Obbligazione Colombiana 3.875% ( XS1385239006 ) in EUR

Emittente Colombiana
Prezzo di mercato refresh price now   100 EUR  ▼ 
Paese  Colombia
Codice isin  XS1385239006 ( in EUR )
Tasso d'interesse 3.875% per anno ( pagato 1 volta l'anno)
Scadenza 21/03/2026



Prospetto opuscolo dell'obbligazione Colombia XS1385239006 en EUR 3.875%, scadenza 21/03/2026


Importo minimo 100 000 EUR
Importo totale 1 350 000 000 EUR
Coupon successivo 22/03/2026 ( In 232 giorni )
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 EUR, with the ISIN code XS1385239006, pays a coupon of 3.875% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 21/03/2026







PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED SEPTEMBER 21, 2015)
1,350,000,000
Republic of Colombia
3.875% Global Bonds due 2026
The bonds will mature on March 22, 2026. The Republic of Colombia ("Colombia" or the "Republic") will pay interest
on the bonds on March 22 of each year, commencing on March 22, 2017. The bonds will be issued in denominations of
100,000 and integral multiples of 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 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 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 March 16, 2016,
together with the prospectus, dated September 21, 2015, constitutes a prospectus for the purpose of Part IV the Luxembourg
law dated July 10, 2005 on Prospectus Securities, as amended.
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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.000%
1,350,000,000
Underwriting discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.250%

3,375,000
Proceeds, before expenses, to Colombia . . . . . . . . . . . . . . . .
99.750%
1,346,625,000
(1) Purchasers will also be required to pay accrued interest, if any, from March 22, 2016, if settlement occurs after that date.
Delivery of the bonds, in book-entry form only through the facilities of Euroclear Bank S.A./N.V., as operator of the
Euroclear System plc, and Clearstream Banking, societé anonyme, Luxembourg, is expected to be made against payment on
or about March 22, 2016.
BBVA
Goldman, Sachs & Co
J.P. Morgan
The date of this prospectus supplement is March 16, 2016.


TABLE OF CONTENTS
Prospectus Supplement
Page
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
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-15
Description of the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-38
General Terms of the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-38
Optional Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-38
Payment of Principal and Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-40
Paying Agents, Calculation Agent and Transfer Agents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-41
Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-41
Registration and Book-Entry System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-41
Jurisdiction; Enforceability of Judgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-42
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-43
Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-48
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-55
Prospectus
Page
About This Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Description of the Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Debt Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
Official Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Validity of the Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Authorized Representative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Where You Can Find More Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
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


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 2015 was estimated to be
approximately 48.2 million, compared with 47.7 million in 2014. Based on the latest available population
statistics for Colombian cities, in 2014, approximately 7.8 million people live in the metropolitan area of Bogotá,
the capital of Colombia. Furthermore, in 2014, 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.
In the presidential elections that took place in 2014, Juan Manuel Santos was reelected as president of
Colombia. The next presidential election is scheduled for May 2018.
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


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 9, 2014. In the Senate, candidates from Partido Social de la Unidad
Nacional, Centro Democrático Mano Firme Corazón Grande, Partido Conservador Colombiano, Partido
Liberal Colombiano, Partido Cambio Radical, Partido Alianza Verde, Polo Democrático Alternativo and
Partido Opción Ciudadana won 21, 19, 19, 17, 9, 5, 5 and 5 seats, respectively. In the Chamber of
Representatives, Partido Social de la Unidad Nacional, Partido Liberal Colombiano, Partido Conservador
Colombiano, Partido Cambio Radical, Centro Democrático Mano Firme Corazón Grande, Partido Alianza
Verde, Partido Opción Ciudadana, Polo Democrático Alternativo and Partido Movimiento Independiente de
Renovación Absoluta won 39, 37, 27, 16, 12, 6, 6, 3 and 3 seats, respectively. The next Congressional elections
will be held in March 2018.
S-4


Selected Colombian Economic Indicators
2010
2011
2012
2013
2014
Domestic Economy
Real GDP Growth (percent)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.0%
6.6%
4.0%
4.9%
4.4%
Gross Fixed Investment Growth (percent)(1) . . . . . . . . . . . . . . . . . . . . . .
4.9
19.0
4.7
6.0
10.9
Private Consumption Growth (percent)(1) . . . . . . . . . . . . . . . . . . . . . . . .
5.0
6.0
4.4
3.8
4.4
Public Consumption Growth (percent)(1) . . . . . . . . . . . . . . . . . . . . . . . .
5.6
3.6
6.3
9.2
6.2
Consumer Price Index(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.2
3.7
2.4
1.9
3.7
Producer Price Index(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.4
5.5
(3.0)
(0.5)
6.3
Interest Rate (percent)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.7
4.2
5.4
4.2
4.1
Unemployment Rate (percent)(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.1
9.8
9.6
8.4
8.7
Balance of Payments(5)
(millions of U.S. dollars)
Exports of Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40,762
58,262
61,604
60,281
57,012
Imports of Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38,406
52,126
56,648
57,101
61,610
Current Account Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8,663)
(9,710)
(11,306)
(12,367)
(19,567)
Net Foreign Direct Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(947)
(6,228)
(15,646)
(8,557)
(12,426)
Net International Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28,452
32,300
37,467
43,633
47,323
Months of Coverage of Imports (Goods and Services) . . . . . . . . . . . . . .
7.2
6.2
6.5
7.5
7.6
Public Finance(6)
(billions of pesos or percentage of GDP)
Non-financial Public Sector Revenue(7) . . . . . . . . . . . . . . . . . . . . . . . . .
Ps.219,631
Ps.249,989
Ps.285,297
Ps.309,713
Ps.333,206
Non-financial Public Sector Expenditures(7) . . . . . . . . . . . . . . . . . . . . . .
229,354
255,860
278,032
315,285
346,539
Non-financial Public Sector Primary Surplus/(Deficit)(8) . . . . . . . . . . . .
(651)
7,059
21,984
10,956
5,483
Percent of Nominal GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.1)%
1.1%
3.3%
1.6%
0.7%
Non-financial Public Sector Fiscal Surplus/(Deficit) . . . . . . . . . . . . . . .
(12,655)
(11,549)
2,824
(6,968)
(13,264)
Percent of Nominal GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3.1)%
(1.8)%
0.4%
(1.0)%
(1.8)%
Central Government Fiscal Surplus/ (Deficit) . . . . . . . . . . . . . . . . . . . .
(21,019)
(17,507)
(15,440)
(16,645)
(18,356)
Percent of Nominal GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3.9)%
(2.8)%
(2.3)%
(2.3)%
(2.4)%
Public Debt(9)
(billions of pesos or percentage of GDP)
Public Sector Internal Funded Debt(10) . . . . . . . . . . . . . . . . . . . . . . . . . .
Ps.183,319
Ps.192,105
Ps.200,523
Ps.227,032
Ps.244,933
Percent of Nominal GDP(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33.6%
31.0%
30.2%
32.0%
32.4%
Public Sector External Funded Debt(11) . . . . . . . . . . . . . . . . . . . . . . . . . .
$35,849
$38,533
$39,165
$40,953
$42,915
Percent of Nominal GDP(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.6%
12.1%
10.4%
11.1%
13.6%
(1) Figures for 2013 and 2014 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 12 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 "Recent Developments--
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.
(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.
(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


The Offering
Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . The Republic of Colombia.
Aggregate Principal Amount . . . . . . . . 1,350,000,000
Issue Price . . . . . . . . . . . . . . . . . . . . . . . 100.000% of the principal amount of the bonds, plus accrued interest,
if any, from March 22, 2016.
Issue Date . . . . . . . . . . . . . . . . . . . . . . . . March 22, 2016.
Maturity Date . . . . . . . . . . . . . . . . . . . . March 22, 2026.
Form of Securities . . . . . . . . . . . . . . . . . The bonds will be issued in the form of one or more registered global
securities without coupons, which will be registered in the name of
the common depository of Euroclear Bank S.A./N.V., as operator of
the Euroclear System plc ("Euroclear"), and Clearstream Banking,
société anonyme, Luxembourg ("Clearstream, Luxembourg"). The
bonds will not be issued in bearer form.
Denominations . . . . . . . . . . . . . . . . . . . . The bonds will be issued in denominations of 100,000 and integral
multiples of 1,000 in excess thereof.
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . The bonds will bear interest from March 22, 2016 at the rate of
3.875% per year. Colombia will pay you interest annually in arrears
on March 22 of each year. The first interest payment will be made on
March 22, 2017.
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.
· The bonds permit Colombia to make payments in U.S. dollars if it
is unable to obtain euro.
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


· 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 . . . . . . . . . . . . . . . . . . . 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" 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
1,346,325,000, after deduction of the underwriting discount and of
certain expenses payable by Colombia (which are estimated to be
300,000). Colombia will use the net proceeds for budgetary purposes
for fiscal year 2016.
Underwriting . . . . . . . . . . . . . . . . . . . . . Under the terms and subject to the conditions contained in an
underwriting agreement dated as of March 16, 2016, Banco Bilbao
Vizcaya Argentaria, S.A , Goldman, Sachs & Co., and J.P. Morgan
Securities plc, as underwriters, are obligated to purchase all of the
bonds if any are purchased.
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RISK FACTORS
This section describes certain risks associated with investing in the bonds. You should consult your financial
and legal advisors about the risk of investing in the bonds. Colombia disclaims any responsibility for advising
you on these matters.
Risk Factors Relating to the Bonds
The price at which the bonds will trade in the secondary market is uncertain.
Colombia has been advised by the underwriters that they intend to make a market in the bonds but are not
obligated to do so and may discontinue market making at any time without notice. Application has been made to
list the bonds on the official list of the Luxembourg Stock Exchange and to admit them trading 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 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.
The bonds will contain provisions regarding acceleration and voting on amendments, modifications and
waivers which are commonly referred to as "collective action clauses." Under these provisions, certain key terms
of the bonds may be amended, including the maturity date, interest rate and other payment terms, without your
consent. See "Meetings and Amendments--Collective Action Clause" in the accompanying prospectus.
The bonds permit Colombia to make payments in U.S. dollars if it is unable to obtain euro.
If the euro is unavailable to Colombia due to the imposition of exchange controls or other circumstances
beyond its control or if the euro is no longer being used by the then member states of the European Monetary
Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of
or within the international banking community, then all payments in respect of the bonds will be made in U.S.
dollars until the euro is again available to Colombia or so used. The amount payable on any date in euro will be
converted into U.S. dollars on the basis of the then most recently available market exchange rate for euro. Any
payment in respect of the bonds made in U.S. dollars in such circumstances will not constitute an event of default
under the bonds or the indenture governing the bonds.
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 jurisdictions 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;
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·
changes in commodity prices, such as the recent decline in oil prices;
·
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.
Any of these factors, as well as volatility in the markets for securities similar to the bonds, may adversely
affect the liquidity of, and trading markets for, the bonds. See "Forward-Looking Statements" in the
accompanying prospectus. For further information on internal security, see "Recent Developments--Republic of
Colombia--Internal Security."
Colombia's economy remains vulnerable to external shocks, including 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.
The mining sector (including oil) is a significant contributor to the Colombian economy and is a principal
source of exports. On June 13, 2015, the Government published its medium-term fiscal framework, which
reflected the Government's expectation that the fall in oil prices will result in a shortfall in oil revenues of
approximately 1.4% of GDP as compared to 2014 and an increase in the Central Government fiscal deficit to
3.0% of GPD in 2015. In addition, China is Colombia's third most important trading partner in terms of exports.
According to preliminary figures, exports to China accounted for 6.3% of Colombia's total exports in 2015. A
continuation of current low oil prices and/or the economic slowdown in China could have an adverse effect on
Colombia's economic growth and its ability to service its public debt. For more information, see
"Recent Developments--Monetary System--Interest rates and inflation" and "--Foreign exchange rates and
international reserves" in this prospectus supplement, and "Economy--Gross Domestic Product," "Monetary
System--Foreign Exchange Rates and International Reserves--Appreciation of the Peso and Measures Taken by
the Government" and "--Interest rates and inflation" in Colombia's annual report on Form 18-K for the year
ended December 31, 2014, filed with the SEC on September 9, 2015 ("2014 Annual Report").
Emerging-market investment generally poses a greater degree of risk than investment in more mature
market economies because the economies in the developing world are more susceptible to destabilization
resulting from domestic and international developments.
A significant decline in the economic growth of any of Colombia's major trading partners, such as the
United States or the European Union, or a continued slowdown in China's economy could have a material
adverse impact on Colombia's balance of trade and adversely affect Colombia's economic growth. The United
States and the European Union are Colombia's largest export markets. In 2015, the United States accounted for
27.6% of Colombia's total exports and the European Union accounted for 16.8% of Colombia's total exports. A
decline in United States or European Union demand for imports could have a material adverse effect on
Colombian exports and Colombia's economic growth. In addition, because international investors' reactions to
the events occurring in one emerging market country sometimes appear to demonstrate a "contagion" effect, in
which an entire region or class of investments is disfavored by international investors, Colombia could be
adversely affected by negative economic or financial developments in other emerging market countries.
Colombia has been adversely affected by such contagion effects on a number of occasions, including following
the 1997 Asian financial crisis, the 1998 Russian financial crisis, the 1999 devaluation of the Brazilian real, the
2001 Argentine financial crisis and the global economic crisis that began in 2008. Similar developments can be
expected to affect the Colombian economy in the future.
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