figures calculated according to IMF methodology, which includes privatization, concession and securitization proceeds as
part of public sector revenues and transfers among the different levels of the nonfinancial public sector.
7: The amounts of transfers among the different levels of the consolidated non-financial public sector are not eliminated in the
calculation of consolidated non-financial public sector revenue and consolidated non-financial public sector expenditures
and, accordingly, the revenue and expenditure figures included above are greater than those that would appear were such
transfers eliminated upon consolidation.
8: Primary surplus/(deficit) equals total consolidated non-financial public sector surplus/(deficit) without taking into account
interest payments or interest income. Figures for 2011 and 2012 are preliminary.
9: Figures for 2012 are subject to revision. Exchange rates at December 31 of each year.
10: Includes peso-denominated debt of the Government (excluding state-owned financial institutions and departmental and
municipal governments) with an original maturity of more than one year and public sector entities' guaranteed internal debt.
11: In millions of dollars. Includes external debt of the Government (including Banco de la República, public agencies and
entities, departments and municipal governments and state-owned financial institutions) with an original maturity of more than
one year.
Sources: Banco de la República, Ministry of Finance and Public Credit ("Ministry of Finance"), DANE and CONFIS

S-5
7 of 63
1/23/2014 9:05 AM

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312514017481/...
Table of Contents
The Offering

Issuer
The Republic of Colombia.

Aggregate Principal Amount
U.S.$2,000,000,000

Issue Price
5.625% of the principal amount of the bonds, plus accrued interest, if any, from
January 28, 2014.

Issue Date
January 28, 2014.

Maturity Date
February 26, 2044.

Form of Securities
The bonds will be issued in the form of one or more registered global securities
without coupons. The bonds will not be issued in bearer form.

Denominations
The bonds will be issued in denominations of U.S. $200,000 and integral
multiples of U.S. $1,000 in excess thereof.

Interest
The bonds will bear interest from January 28, 2014 at the rate of 5.625% per
year. Colombia will pay you interest semi-annually in arrears on February 26
and August 26 of each year. The first interest payment will be made on August
26, 2014.

Redemption
Colombia may, at its option, redeem the bonds, in whole or in part, before
maturity, on not less than 30 nor more than 60 days' notice on the terms
described under "Description of the Bonds--Optional Redemption" in this
prospectus supplement. The bonds will not be entitled to the benefit of any
sinking fund.

Risk Factors
Risk factors relating to the bonds:

· The price at which the bonds will trade in the secondary market is

uncertain.

· The bonds will contain provisions that permit Colombia to amend the

payment terms without the consent of all holders.

· Recent federal court decisions in New York create uncertainty regarding

the meaning of ranking provisions and could potentially reduce or hinder
the ability of sovereign issuers to restructure their debt.

Risk factors relating to Colombia:

· Colombia is a foreign sovereign state and accordingly it may be difficult to

obtain or enforce judgments against it.

· Certain economic risks are inherent in any investment in an emerging

market country such as Colombia.

S-6
8 of 63
1/23/2014 9:05 AM

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312514017481/...
Table of Contents
· Colombia's economy is vulnerable to external shocks, including the global
economic crisis that began in 2008 and those that could be caused by
continued or future significant economic difficulties of its major regional

trading partners or by more general "contagion" effects, all of which could
have a material adverse effect on Colombia's economic growth and its
ability to service its public debt.

See "Risk Factors" below for a discussion of certain factors you should

consider before deciding to invest in the bonds.

Status
The bonds offered by this prospectus supplement will be direct, general,
unconditional, unsecured and unsubordinated external indebtedness of Colombia
and will be backed by the full faith and credit of Colombia. The bonds will rank
equally in right of payment with all of Colombia's present and future unsecured
and unsubordinated external indebtedness.

Withholding Tax and Additional Amounts
Colombia will make all payments on the bonds without withholding or
deducting any taxes imposed by Colombia, subject to certain specified
exceptions. For more information, see "Description of the Securities--Debt
Securities--Additional Amounts" on page 4 of the accompanying prospectus.

Further Issues
Colombia may, without the consent of the holders, create and issue additional
bonds that may form a single series of bonds with the outstanding bonds;
provided that such additional bonds do not have, for purposes of U.S. federal
income taxation (regardless of whether any holders of such additional bonds are
subject to U.S. federal tax laws), a greater amount of original issue discount than
the bonds have as of the date of the issue of such additional bonds.

Listing
Application will be made to list the bonds on the official list of the Luxembourg
Stock Exchange and to trade them on the Euro MTF Market of the Luxembourg
Stock Exchange.

Governing Law
New York, except that the laws of Colombia will govern all matters relating to
authorization and execution by Colombia.

Additional Provisions
The bonds will contain provisions regarding acceleration and future
modifications to their terms that differ from those applicable to Colombia's
outstanding external public indebtedness issued prior to January 21, 2004.
Those provisions are described in the sections entitled "Description of the
Securities--Debt Securities--Default and Acceleration of Maturity,"
"--Collective Action Securities" and "--Meetings and Amendments
--Approval (Collective Action Securities)" in the accompanying prospectus.

Use of Proceeds
The net proceeds of the sale of the bonds, will be approximately
U.S. $1,988,240,000, after deduction of the underwriting discount and

S-7
9 of 63
1/23/2014 9:05 AM

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312514017481/...
Table of Contents
of certain expenses payable by Colombia (which are estimated to be

U.S. $300,000). Colombia will use the net proceeds for general budgetary
purposes.

Underwriting
Under the terms and subject to the conditions contained in an underwriting
agreement dated as of January 21, 2014, Credit Suisse Securities (USA) LLC
and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as underwriters, are
obligated to purchase all of the bonds if any are purchased.

S-8
10 of 63
1/23/2014 9:05 AM