Bond Colombiana 3.875% ( US195325DX04 ) in USD

Colombiana

60.32 % ▲

Colombia

US195325DX04 ( in USD )

3.875% per year ( payment 2 times a year)

14/02/2061

Prospectus brochure of the bond Colombia US195325DX04 en USD 3.875%, maturity 14/02/2061

15/02/2026 ( In 65 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 US195325DX04, pays a coupon of 3.875% per year.
The coupons are paid 2 times per year and the Bond maturity is 14/02/2061

PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED OCTOBER 19, 2017)
U.S. $1,300,000,000
Republic of Colombia
3.875% Global Bonds due 2061
The bonds will mature on February 15, 2061. The Republic of Colombia ("Colombia" or the "Republic") will pay interest on the bonds each
and August 15, commencing on August 15, 2021. 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 without any preference among themselves and equally with all other unsecured and
unsubordinated external indebtedness of Colombia. It is understood that this provision shall not be construed so as to require Colombia to make
payments under the bonds ratably with payments being made under any other external indebtedness.
Colombia may, at its option, redeem the bonds, in whole or in part, before maturity, on not less than 10 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 be issued under an indenture and constitute a separate series of debt securities under the indenture. The indenture contains
provisions regarding future modifications to the terms of the bonds that differ from those applicable to Colombia's outstanding public external
indebtedness issued prior to January 28, 2015. Under these provisions, which are described beginning on page 7 of the accompanying prospectus,
Colombia may amend the payment provisions of any series of debt securities (including 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 of the
outstanding debt securities 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
bonds of all series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the
outstanding debt securities of each series affected by the proposed modification, taken individually.
Application has been made to list the bonds on the official list of the Luxembourg Stock Exchange and to admit them to trading on the Euro
MTF Market of the Luxembourg Stock Exchange. This prospectus supplement, dated January 22, 2021, together with the prospectus, dated October
19, 2017, constitute a prospectus for purpose of Part IV of the Luxembourg law on prospectus for securities dated July 16, 2020
See "Risk Factors" beginning on page S-7 to read about certain risks you should consider before investing in the bonds.

Section 309B(1)(c) of the Securities and Futures Act (Chapter 289 of Singapore) Notification
The bonds are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018).
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)
97.707%
U.S. $
1,270,191,000
Underwriting discount
0.200%
U.S. $
2,600,000
Proceeds, before expenses, to Colombia
97.507%
U.S. $
1,267,591,000
(1) Purchasers will also be required to pay accrued interest, if any, from January 22, 2021, if settlement occurs after that date.
Delivery of the bonds is expected to be made to investors through the book-entry delivery system of The Depository Trust Company for the
account of its participants, including Clearstream and Euroclear, on or about January 22, 2021.
Joint Book-Running Managers
Credit Suisse
Deutsche Bank Securities
J.P. Morgan
The date of this prospectus supplement is January 12, 2021.

TABLE OF CONTENTS
Prospectus Supplement
Page
Summary
S-1
The Issuer
S-1
Selected Colombian Economic Indicators
S-3
The Offering
S-4
Risk Factors
S-7
Certain Defined Terms and Conventions
S-10
About This Prospectus Supplement
S-10
Incorporation by Reference
S-10
Table of References
S-11
Use of Proceeds
S-13
Recent Developments
S-14
Description of the Bonds
S-35
General Terms of the Bonds
S-35
Optional Redemption
S-35
Payment of Principal and Interest
S-36
Paying Agents and Transfer Agent
S-37
Notices
S-37
Registration and Book-Entry System
S-37
Certificated Bonds
S-38
Jurisdiction; Enforceability of Judgments
S-38
Taxation
S-40
Underwriting (Conflicts of Interest)
S-44
General Information
S-50
Prospectus
Page
About This Prospectus
2
Forward-Looking Statements
2
Use of Proceeds
2
Description of the Securities
3
Taxation
12
Debt Record
16
Plan of Distribution
16
Official Statements
17
Validity of the Securities
17
Authorized Representative
17
Where You Can Find More Information
17
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.
PROHIBITION OF SALES TO EEA RETAIL INVESTORS--The bonds are not intended to be offered, sold or
otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European
Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as
defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning
of Directive 2016/97/EC (the "Insurance Distribution Directive"), where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation
(EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the bonds or otherwise making them
available to retail investors in the EEA has been prepared and therefore offering or selling the bonds or otherwise making
them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
PROHIBITION OF SALES TO UK RETAIL INVESTORS--The bonds are not intended to be offered, sold or
otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United
Kingdom ("UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in
point (8) of Article 2 of Regulation (EU) 2017/565 as it forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("EUWA"); or (ii) a customer within the meaning of the provisions of the Financial Services and
Markets Act 2000 (the "FSMA") and any rules or regulations made under the FSMA to implement the Insurance Distribution
Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation
(EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA. Consequently no key information document
required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs
Regulation") for offering or selling the bonds or otherwise making them available to retail investors in the UK has been
prepared and therefore offering or selling the bonds or otherwise making them available to any retail investor in the UK may
be unlawful under the UK PRIIPs Regulation.

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 de Estadística (National Administrative Department of Statistics, or "DANE") based on the latest available
population statistics, Colombia's population in 2020 was estimated to be approximately 50.4 million. The latest available population
statistics also estimated 7.7 million people live in Bogotá, the capital of Colombia. Furthermore, in 2020, Medellín and Cali, the
second and third largest cities, had populations of approximately 2.5 million and 2.2 million, respectively. Of the total population,
76.0% live in populated municipal centers and 24.0% in dispersed rural areas.
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.
In the presidential elections that took place in 2018, Iván Duque was elected as president of Colombia. The next presidential
election is scheduled for May 2022.
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 ensure 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 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 108-member Senate and a 172-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.
S-1

The most recent Congressional elections occurred on March 11, 2018. The composition of the Congress for the period
2018-2022 was modified to expand the number of seats in both of its chambers. As a result of the peace agreement signed with the
Fuerzas Armadas Revolucionarias Colombianas (Colombian Revolutionary Armed Forces, or "FARC"), and the political reform
approved in 2015, a total of 12 congressional seats were added, increasing the total number of congressional seats from 268 to 280. In
the Senate, candidates from Partido Centro Democrático, Partido Cambio Radical, Partido Conservador Colombiano, Partido
Liberal Colombiano, Partido Social de Unidad Nacional (Partido de la U), Partido Alianza Verde, Partido Polo Democrático
Alternativo, Partido FARC, Coalición Lista de la Decencia (ASI, UP), Partido Político Mira, Movimiento Alternativo Indigena y
Social (MAIS) and Autoridades Indígenas de Colombia as representation of indigenous communities and Gustavo Petro, won 19, 16,
15, 14, 14, 10, 5, 5, 4, 3, 2 and 1 seats, respectively, with 3 additional vacant seats. In the Chamber of Representatives, Partido
Liberal Colombiano, Partido Centro Democrático, Partido Cambio Raical, Partido Social de Unidad Nacional (Partido de la U),
Partido Conservador Colombiano, Partido Alianza Verde, Partido FARC, Partido Político Mira, Polo Democrático Alternativo,
Partido Opción Ciudadana, Coalición Lista de la Decencia (ASI, UP) , Movimiento Alternativo Indigena y Social (MAIS), G.S.C.
Colombia Justa Libres, Coalición Alternativa Santandereana, C.C. Ancestral de comunidades negras playa renaciente,
Consejo--Comunitario la Mamuncia and Angela María Robledo won 35, 32, 30, 25, 21, 9, 5, 2, 2, 2, 2, 2, 1, 1, 1, 1, and 1 seats,
respectively. The next Congressional elections will be held in March 2022.
S-2

Selected Colombian Economic Indicators
2015
2016
2017
2018
2019
Domestic Economy
Real GDP Growth (percent)(1)
3.0%
2.1%
1.4%
2.5%
3.3%
Private Consumption Growth (percent)(1)
3.1
1.6
2.1
3.0
4.6
Public Consumption Growth (percent)(1)
4.9
1.8
3.6
7.0
4.3
Consumer Price Index(2)
5.3
5.5
5.0
3.5
3.5
Producer Price Index(2)
5.5
2.2
3.3
2.3
6.1
Interest Rate (percent)(3)
4.6
6.8
6.0
4.5
4.5
Unemployment Rate (percent)(4)
10.4
8.7
8.6
9.7
9.5
Balance of Payments(5)
(millions of U.S. dollars)
Exports of Goods
35,638
31,191
37,452
41,575
39,038
Imports of Goods
54,058
44,889
46,076
51,233
52,703
Current Account Balance
(18,564)
(12,036)
(10,241)
(13,117)
(13,740)
Net Direct Investment
(7,506)
(9,330)
(10,147)
(6,409)
(11,342)
Net International Reserves
46,731
46,675
47,629
48,393
53,167
Months of Coverage of Imports
8.8
10.3
10.1
9.2
9.9
Public Finance(6)
(billions of pesos or percentage of GDP)
Non-financial Public Sector Revenue(7)
Ps. 333,804
Ps. 351,085
Ps. 363,394
Ps. 405,075
Ps. 453,395
Non-financial Public Sector Expenditures(7)
358,462
368,051
384,794
428,546
471,396
Non-financial Public Sector Primary Surplus/
(Deficit)(8)
(4,514)
7,564
4,371
1,651
5,687
Percent of Nominal GDP
(0.6)%
0.9%
0.5%
0.2%
0.5%
Non-financial Public Sector Fiscal
Surplus/(Deficit)
(27,177)
(20,693)
(24,582)
(25,323)
(25,559)
Percent of Nominal GDP
(3.4)%
(2.4)%
(2.7)%
(2.6)%
(2.4)%
Central Government Fiscal Surplus/ (Deficit)
(24,269)
(34,925)
(33,636)
(30,316)
(26,049)
Percent of Nominal GDP
(3.0)%
(4.0)%
(3.6)%
(3.1)%
(2.5)%
Public Debt(9)
(billions of pesos or percentage of GDP)
Public Sector Internal Funded Debt(10)
Ps. 263,364,206
Ps. 292,865,173
Ps. 318,309,291
Ps. 355,595,931
Ps. 396,373,648
Percent of Nominal GDP(1)
32.7%
33.3%
34.6%
36.0%
37.3%
Public Sector External Funded Debt(11)
$46,250
$ 50,771
$ 54,135
$ 57,054
$ 58,653
Percent of Nominal GDP(1)
18.1%
17.6%
17.5%
18.8%
18.1%
1:
Figures for 2018 and 2019 are preliminary. Preliminary figures are published in March in the year succeeding the reference period and become final two years
thereafter.
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:
Calculations based on the sixth edition of the IMF's Balance of Payments Manual. For more information, see "--Foreign Trade and Balance of
Payments--Balance of Payments".
6:
All figures calculated according to IMF methodology, which includes privatization, concession and securitization proceeds as part of public sector revenues
and nets transfers among the different levels of the non-financial 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 had such transfers been 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.
9:
Exchange rates as of December 31 of each year.
S-3

10: Includes peso-denominated debt of the Government (excluding state-owned financial institutions) with an original maturity of more than one year and public
sector entities' guaranteed internal debt (excluding payable accounts).
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 (excluding payable accounts).
Sources: Banco de la República, Ministry of Finance and Public Credit ("Ministry of Finance"), DANE and CONFIS.
S-4

The Offering
Issuer
Republic of Colombia.
Aggregate Principal Amount
U.S. $1,300,000,000
Issue Price
97.707% of the principal amount of the bonds, plus accrued interest, if any, from
January 22, 2021.
Issue Date
January 22, 2021.
Maturity Date
February 15, 2061.
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. The bonds will be
registered in the name of a nominee of The Depository Trust Company, known as
DTC, and recorded on, and transferred through the records maintained by DTC
and its participants, including the depositaries for Euroclear Bank SA/NV. as
operator of the Euroclear System plc, and Clearstream Banking, S.A.
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 22, 2021 at the rate of 3.875% per
year. Colombia will pay you interest semi-annually in arrears on February 15 and
August 15 of each year. The first interest payment will be made on August 15,
2021.
Redemption
Colombia may, at its option, redeem the bonds, in whole or in part, before
maturity, on not less than 10 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.
S-5

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.
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.
· The worldwide economic effects of the outbreak and economic shutdown
caused by the COVID-19 pandemic is adversely affecting Colombia's
economy, and the impact could be material.
S-6