Obligation Colombiana 4.125% ( US195325DT91 ) en USD

Colombiana

100 % ▲

Colombie

US195325DT91 ( en USD )

4.125% par an ( paiement semestriel )

14/05/2051

Prospectus brochure de l'obligation Colombia US195325DT91 en USD 4.125%, échéance 14/05/2051

200 000 USD

1 500 000 000 USD

195325DT9

15/11/2025 ( Dans 160 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 US195325DT91, paye un coupon de 4.125% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 14/05/2051

424B5
424B5 1 d871151d424b5.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. $1,500,000,000
Republic of Colombia
4.125% Global Bonds due 2051

The bonds will mature on May 15, 2051. The Republic of Colombia ("Colombia" or the "Republic") will pay interest on the bonds each May 15 and November
15, commencing on November 15, 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 10 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)

98.676%
U.S. $1,480,140,000
Underwriting discount

0.200%
U.S. $
3,000,000
Proceeds, before expenses, to Colombia

98.476%
U.S. $1,477,140,000

(1)
Purchasers will also be required to pay accrued interest, if any, from June 4, 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 June 4, 2020.

Joint Book-Running Managers

HSBC

Itaú BBA

Santander

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The date of this prospectus supplement is June 1, 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-11
About This Prospectus Supplement

S-11
Incorporation by Reference

S-11
Table of References

S-12
Use of Proceeds

S-14
Recent Developments

S-15
Description of the Bonds

S-40
General Terms of the Bonds

S-40
Optional Redemption

S-40
Payment of Principal and Interest

S-42
Paying Agents and Transfer Agents

S-43
Notices

S-43
Registration and Book-Entry System

S-43
Certificated Bonds

S-44
Jurisdiction; Enforceability of Judgments

S-44
Taxation

S-46
Underwriting

S-51
General Information

S-58
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 AND UK 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") or in the United Kingdom ("UK"). 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 or in the UK has been prepared and therefore offering or selling the bonds or otherwise making them available to any retail investor in the
EEA or in the UK 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 de Estadística (National
Administrative Department of Statistics, or "DANE") based on the latest available population statistics, Colombia's population in 2019 was estimated
to be approximately 49.4 million. The latest available population statistics also estimated 7.6 million people live in Bogotá, the capital of Colombia.
Furthermore, in 2019, Medellín and Cali, the second and third largest cities, had populations of approximately 2.5 million and 2.2 million,
respectively. Of the total population, 75.8% live in populated municipal centers and 24.2% 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 candidates provided by the
Supreme Judicial Council. The National Prosecutor General, who is appointed for a

S-1
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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 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

2015

2016

2017

2018

2019

Domestic Economy

Real GDP Growth (percent)(1)

3.0%
2.1%
1.4%
2.5%
3.3%
Private Consumption Growth (percent)(1)

3.1

1.6

2.1

3.0

4.6
Public Consumption Growth (percent)(1)

4.9

1.8

3.6

7.0

4.3
Consumer Price Index(2)

4.6

8.0

4.7

3.1

3.2
Producer Price Index(2)

5.5

2.2

3.3

2.3

5.7
Interest Rate (percent)(3)

4.6

6.7

6.0

4.7

4.5
Unemployment Rate (percent)(4)

8.6

8.7

8.6

9.7

9.5
Balance of Payments(5)

(millions of U.S. dollars)

Exports of Goods

38,572

34,063

39,777

44,440

42,374
Imports of Goods

52,051

43,239

44,247

49,584

50,821
Current Account Balance

(18,564)
(12,036)
(10,241)
(13,047)
(13,800)
Net Direct Investment

(7,506)
(9,330)
(10,147)
(6,409)
(11,279)
Net International Reserves

46,731

46,675

47,629

48,393

53,167
Public Finance(6)

(billions of pesos or percentage of GDP)

Non-financial Public Sector Revenue(7)

Ps. 333,804

Ps. 351,084

Ps. 363,394

Ps. 405,075

Ps. 450,396
Non-financial Public Sector Expenditures(7)

358,462

368,051

384,794

428,547

471,397
Non-financial Public Sector Primary Surplus/ (Deficit)(8)

(4,514)
7,564

4,371

1,652

5,687
Percent of Nominal GDP

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

(27,177)
(20,693)
(24,581)
(27,918)
(25,558)
Percent of Nominal GDP

(3.4)%
(2.4)%
(2.67)%
(2.9)%
(2.4)%
Central Government Fiscal Surplus/ (Deficit)

(24,269)
(34,925)
(33.636)
(30,316)
(26,049)
Percent of Nominal GDP

(3.0)%
(4.0)%
(3.6)%
(3.1)%
(2.5)%
Public Debt(9)

(billions of pesos or percentage of GDP)

Public Sector Internal Funded Debt(10)
Ps.255,436,109
Ps.287,283,009
Ps. 314,505,178
Ps. 354,759,267
Ps. 396,373,648
Percent of Nominal GDP(1)

31.7%
33.3%
34.2%
36.0%
37.3%
Public Sector External Funded Debt(11)

$46,250

$ 50,771

$ 54,135

$ 57,054

$ 58,653
Percent of Nominal GDP(1)

18.1%
17.6%
17.5%
18.8%
18.1%

1:
Figures for 2018 and 2019 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 (excluding payable accounts).
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 (excluding payable accounts).
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. $1,500,000,000

Issue Price
4.125% of the principal amount of the bonds, plus accrued interest, if any, from June 4, 2020.

Issue Date
June 4, 2020.

Maturity Date
May 15, 2051.

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 June 4, 2020 at the rate of 4.125% per year. Colombia will
pay you interest semi-annually in arrears on May 15 and November 15 of each year. The first
interest payment will be made on November 15, 2020.

Redemption
Colombia may, at its option, redeem the bonds, in whole or in part, before maturity, on not
less than 10 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

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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.

· The worldwide economic effects of the outbreak and economic shutdown caused by the

COVID-19 pandemic is adversely affecting Colombia's economy, and the impact could be
material.

S-4
Table of Contents
· Colombia's economy is vulnerable to external shocks, including those that could be
caused by continued or future significant economic difficulties of its major regional

trading partners or by more general "contagion" effects, all of which could have a material
adverse effect on Colombia's economic growth and its ability to service its public debt.

See "Risk Factors" below for a discussion of certain factors you should consider before

deciding to invest in the bonds.

Status
The bonds will be direct, general, unconditional, unsecured and unsubordinated external
indebtedness of Colombia and will be backed by the full faith and credit of Colombia. The
bonds will rank without any preference among themselves and equally with all other
unsecured and unsubordinated external indebtedness of Colombia. It is understood that this
provision shall not be construed so as to require Colombia to make payments under the
bonds ratably with payments being made under any other external indebtedness.

Withholding Tax and Additional Amounts
Colombia will make all payments on the bonds without withholding or deducting any taxes
imposed by Colombia, subject to certain specified exceptions. For more information, see
"Description of the Securities--Debt Securities--Additional Amounts" on page 4 of the
accompanying prospectus.

Further Issues
Colombia may from time to time, without the consent of the holders, increase the size of the
issue of the bonds, or issue additional debt securities having the same terms and conditions as
the bonds in all respects, except for the issue date, issue price and first payment on those
additional bonds or debt securities; provided, however, that any additional debt securities
subsequently issued shall be fungible with the previously outstanding bonds for U.S. federal
income tax purposes. Additional debt securities issued in this manner will be consolidated
with and will form a single series with the previously outstanding bonds.

Listing
Application 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 outstanding public external indebtedness issued prior to
January 28, 2015. Those provisions are described in the sections entitled "Description of the
Securities--Meetings and Amendments" and "--Certain Amendments Not Requiring Holder
Consent" in the accompanying prospectus.
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Table of Contents
Use of Proceeds
The net proceeds of the sale of the bonds will be approximately U.S. $1,476,900,000 after
deduction of the underwriting discount and of certain expenses payable by Colombia (which
are estimated to be U.S. $240,000). Colombia will use the net proceeds of the offering for
general budgetary purposes for the fiscal year ending on December 31, 2020.

Underwriting
Under the terms and subject to the conditions contained in an underwriting agreement dated
as of June 1, 2020, HSBC Securities (USA) Inc., Itau BBA USA Securities, Inc. and
Santander Investment Securities 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.
Certain economic risks are inherent in any investment in an emerging market country such as Colombia.
Investing in an emerging market country such as Colombia carries economic risks. These risks include economic instability that may affect
Colombia's economic results. Economic instability in Colombia and in other Latin American and emerging market countries has been caused by many
different factors, including the following:

·
high interest rates;

·
changes in currency values;

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·
changes in fiscal figures;

·
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;

S-7
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·
the imposition of trade barriers;

·
internal security issues; and

·
the public health crisis and economic shutdowns caused by the COVID-19 pandemic, any second wave or resurgence and/or new pandemic.
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."
The worldwide economic effects of the outbreak and economic shutdown caused by the COVID-19 pandemic is adversely affecting Colombia's
economy, and the impact could be material.
The outbreak of the Coronavirus Disease 2019 ("COVID-19") pandemic is currently having an indeterminable adverse impact on the world
economy. COVID-19 was reportedly first detected in Wuhan, Hubei Province, China, and first reported to the World Health Organization ("WHO")
country office in China on December 31, 2019. On January 30, 2020, the WHO declared COVID-19 a public health emergency of international concern
and on March 11, 2020 declared the outbreak a pandemic. COVID-19 has begun to have numerous worldwide effects on general commercial activity.
Many of our trading partners, such as China, the European Union, the United Kingdom and the United States, among others, have undertaken various
public health measures to control the spread of COVID-19 including mandatory quarantines, forced economic shutdowns and travel restrictions, as well as
economic measures to mitigate the impacts of such public health policies on their respective national economy. As of May 29, 2020, the Republic had
25,366 confirmed cases of COVID-19, 6,665 recovered cases and 822 deaths.
On March 17, 2020, the Government, through Legislative Decree 417 of 2020, declared a 30 day state of national emergency in light of the health
and economic crisis caused by the outbreak of COVID-19. On May 6, 2020, through Legislative Decree 637 of 2020, the Government declared a state of
emergency for an additional 30 days. The Government is implementing various economic and public health measures to address the crisis, including (i)
mandatory shelter in place orders; (ii) border closure for all non-citizens and non-residents; (iii) short term and low interest loans for all types of
agricultural producers; (iv) payroll subsidies for companies and credit lines for different sectors of the economy; (iv) closure of all schools and universities;
(v) incentivizing working from home and a mandatory work from home order for 80% of Government employees; (vi) actions by the Banco de la
Republica, including reductions of its interest rate by 150 basis points in 2020, the provision of non-delivery forwards in the amount of up to U.S. $1
billion and supplying liquidity auctions up to Ps. 20 trillion; (vii) suspension of increases in utility tariffs; (viii) reduction in the prices of gasoline; (ix)
changes to the general budget and measures to render more flexible certain procedures to enable the Government to access the credit markets; and (x)
increased COVID-19 testing of up to 15,000 per day, among others. The efficacy of these measures cannot yet be evaluated, and their duration and effect
remain uncertain.
If the economic and public health crisis caused by the COVID-19 outbreak continues and the Government's measures are not effective, the economic
performance of the country may suffer further than already anticipated, as a result of adverse effects on commerce, transportation and foreign investment,
among other things, and thus may potentially adversely affect the Republic's ability to service its debt, including the bonds. The effects of the COVID-19
pandemic and the economic shutdown may also include an increase in unemployment, a reduction in household income, reduction in Government
revenues, increased Government expenditures and a deterioration of the Republic's financial position. Moreover, the COVID-19 pandemic has contributed
and coincided with sharply lower demand for oil and its derivatives and as a result a lower and more volatile price of oil and gas, which has also negatively
affected the Colombian economy and the financial position of Ecopetrol. The Government has projected negative GDP growth of 5.5% for 2020, the first
recession in Colombia in over two decades.

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The COVID-19 pandemic, any second wave or resurgence and/or new pandemic may also have the effect of heightening the other risks described
herein, such as those relating to economic, social and political developments in Colombia and its credit ratings. Consequently, the
current COVID-19 pandemic and its potential impact on the global economy may require the Republic to enact additional changes to existing regulations or
implement more stringent regulations, which may further adversely impact the Republic's economy, the prices of, and the Republic's ability to make
payments on, its outstanding securities or other indebtedness.
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. The United States, European Union and China are
Colombia's first, second and third most important trading partners in terms of exports, respectively. For the three-month period ended March 31, 2020
according to preliminary figures, exports to the United States, the European Union and China totaled accounted for 28.1%, 11.8% and 8.2%, respectively.
For the three-month period ended March 31, 2020, total exports decreased by 8.7% to U.S. $8,756.6 million FOB, compared to the same period of 2019.
Aggressive containment measures related to COVID-19 have caused the economies of those trading partners to contract during the first three months of
2020. An economic slowdown in the Republic's primary trading partners 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 economies of any of Colombia's major trading partners, such as the United States, the European Union or China 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 2019, the United States accounted for 29.2% 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.
The United States has seen the largest number of COVID-19 infections and deaths with over 100,000 deaths and 1.7 million infections, as of
May 29, 2020. The United Kingdom, Spain, Italy, France and Germany had a combined total of over 1.1 million infections and 135,000 deaths, as of
May 29, 2020. Continued outbreaks and economic shutdowns in the United States and Europe could have a material adverse impact on Colombia's exports
and economic growth.

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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.
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") . On April 1, 2020, Fitch downgraded Colombia to BBB- from BBB with a negative outlook.
On March 26, 2020, S&P affirmed Colombia's BBB- rating and revised its outlook to negative from stable. Moody's has had a Baa2 rating and stable
outlook since May 23, 2019.
Ratings address the creditworthiness of Colombia and the likelihood of timely payment of Colombia's long-term debt securities. Ratings are not a
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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, as amended by Amendment No. 1, thereto, filed on Form 18-K/A with the SEC on March 27, 2020, is
considered part of and incorporated by reference in this prospectus supplement and the accompanying prospectus.
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 listing 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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