Obligation Colombiana 3% ( US195325DR36 ) en USD

Colombiana

84.03 % ▲

Colombie

US195325DR36 ( en USD )

3% par an ( paiement semestriel )

29/01/2030

Prospectus brochure de l'obligation Colombia US195325DR36 en USD 3%, échéance 29/01/2030

195325DR3

30/07/2025 ( Dans 53 jours )

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 US195325DR36, paye un coupon de 3% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 29/01/2030

424B5
424B5 1 d874002d424b5.htm 424B5
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-220694

PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED OCTOBER 19, 2017)

U.S. $1,542,968,000
Republic of Colombia
3.000% Global Bonds due 2030

The bonds will mature on January 30, 2030. The Republic of Colombia ("Colombia" or the "Republic") will pay interest on the bonds each January 30 and July
30, commencing on July 30, 2020. The bonds will be issued in denominations of U.S. $200,000 and integral multiples of U.S. $1,000 in excess thereof.
The bonds will be direct, general, unconditional, unsecured and unsubordinated external indebtedness of Colombia and will be backed by the full faith and credit
of Colombia. The bonds will rank without any preference among themselves and equally with all other unsecured and unsubordinated external indebtedness of
Colombia. It is understood that this provision shall not be construed so as to require Colombia to make payments under the bonds ratably with payments being made
under any other external indebtedness.
Colombia may, at its option, redeem the bonds, in whole or in part, before maturity, on not less than 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 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-7 to read about certain risks you should consider before investing in the bonds.
Section 309B(1)(c) of the Securities and Futures Act (Chapter 289 of Singapore) Notification
The notes are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018).
Neither the Securities and Exchange Commission, referred to as the SEC, nor any other regulatory body has approved or disapproved of these
securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.

Per bond
Total

Public offering price(1)

98.908%
U.S. $1,526,118,789
Underwriting discount

0.200%
U.S. $
3,085,936
Proceeds, before expenses, to Colombia

98.708%
U.S. $1,523,032,853

(1)
Purchasers will also be required to pay accrued interest, if any, from January 30, 2020, if settlement occurs after that date.
Delivery of the bonds is expected to be made to investors through the book-entry delivery system of The Depository Trust Company for the account of its
participants, including Clearstream and Euroclear, on or about January 30, 2020.

Joint Book-Running Managers

BBVA

Goldman Sachs & Co. LLC
Scotiabank

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The date of this prospectus supplement is January 21, 2020.
Table of Contents
TABLE OF CONTENTS
Prospectus Supplement

Page
Summary

S-1
The Issuer

S-1
Selected Colombian Economic Indicators

S-3
The Offering

S-4
Risk Factors

S-7
Certain Defined Terms and Conventions

S-10
About This Prospectus Supplement

S-10
Incorporation by Reference

S-10
Table of References

S-11
Use of Proceeds

S-13
Recent Developments

S-14
Description of the Bonds

S-33
General Terms of the Bonds

S-33
Optional Redemption

S-33
Payment of Principal and Interest

S-35
Paying Agents and Transfer Agents

S-36
Notices

S-36
Registration and Book-Entry System

S-36
Certificated Bonds

S-37
Jurisdiction; Enforceability of Judgments

S-37
Taxation

S-39
Underwriting

S-44
General Information

S-51
Prospectus

Page
About This Prospectus

2
Forward-Looking Statements

2
Use of Proceeds

2
Description of the Securities

2
Taxation

15
Debt Record

19
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.
PROHIBITION OF SALES TO EEA RETAIL INVESTORS--The bonds are not intended to be offered, sold or otherwise made available
to and should not be offered, sold or otherwise made available to
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any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a
retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of
Directive 2016/97/EC (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point
(10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs
Regulation") for offering or selling the bonds or otherwise making them available to retail investors in the EEA has been prepared and therefore
offering or selling the bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
Table of Contents
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 Estadlstico (National
Administrative Department of Statistics, or "DANE") based on the latest available population statistics, Colombia's population in 2018 was estimated
to be approximately 48.3 million. The latest available population statistics also estimated 7.4 million people live in Bogotá, the capital of Colombia.
Furthermore, in 2018, Medellln and Cali, the second and third largest cities, had populations of approximately 2.4 million and 2.2 million,
respectively. Of the total population, 77.1% live in municipal centers, 7.1% in populated centers and 15.8% in dispersed rural areas.
Government
Colombia is governed as a Presidential Republic. Colombia's territory is divided into 32 departments. Each department is divided into
municipalities.
The Republic of Colombia is one of the oldest democracies in the Americas. In 1991, a popularly elected Constitutional Assembly approved a
new Constitution, replacing the Constitution of 1886. The Constitution provides for three independent branches of government: an executive branch
headed by the President; a legislative branch consisting of the bicameral Congress, composed of the Chamber of Representatives and the Senate; and a
judicial branch consisting of the Corte Constitucional (Constitutional Court), the Corte Suprema de Justicia (Supreme Court of Justice, or "Supreme
Court"), the Consejo de Estado (Council of State), the Consejo Superior de la Judicatura (Supreme Judicial Council), the Fiscalía General de la
Nación (National Prosecutor General) and in such lower courts as may be established by law.
In the presidential elections that took place in 2018, Iván Duque was elected as president of Colombia. The next presidential election is
scheduled for May 2022.
Judicial power is vested in the Constitutional Court, the Supreme Court, the Council of State, the Supreme Judicial Council, the National
Prosecutor General and in such lower courts as may be established by law. The function of the Constitutional Court, whose nine members are elected
by the Senate for an eight-year term, is to ensure that all laws are consistent with the Constitution and to review all decisions regarding fundamental
rights. The Supreme Court is the final appellate court for resolving civil, criminal and labor proceedings. The Council of State adjudicates all matters
relating to the exercise of public authority or actions taken by the public sector, including the review of all administrative decisions or resolutions that
are alleged to contradict the Constitution or the law. The Council of State also acts as advisor to the Government on administrative matters. The
Supreme Court and Council of State justices are appointed for eight-year terms by their predecessors from a list of

S-1
Table of Contents
candidates provided by the Supreme Judicial Council. The National Prosecutor General, who is appointed for a four-year term by the Supreme Court
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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 108-member Senate and a 172-member Chamber of Representatives.
Senators and Representatives are elected by direct popular vote for terms of four years. Senators are elected on a nonterritorial basis, while
Representatives are elected on the basis of proportional, territorial representation. In each department, administrative power is vested in departmental
assemblies whose members are elected by direct popular vote. At the municipal level, administrative power is vested in municipal councils, which
preside over budgetary and administrative matters.
The most recent Congressional elections occurred on March 11, 2018. The composition of the Congress for the period 2018-2022 was modified
to expand the number of seats in both of its chambers. As a result of the peace agreement signed with the Fuerzas Armadas Revolucionarias
Colombianas (Colombian Revolutionary Armed Forces, or "FARC"), and the political reform approved in 2015, a total of 12 congressional seats
were added, increasing the total number of congressional seats from 268 to 280. In the Senate, candidates from Partido Centro Democrático, Partido
Cambio Radical, Partido Conservador Colombiano, Partido Liberal Colombiano, Partido Social de Unidad Nacional (Partido de la U), Partido
Alianza Verde, Partido Polo Democrático Alternativo Partido FARC, Coalición Lista de la Decencia (ASI, UP), Partido Político Mira, Movimiento
Alternativo Indigena y Social (MAIS),and Gustavo Petro, won 19, 16, 14, 14, 14, 9, 5, 5, 3, 3, 2 and 1 seats, respectively, with 3 additional vacant
seats. In the Chamber of Representatives, Partido Liberal Colombiano, Partido Centro Democrático, Partido Cambio Raical, Partido Social de
Unidad Nacional (Partido de la U), Partido Conservador Colombiano, Partido Alianza Verde, Partido FARC, Partido Político Mira, Polo
Democrático Alternativo, Partido Opción Ciudadana, Coalición Lista de la Decencia (ASI, UP), G.S.C. Colombia Justa Libres, Coalición
Alternativa Santandereana, Movimiento Alternativo Indigena y Social (MAIS), C.C. Ancestral de comunidades negras playa renaciente, Consejo--
Comunitario la Mamuncia and Angela María Robledo won 35, 32, 30, 25, 21, 9, 5, 2, 2, 2, 1, 1, 1, 1, 1, and 1 seats, respectively. The next
Congressional elections will be held in March 2022.

S-2
Table of Contents
Selected Colombian Economic Indicators

2014

2015

2016

2017

2018

Domestic Economy

Real GDP Growth (percent)(1)

4.7%
3.0%
2.1%
1.4%
2.6%
Private Consumption Growth (percent)(1)

4.6

3.1

1.6

2.1

3.6
Public Consumption Growth (percent)(1)

4.7

4.9

1.8

3.8

5.6
Consumer Price Index(2)

3.3

5.3

5.5

5.0

3.5
Producer Price Index(2)

6.0

5.5

2.2

3.3

2.3
Interest Rate (percent)(3)

4.1

4.6

6.7

6.0

4.7
Unemployment Rate (percent)(4)

8.7

8.6

8.7

8.6

9.7
Balance of Payments(5)

(millions of U.S. dollars)

Exports of Goods

56,899

38,572

34,063

39,777

44,440
Imports of Goods

61,539

52,051

43,239

44,247

49,584
Current Account Balance

(19,764)
(18,564)
(12,036)
(10,241)
(13,005)
Net Direct Investment

(12,270)
(7,506)
(9,330)
(10,147)
(6,411)
Net International Reserves

47,323

46,731

46,675

47,629

48,393
Months of Coverage of Imports (Goods and Services)

7.6

8.8

10.3

10.1

9.2
Public Finance(6)

(billions of pesos or percentage of GDP)

Non-financial Public Sector Revenue(7)

Ps. 334,877

Ps.333,804

Ps.351,084

Ps. 363.394

Ps.424,021
Non-financial Public Sector Expenditures(7)

348,663

358,462

368,051

384,794

453,795
Non-financial Public Sector Primary Surplus/ (Deficit)(8)

7,280

(4,514)
7,564

4,371

1,651
Percent of Nominal GDP

1.05%
(0.6)%
0.9%
0.5%
0.2%
Non-financial Public Sector Fiscal Surplus/(Deficit)

(13,265)
(27,177)
(20,693)
(24,581)
(27,918)
Percent of Nominal GDP

(1.8)%
(3.4)%
(2.4%)
(2.67)%
(2,9)%
Central Government Fiscal Surplus/ (Deficit)

(18,356)
(24,269)
(34,925)
(33.636)
(30,316)
Percent of Nominal GDP

(2.4)%
(3.0)%
(4.0)%
(3.6)%
(3.1)%
Public Debt(9)

(billions of pesos or percentage of GDP)

Public Sector Internal Funded Debt(10)
Ps.249,044,604
Ps.266,189,948
Ps.296,168,890
Ps. 323,956,113
Ps. 363,073,220
Percent of Nominal GDP(1)

32.6%
33.1%
34.3%
35.2%
37.1%
Public Sector External Funded Debt(11)

$57,835

$ 64,083

$ 69,463

$70,396

$71,554
Percent of Nominal GDP(1)

15.3%
22.0%
23.8%
24.1%
21.62%

1:
Figures for 2017 and 2018 are preliminary. Preliminary figures are published in March in the year succeeding the reference period and become final two years
thereafter.
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2:
Percentage change over the twelve months ended December 31 of each year.
3:
Average for each year of the short-term composite reference rate, as calculated by the Superintendencia Financiera (Financial Superintendency).
4:
Refers to the average national unemployment rates in December of each year.
5:
Calculations based on the sixth edition of the IMF's Balance of Payments Manual. For more information, see "--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-3
Table of Contents
The Offering

Issuer
Republic of Colombia.

Aggregate Principal Amount
U.S. $1,542,968,000

Issue Price
98.908% of the principal amount of the bonds, plus accrued interest, if any, from January 30,
2020.

Issue Date
January 30, 2020.

Maturity Date
January 30, 2030.

Form of Securities
The bonds will be issued in the form of one or more registered global securities without
coupons. The bonds will not be issued in bearer form. The bonds will be registered in the
name of a nominee of The Depository Trust Company, known as DTC, and recorded on, and
transferred through the records maintained by DTC and its participants, including the
depositaries for Euroclear Bank SA/NV. as operator of the Euroclear System plc, and
Clearstream Banking, S.A.

Denominations
The bonds will be issued in denominations of U.S. $200,000 and integral multiples of U.S.
$1,000 in excess thereof.

Interest
The bonds will bear interest from January 30, 2020 at the rate of 3.000% per year. Colombia
will pay you interest semi-annually in arrears on January 30 and July 30 of each year. The
first interest payment will be made on July 30, 2020.

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.

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· 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 those that could be

caused by continued or future significant

S-4
Table of Contents
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 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
State of New York; provided, that the laws of Colombia will govern all matters relating to
authorization and execution by Colombia.

Additional Provisions
The bonds will contain provisions regarding future modifications to their terms that differ
from those applicable to Colombia's

S-5
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Table of Contents
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.

Use of Proceeds
The net proceeds of the sale of the bonds will be approximately U.S. $1,522,830,853 after
deduction of the underwriting discount and of certain expenses payable by Colombia (which
are estimated to be U.S. $202,000). Colombia will use the net proceeds of the offering (i) in
part, for liability management transactions, which may include payment of the purchase price
for all or a portion of Colombia's 4.375% Global Bonds due 2021 (the "2021 Global Bonds")
and 4.000% Global Bonds due 2024 (the "2024 Global Bonds" and collectively, the "Old
Global Bonds") that Colombia may purchase pursuant to its offer to purchase, dated January
21, 2020, on the terms and subject to the conditions set forth in the offer to purchase, and/or
(ii) for general budgetary purposes. As of the date of this prospectus supplement, there were
U.S. $2,000,000,000 2021 Global Bonds and U.S. $2,100,000,000 2024 Global Bonds
outstanding. The 2021 Global Bonds bear a fixed interest coupon of 4.375% and are due to
mature on July 12, 2021. The 2024 Global Bonds bear a fixed interest coupon of 4.000% and
are due to mature on February 26, 2024.

Underwriting
Under the terms and subject to the conditions contained in an underwriting agreement dated
as of January 21, 2020, BBVA Securities Inc., Goldman Sachs & Co. LLC and Scotia
Capital (USA) Inc., as underwriters, are obligated to purchase all of the bonds if any are
purchased.

S-6
Table of Contents
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 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 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.
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.
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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;

·
changes in commodity prices, such as the recent decline in oil prices;

·
increases in public sector debt;

·
high levels of inflation;

·
exchange controls;

·
wage and price controls;

·
changes in economic or tax policies;

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Table of Contents

·
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. Oil prices are volatile
and a significant decrease in oil prices would have a negative impact on Colombia's economy. China is Colombia's third most important trading partner in
terms of exports. According to preliminary figures, exports to China accounted for 10.0% of Colombia's total exports in 2018. An 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,
2018, filed with the SEC on September 30, 2019 ("2018 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 2018, the United States accounted for 25.5% of Colombia's
total exports and the European Union accounted for 11.7% 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.
There can be no assurance that any crises such as those described above or similar events will not negatively affect investor confidence in emerging
markets or the economies of the principal countries in Latin America, including Colombia. In addition, there can be no assurance that these events will not
adversely affect Colombia's economy and its ability to raise capital in the external debt markets in the future. See "Forward-Looking Statements" in the
accompanying prospectus.
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There can be no assurance that Colombia's credit ratings will improve or remain stable, or that they will not be downgraded, suspended or
cancelled by the rating agencies.
Colombia's long-term public external indebtedness are currently rated investment grade by S&P Global Ratings ("S&P"), Moody's Investors
Services Inc. ("Moody's") and Fitch Ratings, Inc. ("Fitch") . Fitch has had a negative outlook since May 23, 2019, In addition, on May 23, 2019, Moody's
changed its outlook from negative to stable. S&P has had a stable outlook since December 11, 2017.
Ratings address the creditworthiness of Colombia and the likelihood of timely payment of Colombia's long-term debt securities. Ratings are not a
recommendation to purchase, hold or sell securities and may be changed, suspended or withdrawn at any time. Colombia's current ratings and the rating
outlooks currently assigned to it depend, in part, on economic conditions and other factors that affect credit risk and are outside the control of Colombia, as
well as assessments of the creditworthiness of its productive state-owned enterprises.
There can be no assurances that Colombia's credit ratings will be maintained or that they will not be downgraded, suspended or cancelled. Any
credit rating downgrade, suspension or cancellation may have an adverse effect on the market price and the trading of the bonds.

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CERTAIN DEFINED TERMS AND CONVENTIONS
Currency of Presentation
Unless otherwise stated, Colombia has translated historical amounts into U.S. dollars ("U.S. dollars," "dollars," "$" or "U.S. $") or pesos ("pesos,"
"Colombian pesos" or "Ps.") at historical average exchange rates for the period indicated. Translations of pesos to dollars have been made for the
convenience of the reader only and should not be construed as a representation that the amounts in question have been, could have been or could be
converted into dollars at any particular rate or at all.
ABOUT THIS PROSPECTUS SUPPLEMENT
You should read this prospectus supplement along with the accompanying prospectus attached hereto. Colombia is furnishing this prospectus
supplement and the accompanying prospectus solely for use by prospective investors in connection with their consideration of a purchase of the bonds and
for Luxembourg listing purposes.
Responsibility Statement
Colombia, having taken all reasonable care to ensure that such is the case, confirms that the information contained in this prospectus (which includes
this prospectus supplement together with the accompanying prospectus) is, to the best of Colombia's knowledge, in accordance with the facts and contains
no material omission likely to affect its import. Colombia accepts responsibility accordingly.
INCORPORATION BY REFERENCE
The SEC allows Colombia to incorporate by reference some information that Colombia files with the SEC. Colombia can disclose important
information to you by referring you to those documents. Any information referred to in this way is considered part of this prospectus supplement from the
date Colombia files that document. Except for the purposes of the Prospectus Directive, reports filed by Colombia with the SEC on or after the date of this
prospectus supplement and before the date that the offering of the bonds by means of this prospectus supplement is terminated will automatically update
and, where applicable, supersede any information contained in this prospectus supplement and the accompanying prospectus or incorporated by reference in
this prospectus supplement and the accompanying prospectus. Colombia's SEC filings are also available to the public from the SEC's website at
http://www.sec.gov.
Exhibit D to Colombia's 2018 Annual Report is considered part of and incorporated by reference in this prospectus supplement and the
accompanying prospectus.
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Any person receiving a copy of this prospectus supplement may obtain, without charge and upon request, a copy of the above document (including
only the exhibits that are specifically incorporated by reference in it). Requests for such document should be directed to:
Dirección General de Crédito Público y Tesoro Nacional
Ministerio de Hacienda y Crédito Público
Carrera 8, No. 6C-38, Piso 1
Bogotá D.C., Colombia
Telephone: 57-1-381-2802 /57-1-381-4153
Fax: 57-1-381-2801/57-1-381-2102
You may also obtain copies of documents incorporated by reference, free of charge, at the office of the Luxembourg paying agent specified on the
inside back cover of this prospectus supplement or from the website of the Luxembourg Stock Exchange at http://www.bourse.lu.

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TABLE OF REFERENCES
For purposes of Commission Regulation (EC) No. 2019/980, any information not listed in the cross-reference table but included in the documents
incorporated by reference is given for information purposes only:

Prospectus Regulation Item
2018 Annual Report
Annex XVI, 3.1: Issuer's position within the governmental framework
"Republic of Colombia--Government and Political Parties" on pages
D-7 to D-10 of Exhibit D
Annex XVI, 3.2: Geographic location and legal form of the issuer
"Republic of Colombia--Geography and Population" and "--
Government and Political Parties" on pages D-7 to D-10 of Exhibit D
Annex XVI, 3.3: Recent events relevant to the issuer's solvency
"Introduction" on pages D-5 to D-6 of Exhibit D, "Republic of
Colombia--Internal Security" on pages D-10 to D-16 of Exhibit D and
"Recent Developments" beginning on page S-14 of the prospectus
supplement
Annex XVI, 3.4(a): Structure of the issuer's economy
"Economy--Principal Sectors of the Economy," "--Infrastructure
Development," "--Role of the State in the Economy; Privatization," "--
Environment," "--Employment and Labor" and "--Poverty" on pages
D-22 to D-49 of Exhibit D and "Monetary System" on pages D-66 to
D-77 of Exhibit D; and "Recent Developments--Economy" beginning
on page S-17 of the prospectus supplement
Annex XVI, 3.4(b): Gross domestic product
"Economy--Gross Domestic Product" on pages D-22 to D-23 of
Exhibit D; and "Recent Developments--Economy" beginning on page
S-17 of the prospectus supplement
Annex XVI, 3.5: Colombia's political system and government
"Republic of Colombia--Government and Political Parties" on pages
D-7 to D-10 of Exhibit D
Annex XVI, 4(a): Tax and budgetary systems of the issuer
"Public Sector Finance--General," "--Public Sector Accounts" and "--
2019 Budget" on pages D-78 to D-87 of Exhibit D; and "Recent
Developments--Public Sector Finance" beginning on page S-28 of the
prospectus supplement
Annex XVI, 4(b): Gross public debt of the issuer
"Public Sector Debt" and "Tables and Supplementary Information" on
pages D-88 to D-99 of Exhibit D and "Recent Developments--Public
Sector Debt" beginning on page S-30 of the prospectus supplement

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