Obligation Colombiana 10% ( US195325AY14 ) en USD

Société émettrice Colombiana
Prix sur le marché 100 %  ⇌ 
Pays  Colombie
Code ISIN  US195325AY14 ( en USD )
Coupon 10% par an ( paiement semestriel )
Echéance 23/01/2012 - Obligation échue



Prospectus brochure de l'obligation Colombia US195325AY14 en USD 10%, échue


Montant Minimal 100 000 USD
Montant de l'émission 900 000 000 USD
Cusip 195325AY1
Description détaillée La Colombie est un pays d'Amérique du Sud caractérisé par une grande diversité géographique, une riche biodiversité, une histoire complexe et une culture vibrante influencée par des populations indigènes, espagnoles et africaines.

L'Obligation émise par Colombiana ( Colombie ) , en USD, avec le code ISIN US195325AY14, paye un coupon de 10% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 23/01/2012







LISTING MEMORANDUM DATED DECEMBER 21, 2001
(To be read in conjunction with the Prospectus Supplement dated November 14, 2001
and the Prospectus dated June 14, 2001, attached to this Listing Memorandum)
$400,000,000
Republic of Colombia
10% Global Bonds due 2012
This listing memorandum is being submitted in connection with bonds (the "bonds") that are a further issue
of bonds originally issued on November 21, 2001. (For a description of this previous issuance, see "The Offering"
and Attachments 1 and 2 to this listing memorandum.)
The bonds will be a further issuance of, and will be fungible with and consolidated to form a single series
with, Colombia's outstanding 10% Global Bonds due 2012 issued November on 21, 2001. When the bonds are
issued, the total principal amount of the series will be $900,000,000.
The bonds will mature on January 23, 2012. Interest will be payable on January 23 and July 23 of each
year, commencing July 23, 2002. The bonds will not be redeemable before maturity and will not be entitled to the
benefit of any sinking fund.
Application has been made to list the bonds on the Luxembourg Stock Exchange.
The bonds are being initially offered and sold solely outside of the United States in accordance with
Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act").
Price to
Underwriting
Proceeds to Us,
Public
Discounts
Before Expenses
Per Bond ..................................................................
99.25%
.50%
98.75%
Total.........................................................................
$397,000,000
$2,000,000
$395,000,000(1)
1. Plus accrued interest from November 21, 2001.
The bonds will be issued through the book-entry system of The Depository Trust Company on December
21, 2001. Delivery of the bonds, in book entry form only, will be made on or about December 21, 2001.


Capitalized terms used but not defined in this listing memorandum shall have the meanings specified in the
prospectus supplement dated November 14, 2001, which is set forth as Attachment 1 to this listing memorandum.
Colombia is furnishing this listing memorandum solely for Luxembourg listing purposes. Colombia
confirms that:
·
the information contained in this listing memorandum is true and correct in all material respects and is
not misleading;
·
it has not omitted other facts the omission of which makes this listing memorandum as a whole
misleading; and
·
it accepts responsibility for the information it has provided in this listing memorandum.
TABLE OF CONTENTS
Page
Incorporation by Reference...............................................................................................................................LM-3
Summary of the Offering ..................................................................................................................................LM-4
The Offering......................................................................................................................................................LM-5
Use of Proceeds.................................................................................................................................................LM-5
Recent Developments .......................................................................................................................................LM-5
Description of the Bonds.................................................................................................................................LM-14
Underwriting ...................................................................................................................................................LM-17
General Information........................................................................................................................................LM-18
Attachment 1: .............................................................................Prospectus Supplement dated November 14, 2001
Attachment 2: .......................................................................................................... Prospectus dated June 14, 2001
You should rely only on the information contained in or incorporated by reference in this listing
memorandum. 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 listing memorandum is accurate as of any date other than the date
on the front of this listing memorandum.
LM-2


INCORPORATION BY REFERENCE
The SEC allows Colombia to incorporate by reference some information that Colombia files with the SEC.
Incorporated documents are considered part of this listing memorandum. Colombia can disclose important
information to you by referring you to those documents. The following documents, which Colombia has filed or
will file with the SEC, are considered part of and incorporated by reference in this listing memorandum:
·
Colombia's annual report on Form 18-K for the year ended December 31, 2000 filed with the SEC on
September 28, 2001;
·
The amendment on Form 18-K/A to the 2000 annual report filed on December 21, 2001;
·
Any amendment on Form 18-K/A to the 2000 annual report filed after the date of this listing
memorandum and prior to the termination of the offering of the securities; and
·
Each subsequent annual report on Form 18-K and any amendment on Form 18-K/A filed after the date
of this listing memorandum and prior to the termination of the offering of the securities.
Later information that Colombia files with the SEC will update and supersede earlier information that it has
filed.
Any person receiving a copy of this listing memorandum may obtain, without charge and upon request, a
copy of any of the above documents (including only the exhibits that are specifically incorporated by reference in
them). Requests for such documents should be directed to:
Dirección General de Crédito Público
Ministerio de Hacienda y Crédito Público
Carrera 7a, No. 6-45, Piso 8
Bogotá, D.C.
Colombia
Telephone: 57-1-350-6565
Facsimile: 57-1-350-6206
You may also obtain copies of documents incorporated by reference, free of charge, at the office of the
Luxembourg paying agent and transfer agent specified on the inside back cover of this listing memorandum.
LM-3


SUMMARY OF THE OFFERING
This summary highlights information contained elsewhere in this listing memorandum and the prospectus.
It is not complete and may not contain all the information that you should consider before investing in the bonds.
You should read the entire listing memorandum, the prospectus supplement dated November 14, 2001 set forth as
Attachment 1, and the prospectus dated June 14, 2001 set forth as Attachment 2, carefully.
Issuer ................................................. The Republic of Colombia.
Aggregate Principal Amount ........... U.S. $400,000,000.
Issue Price.......................................... 99.25%.
Maturity Date.................................... January 23, 2012.
Form of Securities............................. We will issue the bonds in the form of one or more registered global
securities without coupons. We will not issue any bonds in bearer form.
Denominations................................... We will issue the bonds in denominations of $1,000 and integral multiples of
$1,000.
Interest ............................................... The bonds will bear interest from November 21, 2001 at the rate of 10% per
year. We will pay you interest semi-annually in arrears on January 23 and
July 23 of each year, commencing on July 23, 2002.
Redemption........................................ We may not redeem the bonds before maturity. At maturity, we will redeem
the bonds at par.
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 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 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 prospectus.
Fungibility ......................................... The bonds will be a further issuance of, and will be fungible with and
consolidated to form a single series with, Colombia's existing 10% Global
Bonds due 2012 issued on November 21, 2001. On December 14, 2001,
$500,000,000 aggregate principal amount of the bonds were outstanding.
Further Issues.................................... We may, without your consent, create and issue additional debt securities
having the same terms and conditions as the bonds (or the same except for
the amount of the first interest payment). We may consolidate the additional
debt securities to form a single series with the outstanding bonds.
Listing ................................................ Application has been made to list the bonds on the Luxembourg Stock
Exchange.
Governing Law.................................. New York.
LM-4


THE OFFERING
The original $500,000,000 aggregate principal amount of 10% Global Bonds due 2012 was issued by
Colombia on November 21, 2001 and was offered and sold in the United States, Europe and Asia pursuant to the
"shelf" registration statement filed by Colombia with the U.S. Securities and Exchange Commission (the "SEC").
The prospectus supplement set forth as Attachment 1 was prepared and filed with the SEC in connection with this
offering. The 10% Global Bonds due 2012 being offered herein will be initially offered and sold solely outside of
the United States in accordance with Regulation S under the Securities Act. Accordingly, no prospectus supplement
will be prepared in connection with this issuance of bonds.
Investors are advised to read this entire listing memorandum, which includes as attachments the prospectus
supplement filed with the SEC in connection with the original issuance of 10% Global Bonds due 2012 and the
prospectus which was prepared as part of the "shelf" registration statement filed with the SEC, as well as the
documents incorporated by reference herein. See "Incorporation by Reference."
USE OF PROCEEDS
The net proceeds of the sale of the bonds will be approximately $394,950,000 (excluding accrued interest)
after deduction of underwriting discounts and commissions and of certain expenses payable by Colombia estimated
at $50,000. Colombia will use the proceeds for the general budgetary purposes of the Government of Colombia
including, but not limited to, the refinancing, repurchase or retirement of external indebtedness.
RECENT DEVELOPMENTS
This section provides information that supplements the information about Colombia, corresponding to the
headings below, that is included in Colombia's reports on Form 18-K and amendments thereto on Form 18-K/A,
which are incorporated into this listing memorandum by reference. To the extent that the information in this
section differs from the information contained in Colombia's Form 18-K, as amended, you should rely on the
information in this section.
Republic of Colombia
The negotiation zone established to facilitate negotiations between the Government and the Fuerzas
Armadas Revolucionarias de Colombia (Colombian Revolutionary Armed Forces, or "FARC") was extended until
January 20, 2002. The parties have continued to meet to discuss the peace negotiation process.
The Government resumed conversations with the Ejército de Liberación Nacional (National Liberation
Army or "ELN") at meetings held in Havana, Cuba in December 2001.
Economy
Gross Domestic Product
According to preliminary figures, in the first quarter of 2001, Colombia's gross domestic product ("GDP")
increased by 1.79% in real terms as compared to the first quarter of 2000, and increased by 0.37% in real terms as
compared to the fourth quarter of 2000.
The sectors of the economy that experienced positive growth in real terms in the first quarter of 2001, as
compared to the same period of 2000, were: agriculture, forestry and hunting, which grew by 3.16%; electricity, gas
and water, which grew by 1.22%; manufacturing, which grew by 2.37%; retail, restaurants and hotels, which grew
by 3.94%; transportation, storage and communications, which grew by 2.07%; and financial institutions, insurance,
and real estate, which grew by 1.10%. Four sectors experienced negative real growth in the same period: mining,
which contracted by 4.41%; construction, which contracted by 3.48%; social, community and personal services,
which contracted by 0.22%; and financial services, which contracted by 4.62%.
LM-5


According to preliminary figures, in the second quarter of 2001, Colombia's GDP increased by 1.55% in
real terms as compared to the second quarter of 2000, and increased by 0.12% in real terms as compared to the first
quarter of 2001.
The sectors of the economy that experienced positive growth in real terms in the second quarter of 2001 as
compared to the same period of 2000 were: mining, which expanded by 0.73%; electricity, gas and water, which
grew by 3.07%; manufacturing, which grew by 0.33%; construction, which grew by 0.34%; retail, restaurants and
hotels, which grew by 1.87%; transportation, storage and communications, which grew by 2.26%; and social,
community and personal services, which grew by 0.67%. Three sectors experienced negative real growth in the
same period: agriculture, forestry and hunting, which contracted by 0.26%; financial institutions, insurance, and real
estate, which contracted by 0.65%; and financial services, which contracted by 13.35%.
According to preliminary figures, in the third quarter of 2001, Colombia's GDP increased by 0.97% in real
terms as compared to the third quarter of 2000, and increased by 0.76% in real terms as compared to the second
quarter of 2001.
The sectors of the economy that experienced positive growth in real terms in the third quarter of 2001 as
compared to the same period of 2000 were: mining, which grew by 3.66%; electricity, gas and water, which grew by
3.44%; construction, which grew by 3.9%; retail, restaurants and hotels, which grew by 1.45%; transportation,
storage and communications, which grew by 2.48%; financial institutions, insurance and real estate, which grew by
1.17%; and social, community and personal services, which grew by 1.66%. Three sectors experienced negative
real growth in the same period: agriculture, forestry and hunting, which contracted by 0.27%; manufacturing, which
contracted by 3.31%; and financial services, which contracted by 5.75%.
The current official projection for real GDP growth in 2001 is 2.4%, but the projected figure is under
review and may be revised downward. No assurance can be given that this projection will be reached.
Employment and Labor
The following table presents monthly average rates of unemployment in urban areas, according to the most
recent methodology adopted by the National Administrative Department of Statistics ("DANE").
Monthly Unemployment Rates for the 13 Largest Urban Areas(1)
2000
2001
January ...........................
19.1%
21.0%
February .........................
17.8
20.0
March .............................
16.3
19.2
April ...............................
17.5
17.8
May ................................
17.2
18.1
June ................................
17.5
18.6
July.................................
17.8
17.8
August ............................
17.4
18.1
September ......................
16.1
17.8
October...........................
16.1
16.8

1. Statistics for the cities and metropolitan areas of Bogotá, Medellín, Cali, Barranquilla, Bucaramanga,
Manizales, Pasto, Pereira, Cúcuta, Ibagué, Montería, Cartagena and Villavicencio.
Source: DANE.
LM-6


Foreign Trade and Balance of Payments
Balance of Payments
According to preliminary figures from Banco de la República, Colombia's central bank, Colombia's
current account surplus for 2000 amounted to $306 million, as compared to a $191 million surplus for 1999. The
capital account balance for 2000 registered a surplus of $638 million, as compared to a $106 million deficit in 1999.
The following table presents preliminary balance of payments figures for 2000 and the first half of 2001.
LM-7


Balance of Payments(1)
Jan-Dec
Jan-June
Jan-June
2000(2)
2000(2)
2001(2)
Current Account
Exports (FOB)
Oil and its Derivatives ...........................
$ 4,569
$ 2,288
$ 1,583
Coffee ....................................................
1,069
506
370
Coal .......................................................
861
449
646
Nickel ....................................................
211
122
131
Gold and emeralds(3)..............................
188
86
83
Nontraditional........................................
6,200
2,852
3,259
Total Exports ..................................
13,099
6,303
6,072
Imports (FOB)
Consumer Goods ...................................
1,991
947
1,101
Intermediate Goods ...............................
5,425
2,630
2,703
Capital Goods ........................................
3,239
1,674
2,233
Total Imports (FOB).......................
10,655
5,251
6,037
Special Trade Operations (Net)(4)..............
87
30
48
Trade Balance ...........................................
2,531
1,081
82
Services (Net) (5)
Inflow ....................................................
2,058
955
1,031
Outflow..................................................
3,295
1,526
1,688
(1,237)
(571)
(657)
Income (Net) (6)
Inflow ....................................................
850
400
404
Outflow..................................................
3,427
1,791
1,982
(2,577)
(1,391)
(1,578)
Transfers (Net) ..........................................
1,590
776
1,007
Total Current Account ..................................
306
(106)
(1,145)
Capital Account
Foreign Direct Investment (Net) (7)............
2,051
681
1,241
Portfolio Investment (Net) (8).....................
296
441
592
Loans (Net) (9) ...........................................
(1,051)
(1,033)
(469)
Commercial Credits (Net) .........................
(202)
71
112
Leasing (Net) (9).........................................
(183)
(52)
(93)
Other (Net) (9) ............................................
(273)
120
(26)
Special Capital Flows (Net) (10) .................
0
0
0
Total Capital Account ..................................
638
228
1,357
Errors and Omissions ................................
(74)
192
165
Change in Gross International Reserves .......
$ 870
$ 316
$ 377

Totals may differ due to rounding.
1.
Figures for all periods have been calculated according to the recommendations contained in the fifth edition of the IMF's Balance of
Payments Manual.
2.
Preliminary.
3.
Includes gold exports made by private agents (including an estimate of contraband gold transactions).
4.
Principally goods acquired by ships in ports and foreign trade in free trade zones.
5.
Includes non-financial services, such as transportation, travel, telecommunications, postal, construction, insurance, information, personal
and government services as well as commissions paid by the public and private sector on financial services relating to managing external
debt.
6.
Includes financial services and inflows and outflows related to payments for and costs of labor and capital. Financial service outflows
include interest payments on private and public external debt and securities, dividend remittances abroad, salaries received by Colombian
citizens abroad and interest earnings on assets held by Colombian residents abroad.
7.
Foreign direct investment in Colombia less Colombian direct investment abroad (outflows). Includes long-term and short-term foreign
direct investment.
8.
Includes long-term and short-term portfolio investment flows.
9.
Includes long-term and short-term flows.
10. As calculated with the new balance of payments methodology, these amounts are not substantial enough to be material. Excludes portfolio
investment flows.
Source: Banco de la República -- Economic Studies.
LM-8


Foreign Trade
In the first half of 2001, according to preliminary figures, Colombia recorded a trade surplus of
$82 million, as compared to a $1,081 million surplus in the same period of 2000. Total merchandise exports are
estimated to have decreased by 3.7%, from $6,303 million in the first half of 2000 to $6,072 million in the first half
of 2001. Exports of oil and its derivatives decreased by 30.8%, from $2,288 million in the first half of 2000 to
$1,583 million (26.1% of total merchandise exports) in the first half of 2001, due to lower international oil prices,
disruptions in transportation, and guerrilla attacks on the Caño Limón-Coveñas pipeline. Coffee exports declined by
26.9%, from $506 million in the first half of 2000 to $370 million (6.1% of total merchandise exports) in the first
half of 2001 due to lower prices. Nontraditional exports increased by 14.2%, from $2,852 million in the first half of
2000 to $3,259 million (53.7% of total merchandise exports) in the first half of 2001.
In the first half of 2001, according to preliminary figures, total imports of goods increased by 15.0%, from
$5,251 million in the first half of 2000 to $6,037 million in the first half of 2001. Imports of consumer goods
increased by 16.2%, from $947 million in the first half of 2000 to $1,101 million (18.2% of total imports) in the first
half of 2001. Imports of intermediate goods increased by 2.8%, from $2,630 million in the first half of 2000 to
$2,703 million (44.7% of total imports) in the first half of 2001. Capital goods imports increased by 33.3%, from
$1,674 million in the first half of 2000 to $2,233 million (37.0% of total exports) in the first half of 2001.
Foreign Investment
In the first half of 2001, according to preliminary figures, net foreign investment (consisting of direct and
portfolio investment) increased by 63.4%, from $1,122 million in the first half of 2000 to $1,833 million in the first
half of 2001. Net foreign direct investment increased by 82.3%, from $681 million in the first half of 2000 to
$1,241 million in the first half of 2001. Net portfolio investment increased by 34.3%, from $441 million in the first
half of 2000 to $592 million in the first half of 2001.
Monetary System
Financial Sector
Colombia's financial sector had a total gross loan portfolio of Ps. 48.0 trillion on September 30, 2001, as
compared to Ps. 47.9 trillion at December 31, 2000 and Ps. 51.9 trillion at December 31, 1999. Past due loans
decreased in absolute terms from Ps. 7.0 trillion at December 31, 1999 to Ps. 5.3 trillion at December 31, 2000, and
amounted to Ps. 5.2 trillion at September 30, 2001. As a percentage of total loans, past-due loans fell from 13.5% at
December 31, 1999 to 11.1% at December 31, 2000, and further decreased to 10.8% at September 30, 2001. The
provisions covering past due loans increased from 34.0% at December 31, 1999 to 53.9% at December 31, 2000 and
to 62.1% at September 30, 2001.
The following table shows the results of the financial sector as of, and for the nine-month period ended,
September 30, 2001.
Selected Financial Sector Indicators
(in millions of pesos as of, and for the nine months ended, September 30, 2001)
Assets
Liabilities
Net Worth
Earnings/(Losses)
Private Sector Institutions............. Ps.
65,570,816
Ps.
57,503,407
Ps. 8,067,408
Ps. 305,135
Cooperatives ............. ................
55,511
51,147
4,364
(391)
State-Owned Institutions(1).............
34,121,478
27,033,947
7,087,531
399,589
Total...............................................
Ps. 99,747,805
Ps. 84,588,501
Ps. 15,159,304
Ps. 704,334

Totals may differ due to rounding.
1. Includes Special Financing Institutions.
Source: Superintendency of Banks.
LM-9


Interest Rates and Inflation
Preliminary 2001 data shows that the average short-term composite reference rate (depósitos a término fijo,
or "DTF") was 11.5% in November 2001, as compared to 13.3% in December 2000 and 16.1% in December 1999.
Consumer inflation (as measured by the change in the consumer price index, or "CPI") for the twelve
months ended November 30, 2001 was 7.8%, as compared to 8.8% for the twelve months ended December 31, 2000
and 9.2% for the twelve months ended December 31, 1999. The Central Bank has an 8.0% target for consumer
inflation in 2001.
Producer price inflation (as measured by the change in the producer price index, or "PPI") for the twelve
months ended November 30, 2001 was 7.3%, as compared to 11.0% for the twelve months ended December 31,
2000 and 12.7% for the twelve months ended December 31, 1999.
The following table sets forth changes in the consumer price index (CPI), the producer price index (PPI)
and average 90-day deposit rates (DTF) for January through November 2001.
Inflation and Interest Rates in 2001
Short-
Consumer
Producer
term
Price
Price
reference
Index
Index
rate
(CPI)(1)
(PPI)(1)
(DTF)(2)
January ..........................
8.5%
11.5%
13.5%
February ........................
8.1
11.4
13.3
March ............................
7.8
10.9
13.0
April ..............................
8.0
10.7
12.7
May ...............................
7.9
11.1
12.7
June ...............................
7.9
10.1
12.7
July ................................
8.1
9.0
12.7
August ...........................
8.0
8.8
12.3
September......................
8.0
8.0
11.9
October..........................
8.0
7.6
11.5
November......................
7.8
7.3
11.5

1.
Percentage change over the previous twelve months at the end of each month indicated.
2.
Average for each month of the short-term composite reference rate (depósitos a término fijo
or "DTF"), as calculated by the Superintendency of Banks.
Sources: DANE and Banco de la República.
Foreign Exchange Rates and International Reserves
Exchange Rates. On December 17, 2001, the Representative Market Rate published by the
Superintendency of Banks for the payment of obligations denominated in U.S. dollars was Ps. 2,318.67 = $1.00, as
compared to Ps. 2,229.18 = $1.00 at December 31, 2000 and Ps. 1,873.77 = $1.00 at December 31, 1999.
International Reserves. Net international reserves have steadily increased since December 31, 1999 from
$8.1 billion to $9.0 billion at December 31, 2000 and $10.0 billion at November 30, 2001.
LM-10


Document Outline