Obbligazione Colombiana 3.25% ( US195325DZ51 ) in USD

Colombiana

100 USD ▲

Colombia

US195325DZ51 ( in USD )

3.25% per anno ( pagato 2 volte l'anno)

21/04/2032

Prospetto opuscolo dell'obbligazione Colombia US195325DZ51 en USD 3.25%, scadenza 21/04/2032

200 000 USD

2 000 000 000 USD

195325DZ5

22/10/2025 ( In 136 giorni )

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 US195325DZ51, pays a coupon of 3.25% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 21/04/2032

PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED APRIL 15, 2021)

U.S. $2,000,000,000
Republic of Colombia
3.250% Global Bonds due 2032
The bonds will mature on April 22, 2032. The Republic of Colombia ("Colombia" or the "Republic") will pay interest on
the bonds each April 22 and October 22, commencing on October 22, 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 April 19,
2021, together with the prospectus, dated April 15, 2021, constitute a prospectus for purpose of Part IV of the Luxembourg
law on prospectus securities dated July 16, 2019.
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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.032%
U.S. $1,980,640,000
Underwriting discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.200%
U.S. $
4,000,000
Proceeds, before expenses, to Colombia . . . . . . . . . . . . . . . . . . . . .
98.832%
U.S. $1,976,640,000

(1) Purchasers will also be required to pay accrued interest, if any, from April 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 April 22, 2021.
Joint Book-Running Managers
BofA Securities
Citigroup
Morgan Stanley

US 169665067v3

The date of this prospectus supplement is April 19, 2021.

US 169665067v3

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-11
About This Prospectus Supplement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-11
Incorporation by Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-11
Table of References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-12
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-14
Recent Developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-15
Description of the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-43
General Terms of the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-43
Optional Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-43
Payment of Principal and Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-45
Paying Agent and Transfer Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-45
Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-46
Registration and Book-Entry System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-46
Certificated Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-46
Jurisdiction; Enforceability of Judgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-47
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-49
Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-54
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-61

Prospectus

Page
About This Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Description of the Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Taxation .............................................................................................................................................................. 15
Debt Record ........................................................................................................................................................ 19
Plan of Distribution ............................................................................................................................................. 19
Official Statements .............................................................................................................................................. 20
Validity of the Securities ..................................................................................................................................... 20
Authorized Representative .................................................................................................................................. 21
Where You Can Find More Information ............................................................................................................. 21
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

US 169665067v3

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 (as
amended, 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 amended) 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.

US 169665067v3

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 2021 is estimated to be approximately 51.0 million. The latest available population
statistics also estimated 7.8 million people live in Bogotá, the capital of Colombia. Furthermore, in 2021,
Medellín and Cali, the second and third largest cities, had populations of approximately 2.6 million and
2.3 million, respectively. Of the total population, 76.2% live in populated municipal centers and 23.8% 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.
US 169665067v3
S-1

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.

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.
US 169665067v3
S-2

Selected Colombian Economic Indicators

2016
2017
2018
2019
2020
Domestic Economy

Real GDP Growth (percent)(1) . . . . . . . . . . . . .

2.1%
1.4%
2.5%
3.3%
(6.8)%
Private Consumption Growth (percent)(1) . . . .

1.6

2.1

3.0

4.6

(5.8)
Public Consumption Growth (percent)(1) . . . . .
1.8

3.6

7.0

4.3

3.7
Consumer Price Index(2) . . . . . . . . . . . . . . . . . .
5.5

5.0

3.5

3.5

1.6
Producer Price Index(2) . . . . . . . . . . . . . . . . . . .
2.2

3.3

2.3

6.1

(0.9)
Interest Rate (percent)(3) . . . . . . . . . . . . . . . . . .
6.8

6.0

4.5

4.5

1.9
Unemployment Rate (percent)(4) . . . . . . . . . . .

8.7

8.6

9.7

9.5

13.4
Balance of Payments(5)
(millions of U.S. dollars)
Exports of Goods . . . . . . . . . . . . . . . . . . . . . . .
34,063
39,777
44,440
42,368
33,481
Imports of Goods . . . . . . . . . . . . . . . . . . . . . . .
43,239
44,247
49,584
50,818
41,400
Current Account Balance . . . . . . . . . . . . . . . . .
(12,782)
(10,742)
(13,634)
(14,285)
(9,083)
Net Direct Investment . . . . . . . . . . . . . . . . . . .
(9,330)
(10,147)
(6,409)
(11,095)
(5,724)
Net International Reserves . . . . . . . . . . . . . . . .
46,675
47,629
48,393
53,167
59,039
Months of Coverage of Imports . . . . . . . . . . . .
10.3
10.1
9.2
9.9
NP
Public Finance(6)
(billions of pesos or percentage of GDP)
Non-financial Public Sector Revenue(7) . . . . . .
Ps. 351,085
Ps. 363,394
Ps. 405,075
Ps. 453,395
NP
Non-financial Public Sector Expenditures(7) . .
368,051
384,794
428,546
471,396
NP
Non-financial Public Sector Primary Surplus/

(Deficit)(8) . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,564
4,371
1,651
5,687
NP
Percent of Nominal GDP . . . . . . . . . . . . .
0.9%
0.5%
0.2%
0.5%
NP
Non-financial Public Sector Fiscal Surplus/

(Deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(20,693)
(24,582)
(25,323)
(25,559)
NP
Percent of Nominal GDP . . . . . . . . . . . . .
(2.4)%
(2.7)%
(2.6)%
(2.4)%
NP
Central Government Fiscal Surplus/

(Deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(34,925)
(33,636)
(30,316)
(26,049)
(77,748)
Percent of Nominal GDP . . . . . . . . . . . . .
(4.0)%
(3.6)%
(3.1)%
(2.5)%
7.8%
Public Debt(9)
(billions of pesos or percentage of GDP)

Public Sector Internal Funded Debt(10) . . . . . . . Ps.292,865,173 Ps. 318,309,291 Ps. 355,595,931 Ps. 396,373,648 Ps. 389,845,972
Percent of Nominal GDP(1) . . . . . . . . . . .
33.3%
34.6%
36.0%
37.3%
38.6%
Public Sector External Funded Debt(11) . . . . . .
$ 50,771
$54,135
$ 57,054
$ 58,653
$66,933
Percent of Nominal GDP(1) . . . . . . . . . . .
17.6%
17.5%
18.8%
18.1%
22.8%

1: Figures for 2019 and 2020 are preliminary. Preliminary figures are published during 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 methodology in the sixth edition of the IMF's Balance of Payments Manual. For more information, see
"Foreign Trade and Balance of Payments--Balance of Payments" in the 2019 Annual Report (as defined below).
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 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.
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).
NP: Not Published. As of April 18, 2021 this information has not been published. The Republic expects to publish this information by May of
2021.
Sources: Banco de la República, Ministry of Finance and Public Credit ("Ministry of Finance"), DANE and CONFIS.
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S-3

The Offering
Issuer ......................................................... Republic of Colombia.
Aggregate Principal Amount . . . . . . . . U.S. $2,000,000,000

Issue Price ................................................. 99.032% of the principal amount of the bonds, plus accrued interest,
if any, from April 22, 2021

Issue Date .................................................. April 22, 2021.

Maturity Date ........................................... April 22, 2032.

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 April 22, 2021 at the rate of 3.250%
per year. Colombia will pay you interest semi-annually in arrears on
April 22 and October 22 of each year. The first interest payment will
be made on October 22, 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.

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.
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· Colombia's economy is vulnerable to external shocks, including
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 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.

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 from time to time, without the consent of the holders,
increase the size of the issue of the bonds, or issue additional debt
securities having the same terms and conditions as the bonds in all
respects, except for the issue date, issue price and first payment on
those additional bonds or debt securities; provided, however, that any
additional debt securities subsequently issued shall be fungible with
the previously outstanding bonds for U.S. federal income tax
purposes. Additional debt securities issued in this manner will be
consolidated with and will form a single series with the previously
outstanding bonds.

Listing ........................................................ 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.

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

Additional Provisions ............................... The bonds will contain provisions regarding future modifications to
their terms that differ from those applicable to Colombia's
outstanding public external indebtedness issued prior to January 28,
2015. Those provisions are described in the sections entitled
"Description of the Securities--Meetings and Amendments--
Collective Action Clause" and "--Certain Amendments Not
Requiring Holder Consent" in the accompanying prospectus.
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Use of Proceeds ......................................... The net proceeds of the sale of the bonds will be approximately
U.S. $1,976,370,000 after deduction of the underwriting discount and
of certain expenses payable by Colombia (which are estimated to be
U.S. $270,000). Colombia will use the net proceeds of the offering for
general budgetary purposes.

Underwriting ............................................ Under the terms and subject to the conditions contained in an
underwriting agreement dated as of April 19, 2021, BofA Securities,
Inc., Citigroup Global Markets Inc., and Morgan Stanley & Co. LLC,
as underwriters, are obligated to purchase all of the bonds if any are
purchased.
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