Obligation Colombiana 4.375% ( US195325BN40 ) en USD

Colombiana

100 % ▼

Colombie

US195325BN40 ( en USD )

4.375% par an ( paiement semestriel )

12/07/2021 - Obligation échue

Prospectus brochure de l'obligation Colombia US195325BN40 en USD 4.375%, échue

200 000 USD

2 000 000 000 USD

195325BN4

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 souveraine émise par la République de Colombie, un émetteur régulièrement présent sur les marchés financiers internationaux pour le financement de son pays d'émission, la Colombie, et identifiée par les codes ISIN US195325BN40 et CUSIP 195325BN4, était un instrument de dette libellé en USD d'une taille totale d'émission de 2 milliards de dollars, portant un taux d'intérêt de 4,375% payable semestriellement, avec une taille minimale à l'achat de 200 000 USD, et dont la maturité était fixée au 12 juillet 2021, date à laquelle elle a été intégralement remboursée à son prix nominal de 100% sur le marché.

Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312511182894/...
424B5 1 d424b5.htm PROSPECTUS SUPPLEMENT
Table of Contents
Filed pursuant to Rule 424(b)(5)
Registration No. 333-156913
PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED APRIL 14, 2009)
U.S. $2,000,000,000
4.375% Global Bonds due 2021

The bonds will mature on July 12, 2021. Colombia will pay interest on the bonds each January 12 and July 12. Interest will
accrue from July 12, 2011, and the first interest payment on the bonds offered on the date of this prospectus supplement will be made
on January 12, 2012. 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 equal in right of payment with all of Colombia's present and
future unsecured and unsubordinated external indebtedness.
Colombia may redeem the bonds before maturity, at par plus the Make-Whole Amount and accrued interest, as described in the
section entitled "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 contain provisions regarding acceleration and future modifications to their terms that differ from those
applicable to Colombia's outstanding public external indebtedness issued prior to January 21, 2004. Under these provisions, which
are described in the sections entitled "Description of the Securities--Debt Securities--Default and Acceleration of Maturity,"
"--Collective Action Securities" and "--Meetings and Amendments--Approval (Collective Action Securities)" in the accompanying
prospectus, Colombia may amend the payment provisions of the bonds with the consent of the holders of 75% of the aggregate
principal amount of the outstanding bonds.
Application will be made to list the bonds on the official list of the Luxembourg Stock Exchange and to trade them on the Euro
MTF Market of the Luxembourg Stock Exchange.
See "Risk Factors " beginning on page S-8 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

99.599%
U.S.$1,991,980,000
Underwriting discount

0.250%

U.S.$
5,000,000
Proceeds, before expenses, to Colombia

99.349%
U.S.$1,986,980,000
Purchasers will also be required to pay accrued interest, if any, from July 12, 2011, if settlement occurs after that date.
Delivery of the bonds, in book-entry form only, is expected to be made on or about July 12, 2011.

BofA Merrill Lynch

Barclays Capital

Citi

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TABLE OF CONTENTS
Prospectus Supplement

Summary
S-3

The Issuer
S-3

The Offering
S-6

Risk Factors
S-8

Certain Defined Terms and Conventions
S-10
About This Prospectus Supplement
S-10
Incorporation by Reference
S-10
Table of References
S-11
Use of Proceeds
S-12
Recent Developments
S-13
Description of the Bonds
S-25
General Terms of the Bonds
S-25
Further Issues
S-26
Optional Redemption
S-26
Payment of Principal and Interest
S-26
Paying Agents and Transfer Agents
S-27
Notices
S-27
Registration and Book-Entry System
S-27
Certificated Bonds
S-28
Taxation
S-29
Underwriting
S-32
General Information
S-36
Prospectus

About This Prospectus
2

Forward-Looking Statements
2

Use of Proceeds
2

Description of the Securities
2

Taxation
13

Debt Record
15

Plan of Distribution
15

Official Statements
16

Validity of the Securities
16

Authorized Representative
16

Where You Can Find More Information
16

You should rely only on the information contained in or incorporated by reference in this prospectus supplement and the
accompanying prospectus. We have not authorized anyone to provide you with different information. We are not making an
offer of these securities in any state where the offer is not permitted. You should not assume that the information contained in
this prospectus supplement or the accompanying prospectus is accurate as of any date other than the date on the front of this
prospectus supplement.

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SUMMARY
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying
prospectus. It is not complete and may not contain all of the information that you should consider before investing in the
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 2010 was approximately 45.5 million, compared with 45.0 million in 2009. Based on the latest
available population statistics for Colombian cities, in 2010, approximately 7.3 million people live in the metropolitan area of
Bogotá, the capital of Colombia. Furthermore, in 2010, Medellín and Cali, the second and third largest cities, had populations of
approximately 2.3 million and 2.2 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.
On June 20, 2010, Juan Manuel Santos was elected President of the Republic of Colombia with 69.0% of the vote. President
elect Santos assumed the office of the President on August 7, 2010.
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

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four-year term by the Supreme Court from a list of three candidates submitted by the President, acts as the nation's prosecutor.
The judicial branch is independent from the executive branch with respect to judicial appointments as well as budgetary matters.
National legislative power is vested in the Congress, which consists of a 102-member Senate and a 166-member Chamber
of Representatives. Senators and Representatives are elected by direct popular vote for terms of four years. Senators are elected
on a nonterritorial basis, while Representatives are elected on the basis of proportional, territorial representation. In each
department, legislative power is vested in departmental assemblies whose members are elected by direct popular vote. At the
municipal level, legislative power is vested in municipal councils, which preside over budgetary and administrative matters.
Selected Colombian Economic Indicators

For the Year Ended December 31,

2006

2007

2008

2009

2010

Domestic Economy

Real GDP Growth (percent)(1)

6.7%

6.9%

3.5%

1.5%

4.3%
Gross Fixed Investment Growth
(percent)(1)

18.1

14.4

9.9

(0.8)

7.1

Private Consumption Growth
(percent)(1)

6.4

7.3

3.5

0.9

4.3

Public Consumption Growth
(percent)(1)

5.6

6.0

3.3

3.5

4.7

Consumer Price Index(2)

4.5

5.7

7.7

2.0

3.2

Producer Price Index(2)

5.5

1.3

9.0

(2.2)

4.4

Interest Rate (percent)(3)

6.3

8.0

9.7

6.1

3.7

Unemployment Rate (percent)(4)

11.8

9.9

10.6

11.3

11.1

Balance of Payments

(millions of U.S. dollars)

Exports of Goods (FOB)(5)

$
23,930 $
29,381 $
37,095 $
32,563 $
39,546
Oil and its derivatives(5)

6,328

7,318

12,204

10,254

16,483

Coffee(6)

1,461

1,714

1,883

1,543

1,884

Imports of Goods (FOB)(5)

23,975

30,088

36,320

30,510

37,508

Current Account Balance(5)

(2,988)

(6,018)

(6,923)

(5,157)

(9,032)
Net Foreign Direct Investment(5)

5,558

8,136

8,342

4,049

203

Net International Reserves

15,436

20,949

24,030

25,356

28,452

Months of Coverage of Imports
(Goods and Services)

6.1

6.7

6.4

7.9

7.3

Public Finance(6)

(billions of pesos or percentage of GDP)

Non-financial Public Sector
Revenue(7)

Ps. 169,154 Ps. 196,362 Ps. 193,604 Ps. 202,940 Ps. 212,912
Non-financial Public Sector
Expenditures (7)

Ps. 170,485 Ps. 200,038 Ps. 189,866 Ps. 212,493 Ps. 225,722
Non-financial Public Sector Primary
Surplus/(Deficit)(8)

11,679

4,295

4,298

(5,566)

413

Percent of GDP(6)

3.2%

3.0%

3.6%

(0.7)%

(0.6)%
Non-financial Public Sector Fiscal
Surplus/(Deficit)

(3,162)

(4,323)

187

(12,866) (16,878)
Percent of GDP(6)

(0.8)%

(1.0)%

0.0%

(2.5)%

(3.1)%
Central Government Fiscal Surplus/
(Deficit)

(13,069) (11,614) (11,068) (20,715) (21,019)
Percent of GDP(6)

(3.4)%

(2.7)%

(2.3)%

(4.1)%

(3.8)%
Public Debt(9)

Public Sector Internal Funded Debt
(billions of pesos)(10)

Ps. 124,206 Ps. 132,476 Ps. 140,935 Ps. 159,032 Ps. 183,309
Percent of GDP(1)

32.4%

30.7%

29.3%

31.3%

33.5%
Public Sector External Funded Debt
(millions of dollars)(11)

$
25,889 $
27,923 $
28,450 $
33,642 $
35,450
Percent of GDP(1)

15.1%

13.0%

13.3%

13.5%

12.4%

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Some of the foregoing figures are updated by more recent information under "Recent Developments".
1:
Figures for 2008, 2009 and 2010 are preliminary.
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:
Figures for all years have been calculated according to the recommendations contained in the fifth edition of the IMF's
Balance of Payments Manual. Preliminary figures for 2006 through 2010. Imports and exports of goods do not include
"special trade operations."
6:
All figures calculated according to IMF methodology, which includes privatization, concession and securitization proceeds
as part of public sector revenues. Figures given as a percentage of GDP are calculated using 2005 as the base year for
calculating constant prices.
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 were such
transfers eliminated upon consolidation. See "Recent Developments--Public Sector Finance."
8:
Primary surplus/(deficit) equals total consolidated non-financial public sector surplus/(deficit) without taking into account
interest payments or interest income.
9:
Figures for 2009 are subject to revision. Figures for 2010 are provisional and subject to verification and revision. Exchange
rates at December 31 of each year. The figures for public debt given in this table differ from those set out under "Public
Sector External Funded Debt by Type" on page S-24 as a result of the application of different methodologies.
10: Includes peso-denominated debt of the Government (excluding state-owned financial institutions and departmental and
municipal governments) with an original maturity of more than one year, and public sector entities' guaranteed internal debt.
11: 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 Consejo

Superior de Política Fiscal ("CONFIS")

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The Offering

Issuer
The Republic of Colombia.

Aggregate Principal Amount
U.S. $2,000,000,000.

Issue Price
99.599% of the principal amount of the bonds, plus accrued interest, if any, from
July 12, 2011.

Issue Date
July 12, 2011.

Maturity Date
July 12, 2021.

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.

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 July 12, 2011 at the rate of 4.375% per year.
Colombia will pay interest semi-annually in arrears on January 12 and July 12
of each year. The first interest payment will be made on January 12, 2012.

Redemption
The bonds will be subject to redemption at the option of Colombia before
maturity. See "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.

· Colombia's economy is vulnerable to external shocks, including the current
global economic crisis and 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.

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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 SecuritiesAdditional
Amounts" on page 4 of the accompanying prospectus.

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

Listing
Application will be made to list the bonds on the official list of the Luxembourg
Stock Exchange and to trade them on the Euro MTF Market of the Luxembourg
Stock Exchange.

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

Additional Provisions
The bonds will contain provisions regarding acceleration and future
modifications to their terms that differ from those applicable to Colombia's
outstanding external public indebtedness issued prior to January 21, 2004.
Those provisions are described in the sections entitled "Description of the
Securities--Debt Securities--Default and Acceleration of Maturity,"
"--Collective Action Securities" and "--Meetings and Amendments
--Approval (Collective Action Securities)" in the accompanying prospectus.

Use of Proceeds
The net proceeds of the sale of the bonds will be approximately
U.S.$1,986,680,000, after deduction of the underwriting discount and of certain
expenses payable by Colombia (which are estimated to be approximately
U.S.$300,000). Colombia will use the proceeds for general budgetary purposes
for its fiscal year 2011.

Underwriting
Under the terms and subject to the conditions contained in an underwriting
agreement dated as of July 5, 2011, Barclays Capital Inc., Citigroup Global
Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, 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 they are not obligated to do so
and may discontinue market making at any time without notice. Application will be made to list the bonds on the official list of the
Luxembourg Stock Exchange and to trade them on the Euro MTF Market of the Luxembourg Stock Exchange. No assurance can be
given as to the liquidity of the trading market for the 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 future amendments, modifications and waivers, which
are commonly referred to as "collective action clauses." Under these provisions, certain key provisions of the bonds may be
amended, including the maturity date, interest rate and other payment terms, with the consent of the holders of 75% of the aggregate
principal amount of the outstanding bonds. See "Description of the Securities--Debt Securities--Default and Acceleration of
Maturity," "--Collective Action Securities" and "--Meetings and Amendments--Approval (Collective Action Securities)" in the
accompanying prospectus.
Risk Factors Relating to Colombia
Colombia is a foreign sovereign state and accordingly it may be difficult to obtain or enforce judgments against it.
Colombia is a foreign state. As a result, it may not be possible for investors to effect service of process within their own
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;

· high levels of inflation;

· exchange controls;

· wage and price controls;

· changes in economic or tax policies;

· the imposition of trade barriers; and

· internal security issues.

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