Obligation Colombiana 4% ( US195325BQ70 ) en USD

Colombiana

100 % ▲

Colombie

US195325BQ70 ( en USD )

4% par an ( paiement semestriel )

25/02/2024 - Obligation échue

Prospectus brochure de l'obligation Colombia US195325BQ70 en USD 4%, échue

200 000 USD

2 100 000 000 USD

195325BQ7

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 US195325BQ70, paye un coupon de 4% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 25/02/2024

Final Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/917142/000119312513374781/...
424B5 1 d599781d424b5.htm FINAL PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration Nos.333-178546 and 333-156913

PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED DECEMBER 20, 2011)

U.S. $1,600,000,000
4.000% Global Bonds due 2024

The bonds will mature on February 26, 2024. Colombia will pay interest on the bonds each February 26 and August 26, commencing on February 26, 2014. 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, 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 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-9 to read about certain risks you should consider before investing in the bonds.
ANY OFFER OR SALE OF BONDS IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA WHICH HAS IMPLEMENTED DIRECTIVE 2003/71/EC (THE
``PROSPECTUS DIRECTIVE'') MUST BE ADDRESSED TO QUALIFIED INVESTORS (AS DEFINED IN THE PROSPECTUS DIRECTIVE).
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)

98.595%
U.S. $1,577,520,000
Underwriting discount

0.250%
U.S. $
4,000,000
Proceeds, before expenses, to Colombia

98.345%
U.S. $1,573,520,000

(1)
Purchasers will also be required to pay accrued interest, if any, from September 26, 2013, if settlement occurs after that date.
Delivery of the bonds, in book-entry form only, is expected to be made on or about September 26, 2013.

Deutsche Bank Securities

HSBC

The date of this prospectus supplement is September 19, 2013.
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TABLE OF CONTENTS
Prospectus Supplement

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
Table of References

S-13
Use of Proceeds

S-15
Recent Developments

S-16
Description of the Bonds

S-28
General Terms of the Bonds

S-28
Further Issues

S-29
Optional Redemption

S-29
Payment of Principal and Interest

S-30
Paying Agents and Transfer Agents

S-31
Notices

S-31
Registration and Book-Entry System

S-31
Certificated Bonds

S-32
Jurisdiction; Enforceability of Judgments

S-32
Taxation

S-34
Underwriting

S-37
General Information

S-41
Prospectus

About This Prospectus

2
Forward-Looking Statements

2
Use of Proceeds

2
Description of the Securities

3
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

We have only provided to you 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 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.

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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 2012 was approximately 46.6 million, compared with 46.0 million in 2011. Based on the latest available
population statistics for Colombian cities, in 2012, approximately 7.6 million people live in the metropolitan area of Bogotá, the capital of Colombia.
Furthermore, in 2012, 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.
On June 20, 2010, Juan Manuel Santos was elected President of the Republic of Colombia with 69.0% of the vote. President Santos assumed the office of
the President on August 7, 2010. The next Presidential election is scheduled for 2014.
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
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.

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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 14, 2010, when candidates from Partido Social de La Unidad Nacional and Partido Conservador
Colombiano won 50 of the 102 seats in the Senate and 84 of the 166 seats in the Chamber of Representatives. The next Congressional elections will be held in
2014.
Selected Colombian Economic Indicators

For the Year Ended December 31,

2008

2009

2010

2011

2012

Domestic Economy

Real GDP Growth (percent)(1)
3.5%
1.7%
4.0%
6.6%
4.0%
Gross Fixed Investment Growth (percent)(1)
9.9

(1.3)
4.9

18.7

6.1

Private Consumption Growth (percent)(1)
3.5

0.6

5.0

5.9

4.7

Public Consumption Growth (percent)(1)
3.3

5.9

5.6

3.6

5.1

Consumer Price Index(2)
7.7

2.0

3.2

3.7

2.4

Producer Price Index(2)
9.0

(2.2)
4.4

5.5

(3.0)
Interest Rate (percent)(3)
9.7

6.1

3.7

4.2

5.4

Unemployment Rate (percent)(4)
10.6

11.3

11.1

9.8

9.6

(millions of U.S. dollars)

Balance of Payments

Exports of Goods (FOB)(5)
$
37,095

$
32,556

$
39,511

$
56,680

$
59,996

Oil and its derivatives(5)

12,204

10,254

16,499

28,421

31,646

Coffee(5)
1,883

1,543

1,884

2,608

1,910

Imports of Goods (FOB)(5)

36,320

30,504

37,348

50,518

54,639

Current Account Balance(5)
(6,746)
(4,964)
(8,821)
(9,643)

(11,907)
Net Foreign Direct Investment(5)
8,110

3,789

(139)
5,099

15,915

Net International Reserves

24,030

25,356

28,452

32,300

37,467
Months of Coverage of Imports (Goods and Services)

6.4

7.9

7.3

6.3

6.8

(billions of pesos or percentage of GDP)

Public Finance(6)

Non-financial Public Sector Revenue(7)

Ps.193,190

Ps.204,494

Ps.214,797

Ps.249,991

Ps.285,558

Non-financial Public Sector Expenditures (7)

190,381

213,257

229,354

255,631

278,136

Non-financial Public Sector Primary Surplus/(Deficit)(8)
17,022

4,862

(652)
7,059

21,633

Percent of Nominal GDP(1)
3.5%
1.0%
(0.1)%
1.1%
3.3%
Non-financial
Public
Sector
Fiscal
Surplus/(Deficit)
342

(11,019)

(17,489)

(11,318)
2,989

Percent of Nominal GDP(1)
0.1%
(2.2)%
(3.2)%
(1.8)%
0.4%
Central
Government
Fiscal
Surplus/
(Deficit)

(11,067)

(20,715)

(21,019)

(17,507)

(15,440)
Percent of Nominal GDP(1)
(2.3)%
(4.1)%
(3.9)%
(2.8)%
(2.3)%
Public Debt (9)

Public Sector Internal Funded Debt (bil ions of
pesos)(10)

Ps.140,935

Ps.159,032

Ps.183,319

Ps.192,105

Ps.200,536

Percent of Nominal GDP(1)
29.3%
31.3%
33.6%
30.9%
30.2%
Public Sector External Funded Debt (mil ions of
dollars)(11)
$
28,720

$
35,563

$
38,253

$
40,606

$
44,496

Percent of Nominal GDP(1)
12.0%
15.4%
14.0%
14.9%
11.3%

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Some of the foregoing figures are updated by more recent information under "Recent Developments".

1:
Figures for 2011 and 2012 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 al years have been calculated according to the recommendations contained in the fifth edition of the IMF's Balance of Payments Manual. Preliminary figures for
2008 through 2012. 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 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 were such transfers 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. Figures for
2011 and 2012 are preliminary.
9:
Figures for 2012 are subject to revision. Exchange rates as of December 31 of each year.
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: 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

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The Offering

Issuer
The Republic of Colombia.

Aggregate Principal Amount
U.S. $1,600,000,000.

Issue Price
98.595% of the principal amount of the bonds, plus accrued interest, if any, from September 26,
2013.

Issue Date
September 26, 2013.

Maturity Date
February 26, 2024.

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 September 26, 2013 at the rate of 4.000% per year. Colombia will
pay you interest semi-annually in arrears on February 26 and August 26 of each year. The first
interest payment will be made on February 26, 2014.

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.

· Recent federal court decisions in New York create uncertainty regarding the meaning of

ranking provisions and could potentially reduce or hinder the ability of sovereign issuers to
restructure their debt.

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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 global economic crisis
that began in 2008 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.

The bonds offered by this prospectus supplement will be direct, general, unconditional, unsecured
Status
and unsubordinated external indebtedness of Colombia and will be backed by the full faith and credit
of Colombia. The bonds will rank equally in right of payment with all of Colombia's present and
future unsecured and unsubordinated external indebtedness.

We will make all payments on the bonds without withholding or deducting any taxes imposed by
Withholding Tax and Additional Amounts
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.

Colombia may, without the consent of the holders, create and issue additional bonds that may form a
Further Issues
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.

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

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

The bonds will contain provisions regarding acceleration and future modifications to their terms that
Additional Provisions
differ from those applicable to Colombia's outstanding external public indebtedness issued prior to
January 21, 2004. Those provisions are described in the sections

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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. $1,573,220,000 , after
deduction of the underwriting discount and of certain expenses payable by Colombia (which are
estimated to be U.S. $300,000). Colombia will use the net proceeds for general budgetary purposes.

Underwriting
Under the terms and subject to the conditions contained in an underwriting agreement dated as of
September 19, 2013, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc., 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.
Recent federal court decisions in New York create uncertainty regarding the meaning of ranking provisions and could potentially reduce or hinder the
ability of sovereign issuers to restructure their debt.
In ongoing litigation in federal courts in New York captioned NML Capital, Ltd. v. Republic of Argentina, the U.S. Court of Appeals for the Second Circuit has
ruled that the ranking clause in bonds issued by Argentina prevents Argentina from making payments in respect of the bonds unless it makes pro rata payments on
defaulted debt that ranks pari passu with the performing bonds. The court has stayed the effect of such ruling until any ruling on the case by the United States Supreme
Court.
Depending on the scope of the final decision, a final decision that requires ratable payments could potentially hinder or impede future sovereign debt
restructurings and distressed debt management unless sovereign issuers obtain the requisite bondholder consents pursuant to a collective action clause, if applicable, in
their debt, such as the collective action clause contained in the 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. Colombia cannot
predict whether or in what manner the courts will resolve this dispute or how any such judgment will be applied or implemented.
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 Bonds--Jurisdiction; Enforceability of Judgments" in this prospectus
supplement.

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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.
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 the global economic crisis that began in 2008 and those that could be caused by
future significant economic difficulties of its major regional trading partners or by more general "contagion" effects, which could have a material adverse effect
on Colombia's economic growth and its ability to service its public debt.
Colombia experienced an economic contraction in the first nine months of 2009 and other adverse economic and financial effects as a result of the global
economic crisis but experienced improved economic conditions starting in October 2009. According to preliminary figures, for the year ended December 31, 2012, the
Central Government fiscal deficit decreased to 2.3% of GDP compared to a deficit of 2.8% of GDP in 2011 and a deficit of 3.9% in 2010. According to preliminary
figures, the non-financial public sector balance in 2012 was a surplus of 0.4% of GDP, compared to a deficit of 1.8% of GDP in 2011 and a deficit of 3.2% in 2010.
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", "--Interest rates and inflation" in Colombia's annual report on Form 18-K for the year ended December 31, 2012, filed with the SEC on September
19, 2013 ("2012 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, 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. As of July 31, 2013, the United States accounted for 34.4% of Colombia's total exports and the European Union accounted for 14.8% 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

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