Obbligazione Colombiana 7.375% ( US195325BJ38 ) in USD

Emittente Colombiana
Prezzo di mercato 100 USD  ⇌ 
Paese  Colombia
Codice isin  US195325BJ38 ( in USD )
Tasso d'interesse 7.375% per anno ( pagato 2 volte l'anno)
Scadenza 27/01/2017 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Colombia US195325BJ38 in USD 7.375%, scaduta


Importo minimo 100 000 USD
Importo totale 1 650 000 000 USD
Cusip 195325BJ3
Descrizione dettagliata La Colombia è un paese dell'America del Sud caratterizzato da una grande biodiversità, una ricca storia culturale e una geografia variegata che comprende Andes, coste caraibiche e pacifiche, e l'Amazzonia.

The Obbligazione issued by Colombiana ( Colombia ) , in USD, with the ISIN code US195325BJ38, pays a coupon of 7.375% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 27/01/2017







Final Prospectus Supplement
424B5 1 d424b5.htm FINAL PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(5)
File No. 333-109215
PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED OCTOBER 1, 2003)

U.S. $1,000,000,000
Republic of Colombia
7.375% Notes due 2017
The notes will mature on January 27, 2017. Colombia will pay interest on the notes each January 27
and July 27. Interest will accrue from July 27, 2006, and the first interest payment on the notes initially
offered on the date of this prospectus supplement will be made on January 27, 2007. The notes will be
issued in denominations of U.S. $100,000 and integral multiples of US$ 1,000 in excess thereof.
The notes will not be redeemable before maturity and will not be entitled to the benefit of any sinking
fund.
The notes 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 beginning on page S-16 of this
prospectus supplement, Colombia may amend the payment provisions of the notes with the consent of
the holders of 75% of the aggregate principal amount of the outstanding notes.
Application will be made to list the notes 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 notes.


Per Note
Total
Public offering price
99.482% U.S. $994,820,000
Underwriting discount

0.350% U.S. $3,500,000
Proceeds, before expenses, to Colombia
99.132% U.S. $991,320,000
Purchasers will also be required to pay accrued interest, if any, from July 27, 2006, if settlement occurs
after that date.
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Final Prospectus Supplement
Delivery of the notes, in book-entry form only, is expected to be made on or about July 27, 2006. See
"Summary--The Offering" for more information.
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.
JPMorgan
UBS Investment Bank

The date of this prospectus supplement is July 21, 2006.
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Final Prospectus Supplement
Table of Contents
Table of Contents

Prospectus supplement

Summary

S-3
The Issuer

S-3
The Offering

S-7
Risk Factors

S-9
Certain Defined Terms and Conventions

S-12
About this Prospectus Supplement

S-12
Incorporation by Reference

S-12
Use of Proceeds

S-15
New Provisions Applicable to the Notes

S-16
Recent Developments

S-20
Description of the Notes

S-31
General Terms of the Notes

S-31
Payment of Principal and Interest

S-32
Default; Acceleration of Maturity

S-33
Paying Agents and Transfer Agents

S-33
Notices

S-34
Jurisdiction; Enforceability of Judgments

S-34
Registration and Book-entry System

S-35
Certificated Notes

S-35
Taxation

S-36
Underwriting

S-41
General Information

S-44
Prospectus
About this Prospectus

2
Forward-looking Statements

2
Use of Proceeds

2
Description of the Securities

3
Taxation

12
Plan of Distribution

13
Official Statements

15
Validity of the Securities

15
Authorized Representative

15
Where You Can Find More Information

15
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Final Prospectus Supplement
You should rely only on the information contained in or incorporated by reference in this
prospectus supplement and the accompanying prospectus. We have not authorized anyone to
provide you with different information. We are not making an offer of these securities in any
state 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
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Final Prospectus Supplement
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 notes 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 National
Administrative Department of Statistics ("DANE") 2005 Census, Colombia's population was
approximately 41.2 million. Over 7.8 million people live in the metropolitan area of Bogotá, the capital of
Colombia.
Colombia continues to be governed as a Presidential Republic. Colombia is divided into 32
departments. Each department is divided into municipalities.
Government
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.
Under the Constitution, the President is elected by direct vote. Originally, under the 1991 Constitution,
the President was elected for a four-year term and could not be reelected to any subsequent term. In
March 2004, the Government presented to Congress a constitutional amendment seeking to lift the ban
on presidential re-election. The re-election bill was approved by means of Legislative Act No. 02 dated
December 27, 2004 (the "Legislative Act"). Following the filing of several complaints challenging the
constitutionality of the Legislative Act, the Constitutional Court declared that the Legislative Act did not
violate the Constitution. Congress also passed the "Electoral Guarantees Law", which regulates the
manner in which a current President may act as a candidate in a re-election without having unfair
advantages over his or her opponents. In November 2005, the Constitutional Court upheld the Electoral
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Guarantees Law as constitutional.
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

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Final Prospectus Supplement
Table of Contents
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. 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 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, legislative power is vested in
departmental assemblies whose members are elected by direct popular vote. At the municipal level,
legislative power is vested in municipal councils, which preside over budgetary and administrative
matters. The most recent Congressional elections occurred on March 12, 2006. Candidates aligned with
President Uribe's administration won a majority of the seats in both the Senate and the Chamber of
Representatives.
On May 28, 2006, Alvaro Uribe was re-elected President for the 2006-2010 term in the first ballot with
62.2% of the votes. Carlos Gaviria, from the Alternative Democratic Pole Party, finished second with
22.04% and Horacio Serpa, from the Liberal Party, was third with 11.84% of the votes.
President Uribe's plans for his second term in office include the following goals:
· Economy. The Government plans to achieve a 6% annual rate of growth. To that end, the
Government plans on pursuing a stable macroeconomic policy, reforming the tax system, boosting
credit supply and attracting foreign investors as major priorities. In addition, the Government plans on
increasing the number of beneficiaries of social assistance programs.
· Security. The Government intends to continue its efforts to reduce homicides, kidnappings and
illegal drug production, insisting on a dialogue with the illegal armed groups and strengthening the
programs of reintegration into civil society of former combatants.
· Commercial relationships. The Government plans to promote the redirection of the Andean
Community of Nations, developing the agreements already signed with Mercosur, expanding the free
trade agreements with countries of Central America and the European Union and increasing
economic cooperation with China and Japan.
No assurance can be given that any of these goals will be achieved.
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President Uribe's Minister of Finance is Alberto Carrasquilla Barrera, who has served in that position
since June 2003.

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SELECTED COLOMBIAN ECONOMIC INDICATORS



2001
2002
2003
2004
2005
Domestic Economy





Real GDP Growth (percent)(1)

1.5
1.9
3.9
4.8
5.1
Gross Fixed Investment Growth
(percent)(2)

8.5
9.9
15.4
13.4
19.8
Private Consumption Growth
(percent)(2)

3.1
3.6
2.6
4.2
4.9
Public Consumption Growth (percent)
(2)

(0.2)
(2.0)
(1.2)
3.3
4.8
Consumer Price Index(3)

7.6
7.0
6.5
5.5
4.9
Producer Price Index(3)

6.9
9.3
5.7
4.6
2.1
Interest Rate (percent)(4)

12.4
8.9
7.8
7.8
6.3
Unemployment Rate (percent)(5)

16.4
15.7
14.7
13.0
12.2


(millions of U.S. dollars)

Balance of Payments





Exports of Goods (FOB)(6)

$ 12,233 $ 11,794 $ 12,933 $ 16,442 $ 20,815
Oil and its derivatives(6)

3,285
3,275
3,383
4,227
5,559
Coffee(6)

764
772
809
949
1,471
Imports of Goods (FOB)(6)

11,826
11,653
12,792
15,324
19,431
Current Account Balance(6)

(1,089)
(1,359)
(974)
(938)
(1,930)
Net Foreign Direct Investment(6)

2,509
1,283
820
2,975
5,569
Net International Reserves

10,192
10,841
10,916
13,536
14,947
Months of Coverage of Imports
(Goods and Services)

7.7
8.5
7.9
8.2
7.2


(billions of pesos or percentage of GDP)

Public Finance(7)





Non-financial Public Sector Revenue Ps. 79,511 Ps. 86,893 Ps. 98,555 Ps.128,758 Ps.148,930
Non-financial Public Sector
Expenditures(8)

87,509
93,967
104,911
129,676
150,012
Non-financial Public Sector Primary
Surplus/(Deficit)(9)

2,697
2,114
5,728
8,404
10,509
Percent of GDP(1)

1.4%
1.1%
2.5%
3.3%
3.7%
Non-financial Public Sector Fiscal
Surplus/(Deficit)

(7,078)
(7,747)
(5,746)
(3,586)
(954)
Percent of GDP(1)

(3.8)%
(3.9)%
(2.5)%
(1.3)%
(0.3)%
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Final Prospectus Supplement
Central Government Fiscal Surplus/
(Deficit)

(10,850)
(12,435)
(11,528)
(13,985)
(13,598)
Percent of GDP(1)

(5.8)%
(6.2)%
(5.1)%
(5.5)%
(4.8)%
Public Debt (10)





Public Sector Internal Funded Debt
(billions of pesos)(11)
Ps.67,478 Ps.83,487 Ps.88,774 Ps. 99,366 Ps. 117,428
Percent of GDP(1)

35.8%
41.0%
38.8%
39.1%
41.4%
Public Sector External Funded Debt
(millions of dollars)(12)

$ 22,932 $ 22,192 $ 24,206 $ 25,318 $ 23,716
Percent of GDP(1)

27.5%
27.5%
29.9%
26.0%
19.8%

Some of the foregoing figures are updated by more recent information under "Recent Developments".
1: GDP figures calculated using new methodology implemented by DANE in 1999. Preliminary figures for 2004 and 2005.
2: Estimated figures.
3: Percentage change over the twelve months ended December 31 of each year.

S-5
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