Obbligazione Colombiana 7.375% ( US195325BL83 ) in USD

Emittente Colombiana
Prezzo di mercato 100 USD  ⇌ 
Paese  Colombia
Codice isin  US195325BL83 ( in USD )
Tasso d'interesse 7.375% per anno ( pagato 2 volte l'anno)
Scadenza 18/03/2019 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Colombia US195325BL83 in USD 7.375%, scaduta


Importo minimo 100 000 USD
Importo totale 2 000 000 000 USD
Cusip 195325BL8
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.

Il bond colombiano con codice ISIN US195325BL83, emesso in dollari USA per un totale di 2 miliardi di dollari, con cedola del 7,375%, scadenza il 18/03/2019 e pagamento semestrale, è giunto a scadenza ed è stato rimborsato al 100%.







Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312509002591/...
424B5 1 d424b5.htm PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-140947

PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED MARCH 23, 2007)
U.S. $1,000,000,000
Republic of Colombia
7.375% Notes due 2019


The notes will mature on March 18, 2019. Colombia will pay interest on the notes each March 18 and September 18. Interest
will accrue from January 13, 2009, and the first interest payment on the notes initially offered on the date of this prospectus
supplement will be made on March 18, 2009. The notes will be issued in denominations of U.S. $100,000 and integral multiples of
U.S. $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 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 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.
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 note
Total
Public offering price

99.136%
U.S.$991,360,000
Underwriting discount

0.400%
U.S.$
4,000,000
Proceeds, before expenses, to Colombia

98.736%
U.S.$987,360,000
Purchasers will also be required to pay accrued interest, if any, from January 13, 2009, if settlement occurs after that date.
Delivery of the notes, in book-entry form only, is expected to be made on or about January 13, 2009. See "Summary--The
Offering" for more information.



Barclays Capital
Morgan Stanley


The date of this prospectus supplement is January 6, 2009.
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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-14
Recent Developments

S-15
Description of the Notes

S-26
General Terms of the Notes

S-26
Payment of Principal and Interest

S-26
Paying Agents and Transfer Agents

S-27
Notices

S-27
Registration and Book-Entry System

S-27
Certificated Notes

S-28
Taxation

S-29
Underwriting

S-31
General Information

S-34
PROSPECTUS

About this Prospectus

2
Forward-Looking Statements

2
Use of Proceeds

2
Description of the Securities

2
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


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.

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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"), Colombia's population in 2006 was approximately 46.8 million.
Approximately 7.2 million people live in the metropolitan area of Bogotá, the capital of Colombia.
Government
Colombia is governed as a Presidential Republic. Colombia 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.
Under the Constitution, the President is elected by direct vote. 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.


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No assurance can be given that any of these goals will be achieved.
President Uribe's Minister of Finance is Oscar Ivan Zuluaga, who took office in March 2007.
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. 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, and the next elections will occur in March 2010. Candidates
aligned with President Uribe's administration won a majority of the seats in both the Senate and the Chamber of Representatives.


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SELECTED COLOMBIAN ECONOMIC INDICATORS



2003


2004


2005


2006


2007

Domestic Economy





Real GDP Growth (percent)(1)
4.6%
4.7%
5.7%
6.9%
7.5%
Gross Fixed Investment
Growth (percent)(1)(2)

14.5

13.0

19.9

19.1

13.7
Private Consumption Growth
(percent)(1)(2)

3.5

3.7

4.7

6.8

7.6
Public Consumption Growth
(percent)(1)(2)

3.4

4.6

6.4

4.2

4.5
Consumer Price Index(3)

6.5

5.5

4.9

4.5

5.6
Producer Price Index(3)

5.7

4.6

2.1

5.5

1.3
Interest Rate (percent)(4)

7.8

7.8

7.0

6.3

8.0
Unemployment Rate
(percent)(5)

14.7

13.0

12.2

12.8

10.3
Balance of Payments


(millions of U.S. dollars)

Exports of Goods (FOB)(6)

$
12,934

$
16,442

$
20,818

$
23,930

$
29,381
Oil and its derivatives(6)
3,383

4,227

5,559

6,328

7,318
Coffee(6)

809

949

1,471

1,461

1,714
Imports of Goods (FOB)(6)

12,792

15,324

19,431

23,976

30,100
Current Account Balance(6)

(982)
(913)
(1,884)
(2,992)
(5,866)
Net Foreign Direct
Investment(6)

783

2,873

5,590

5,558

8,136
Net International Reserves

10,602

13,216

14,625

15,105

20,601
Months of Coverage of
Imports (Goods and
Services)

7.9

8.2

7.2

6.1

6.7
Public Finance(7)


(billions of pesos or percentage of GDP)

Non-financial Public Sector
Revenue(8)

Ps. 98,138
Ps. 128,912
Ps. 150,533
Ps. 169,151
Ps. 195,973
Non-financial Public Sector
Expenditures(8)

105,258
129,654

151,916

170,488

202,132
Non-financial Public Sector
Primary Surplus/(Deficit)(9)
4,929

8,404

10,509

12,214

13,288
Percent of GDP(7)

2.2%
3.3%
3.7%
3.8%
3.7%
Non-financial Public Sector
Fiscal Surplus/(Deficit)

(5,921)
(3,586)
(954)
(3,178)
(4,214)
Percent of GDP(7)

(2.9)%
(1.3)%
(0.3)%
(1.0)%
(1.2)%
Central Government Fiscal
Surplus/ (Deficit)

(11,528)
(13,985)
(13,598)
(13,069)
(11,505)
Percent of GDP(7)

(5.0)%
(5.5)%
(4.8)%
(4.1)%
(3.2)%
Public Debt(10)





Public Sector Internal Funded
Debt (billions of pesos)(11)
Ps. 88,721
Ps.
99,354
Ps. 117,126
Ps. 124,206
Ps. 132,433
Percent of GDP(1)

38.8%
38.5%
41.1%
38.8%
37.1%
Public Sector External Funded
Debt (millions of
dollars)(12)

$
23,714

$
25,015

$
23,353

$
25,889

$
27,923
Percent of GDP(1)

28.8%
23.2%
18.7%
18.1%
15.7%

Some of the foregoing figures are updated by more recent information under "Recent Developments".
1:
Figures calculated using new methodology implemented by DANE in 2008, using 2000 as the base year for calculating
constant prices.
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2:
Estimated figures.
3:
Percentage change over the twelve months ended December 31 of each year.


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4:
Average for each year of the short-term composite reference rate, as calculated by the Superintendencia Financiera
(Financial Superintendency).
5:
Refers to the average unemployment rates in the thirteen largest cities in Colombia in December of each year.
6:
Figures for all years have been recalculated according to the recommendations contained in the fifth edition of the IMF's
Balance of Payments Manual. Preliminary figures for 2003 through 2007. Imports and exports of goods do not include
"special trade operations."
7:
All figures calculated according to IMF methodology, which includes privatization, concession and securitization proceeds
as part of public sector revenues. Figures given as a percentage of GDP calculated using methodology implemented by
DANE in 1999, using 1994 as the base year for calculating constant prices. Series adjustment to 2000 base year in
progress.
8:
The amounts of Central Government transfers to departments and municipal governments 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. See "Recent Developments--Public Sector Finance."
9:
Primary surplus/(deficit) equals total consolidated non-financial public sector surplus/(deficit) without taking into account
interest payments or interest income.
10:
Figures for 2004 through 2007 are subject to revision. Exchange rates at December 31 of each year.
11:
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.
12:
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"), Departamento
Administrativo Nacional Estadístico ("DANE") and Consejo Superior de Política Fiscal ("CONFIS")


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The Offering

Issuer
The Republic of Colombia.

Aggregate Principal Amount
U.S. $1,000,000,000.

Issue Price
99.136% of the principal amount of the notes, plus accrued interest, if any, from
January 13, 2009.

Issue Date
January 13, 2009.

Maturity Date
March 18, 2019.

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

Denominations
The notes will be issued in denominations of U.S. $100,000 and integral
multiples of U.S. $1,000 in excess thereof.

Interest
The notes will bear interest from January 13, 2009 at the rate of 7.375% per
year. We will pay you interest semi-annually in arrears on March 18 and
September 18. The first interest payment will be made on March 18, 2009.

Redemption
We may not redeem the notes before maturity. At maturity, we will redeem the
notes at par.

Risk Factors
Risk factors relating to the notes:

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

uncertain.

· The notes 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.

· An increase in Colombia's debt-to-GDP ratio could increase the burden of

servicing Colombia's debt.

· Colombia's economy is vulnerable to external shocks, including the current
global economic crisis and those that could be caused by future significant

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


· Colombia's credit ratings may be changed, suspended or withdrawn.


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See "Risk Factors" below for a discussion of certain factors you should
consider before deciding to invest in the notes.

Status
The notes 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 notes will rank equal in right of payment with all of
Colombia's present and future unsecured and unsubordinated external
indebtedness.

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

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

Listing
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.

Governing Law
New York. The laws of Colombia will govern all matters relating to
authorization and execution by Colombia.

Additional Provisions
The notes 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 notes will be approximately
U.S.$987,110,000, after deduction of the underwriting discount and of certain
expenses payable by Colombia (which are estimated to be U.S.$250,000).
Colombia will use the proceeds for general budgetary purposes for its fiscal
year 2009.

Underwriting
Under the terms and subject to the conditions contained in an underwriting
agreement dated as of January 6, 2009, Barclays Capital Inc. and Morgan
Stanley & Co. Incorporated, as underwriters, are obligated to purchase all of the
notes if any are purchased.


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RISK FACTORS
This section describes certain risks associated with investing in the notes. You should consult your financial and legal
advisors about the risk of investing in the notes. Colombia disclaims any responsibility for advising you on these matters.
Risk Factors Relating to the Notes
The price at which the notes will trade in the secondary market is uncertain.
Colombia has been advised by the underwriters that they intend to make a market in the notes but are not obligated to do so and
may discontinue market making at any time without notice. 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. No assurance can be
given as to the liquidity of the trading market for the notes. The price at which the notes will trade in the secondary market is
uncertain.
The notes will contain provisions that permit Colombia to amend the payment terms without the consent of all holders.
The notes will contain provisions regarding acceleration and voting on future amendments, modifications and waivers, which
are commonly referred to as "collective action clauses." Under these provisions, certain key provisions of the notes may be amended,
including the maturity date, interest rate and other payment terms, with the consent of the holders of 75% of the aggregate principal
amount of the outstanding notes. See "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.
Risk Factors Relating to Colombia
Colombia is a foreign sovereign state and accordingly it may be difficult to obtain or enforce judgments against it.
Colombia is a foreign state. As a result, it may not be possible for investors to effect service of process within their own
jurisdiction upon Colombia or to enforce against Colombia judgments obtained in their own jurisdictions. See "Description of the
Securities--Jurisdiction; Enforceability of Judgments" in the accompanying prospectus.
Certain economic risks are inherent in any investment in an emerging market country such as Colombia.
Investing in an emerging market country such as Colombia carries economic risks. These risks include economic instability that
may affect Colombia's economic results. Economic instability in Colombia and in other Latin American and emerging market
countries has been caused by many different factors, including the following:


· high interest rates;


· changes in currency values;


· high levels of inflation;


· exchange controls;


· wage and price controls;


· changes in economic or tax policies;


· the imposition of trade barriers; and


· internal security issues.

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