Obligation Perú 7.35% ( US715638AS19 ) en USD

Perú

100 % ▼

Perou

US715638AS19 ( en USD )

7.35% par an ( paiement semestriel )

20/07/2025

Prospectus brochure de l'obligation Peru US715638AS19 en USD 7.35%, échéance 20/07/2025

100 000 USD

2 250 000 000 USD

715638AS1

21/07/2025 ( Dans 8 jours )

Le Pérou est un pays d'Amérique du Sud riche en histoire inca, en biodiversité andine et amazonienne, et possédant une côte Pacifique diversifiée.

L'obligation péruvienne (US715638AS19, CUSIP 715638AS1) d'une valeur nominale de 2 250 000 000 USD, échéant le 20 juillet 2025, offre un taux d'intérêt de 7,35 % avec des paiements semestriels, est actuellement négociée à 100 % du pair et nécessite un investissement minimum de 100 000 USD.

Prospectus Supplement
(To prospectus dated March 25, 2009)
Republic of Peru
US$1,000,000,000 7.35% U.S. Dollar-Denominated Global Bonds due 2025
The Republic of Peru ("Peru") will pay interest on the bonds on January 21 and July 21 of each year. The
first interest payment on the bonds will be made on July 21, 2009 in respect of the period from (and including)
January 21, 2009 to (but excluding) July 21, 2009. The bonds will mature on July 21, 2025. The bonds are not
redeemable prior to maturity. The bonds are a further issuance of the 7.35% U.S. Dollar-Denominated Global
Bonds due 2025 and will be consolidated with and will form a single series with the US$750,000,000 principal
amount of the bonds that were originally issued on July 19, 2005 and the US$500,000,000 principal amount of
the bonds that were originally issued on December 15, 2005. The total principal amount of the previously issued
bonds and the bonds now being issued will be US$2,250,000,000.
The bonds will be direct, general, unconditional, unsubordinated and unsecured obligations of Peru. The
bonds will rank equally, without any preference among themselves, with all of Peru's other existing and future
unsecured and unsubordinated obligations relating to external indebtedness of Peru, as described in "Description
of the Securities--Debt Securities--Defined Terms" in the accompanying prospectus.
The bonds will contain provisions regarding acceleration and future modifications to their terms. Under
these provisions, which are described in the sections entitled "Description of the Securities--Debt Securities--
Collective Action Clauses; Default; Acceleration of Maturity" and "--Amendments and Waivers" in the
accompanying prospectus, Peru may amend the payment provisions and certain other terms of a series of bonds
with the consent of the holders of 75% of the aggregate principal amount of the outstanding bonds of that series.
We have applied to admit the bonds for listing on the Official List of the Luxembourg Stock Exchange and
for trading on the Euro MTF Market. This prospectus supplement together with the accompanying prospectus
constitute a prospectus for purposes of the Luxembourg law on prospectuses for securities dated July 10, 2005.
Per Bond
Total
Public offering price(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103.827%
US$1,038,270,000
Underwriting fee(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.20%
US$2,000,000
Proceeds to Peru (before expenses and excluding the underwriting fee)(3) . . . . .
103.827%
US$1,038,270,000
(1) Plus accrued and unpaid interest totaling US$34,300,000, or US$34.30 per US$1,000 principal amount of
the bonds, from (and including) January 21, 2009 to (but excluding) July 9, 2009, the date Peru expects to
deliver the bonds offered by this prospectus supplement, and any additional interest from July 9, 2009.
Purchasers of the bonds will be entitled to receive the full amount of the next semi-annual regular interest
payment on July 21, 2009.
(2) See "Underwriting".
(3) See "Use of Proceeds".
The underwriters are offering the bonds subject to various conditions. The underwriters expect to deliver the
bonds to purchasers on or about July 9, 2009, through the book-entry facilities of The Depository Trust
Company, or DTC, Euroclear S.A./N.V., or Euroclear, and Clearstream Banking, société anonyme, or
Clearstream, Luxembourg.
UBS INVESTMENT BANK
J.P. Morgan
July 6, 2009

TABLES OF CONTENTS

Prospectus Supplement

Page
About this Prospectus Supplement and the Accompanying Prospectus

S-2
Forward-looking Statements

S-3
Sovereign Immunity and Arbitration

S-5
Certain Legal Restrictions

S-5
Summary

S-6
Recent Developments

S-9
Use of Proceeds

S-30
Description of the Bonds

S-31
United States Federal Income Tax Considerations for United States Persons

S-35
Peru Taxation

S-38
Underwriting

S-39
Validity of the Bonds

S-42
General Information

S-42

Prospectus

Page
About the Prospectus

i
Defined Terms and Conventions

ii
Forward-looking Statements

iii
Data Dissemination

iv
Summary

1
Use of Proceeds

6
The Republic of Peru

7
The Economy

21
Balance of Payments and Foreign Trade

51
The Monetary System

65
Public Sector Finances

86
Public Sector Debt

99
Description of the Securities

113
Taxation

127
Plan of Distribution

132
Official Statements

133
Validity of the Securities

133
Authorized Representative

134
Where You Can Find More Information

134
Tables and Other Supplemental Information

A-1
You should rely only on the information contained in this prospectus supplement and the accompanying prospectus. We have
not, and the underwriters have not, authorized any other person to provide you with different information. If anyone provides you
with different or inconsistent information, you should not rely on it. We are not, and the underwriters are not, making an offer to sell
these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this
prospectus supplement is accurate only as of its date. Our financial condition and prospects may have changed since that date.

ABOUT THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS
This prospectus supplement and the accompanying prospectus contain information you should consider when making your
investment decision. You should rely only on the information provided in this prospectus supplement and the accompanying
prospectus, which should be read together. References in this prospectus supplement to "we," "us," "our" and "Peru" are to the
Republic of Peru.
We are furnishing this prospectus supplement and the accompanying prospectus solely for use by prospective investors in
connection with their consideration of a purchase of bonds. After having made all reasonable queries, we confirm that:

· the information contained in this prospectus supplement and the accompanying prospectus is true and correct in all material

respects and is not misleading as of the date of this prospectus supplement or the accompanying prospectus;

· changes may occur in our affairs after the date of this prospectus supplement and the accompanying prospectus;

· certain statistical information included in this prospectus supplement and the accompanying prospectus reflects the most

recent reliable data readily available to us as of the date hereof;

· we hold the opinions and intentions expressed in the accompanying prospectus, this prospectus supplement and any

document incorporated by reference in this prospectus supplement and the accompanying prospectus, as superseded in this
prospectus supplement;

· to the best of our knowledge and belief, we have not omitted other facts, the omission of which makes this prospectus

supplement and the accompanying prospectus, as a whole, misleading; and

· we accept responsibility for the information we have provided in this prospectus supplement and the accompanying

prospectus.
Prospective investors should rely on the information provided in this prospectus supplement, the accompanying prospectus and
the documents incorporated by reference in this prospectus supplement and the accompanying prospectus. No person is authorized to
make any representation or give any information not contained in this prospectus supplement, the accompanying prospectus or the
documents incorporated by reference in this prospectus supplement and the accompanying prospectus. Any such representation or
information not contained in this prospectus supplement, the accompanying prospectus or the documents incorporated by reference in
this prospectus supplement and the accompanying prospectus must not be relied upon as having been authorized by us or the
underwriters. Please see "General Information--Where You Can Find More Information" for information on the documents that are
incorporated by reference in this prospectus supplement and the accompanying prospectus.
We are not offering to sell any securities other than the bonds offered under this prospectus supplement. We are not offering to
sell the bonds in places where such offers are not permitted by applicable law. You should not assume that the information in this
prospectus supplement or the accompanying prospectus is accurate as of any date other than their respective dates. Our economic,
fiscal or political circumstances may have changed since such dates.
The bonds described in this prospectus supplement are debt securities of Peru being offered under registration statement no.
333-156085, filed with the SEC under the U.S. Securities Act of 1933, as amended, or the Securities Act. The accompanying
prospectus is part of that registration statement. The accompanying prospectus provides you with a general description of the
securities that we may offer, and this prospectus supplement contains specific information about the terms of the offering and the
bonds. The prospectus supplement together with the accompanying prospectus may only be used for the purpose for which they have
been published. Before you invest, you should read this prospectus supplement and the accompanying prospectus, together with
additional information described under "Where You Can Find More Information" in the accompanying prospectus.
As used in this prospectus supplement, the term "business day" means any day other than a Saturday, a Sunday or a legal
holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in New York City or
Lima, Peru.

S-2

FORWARD-LOOKING STATEMENTS
We have made forward-looking statements in this prospectus supplement. Forward-looking statements are statements that are
not historical facts. These statements are based on our current plans, estimates, assumptions and projections. Therefore you should not
place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to
update any of them in light of new information or future events.
Forward-looking statements involve inherent risks. We caution you that many factors could affect the future performance of the
Peruvian economy. These factors include, but are not limited to:

· external factors, such as:

·
interest rates in financial markets outside Peru;

·
changes in Peru's credit ratings;

·
changes in import tariffs and exchange rates;

·
changes in international commodity prices;

·
recession, low economic growth or economic contraction affecting Peru's trading partners;

·
deterioration in the economic condition of Peru's neighboring countries;

·
the recent extreme contraction of liquidity in the international financial markets and equity, debt and foreign

exchange market volatility, which could lead to domestic volatility, declines in foreign direct and portfolio
investment and potentially lower international reserves;

·
international hostilities; and

·
the decisions of international financial institutions, such as the International Monetary Fund, or IMF, the Inter-
American Development Bank, or IADB, the International Bank for Reconstruction and Development, or IBRD, or

World Bank, and the Andean Development Corporation, regarding the terms of their financial assistance to Peru;
and

· internal factors, such as:

·
deterioration in general economic and business conditions;

·
social, political or military events in Peru;

·
increase in crime rates;

·
natural events, such as climatic changes, earthquakes and floods;

·
reduction in foreign currency reserves;

·
reduction in fiscal revenue;

·
reduced levels of foreign direct investment;

·
the ability of the government to enact key economic reforms;

·
higher domestic debt;

·
increased rates of domestic inflation;

S-3

·
the level of foreign direct and portfolio investment in Peru; and

·
the level of Peruvian domestic interest rates; and

· the ability to realize all of the expected benefits to our debt profile as a result of the prepayment of the Paris Club debt.

S-4

SOVEREIGN IMMUNITY AND ARBITRATION
Peru is a sovereign state. Consequently, it may be difficult for you to obtain or realize upon judgments of courts in the United
States against Peru. Among other requirements, the execution by Peruvian courts of any judgment ordering payment by Peru of any
principal or interest arising from the bonds will be subject to availability of funds according to the statute passed by the Peruvian
Congress setting forth the budget corresponding to the fiscal year on which such payment is to be due. For more information, see
"Description of the Securities--Jurisdiction, Consent to Service and Enforceability" in the accompanying prospectus.
CERTAIN LEGAL RESTRICTIONS
The distribution of materials relating to the offering and the transactions contemplated by the offering may be restricted by law
in certain jurisdictions. If materials relating to the offering come into your possession, you are required by Peru to inform yourself of
and to observe all of these restrictions. The materials relating to the offering do not constitute, and may not be used in connection
with, an offer or solicitation in any place where offers or solicitations are not permitted. If a jurisdiction requires that the offering be
made by a licensed broker or dealer and either the underwriters or any affiliate of the underwriters is a licensed broker or dealer in
such jurisdiction, the offering shall be deemed to be made by such underwriter or such affiliate on behalf of Peru in such jurisdiction.
For more information, see "Underwriting".

S-5

SUMMARY
This summary highlights information presented in greater detail elsewhere in this prospectus supplement and the accompanying
prospectus. This summary is not complete and does not contain all the information you should consider before investing in the bonds.
You should carefully read this entire prospectus supplement and the accompanying prospectus before investing.

Issuer

The Republic of Peru
Securities
7.35% U.S. Dollar-Denominated Global Bonds due 2025, which we refer to as the

"bonds".
Clearing Reference Codes
The clearing reference codes for the bonds issued hereby and the bonds issued on July 19,
2005 and December 15, 2005, as described below, are CUSIP No. 715638AS1, ISIN

US715638AS19 and Common Code 022518259.
Issue Amount

US$1,000,000,000 aggregate principal amount.
The bonds are a further issuance of the 7.35% U.S. Dollar-Denominated Global Bonds
due 2025 and will be consolidated with and will form a single series with the
US$750,000,000 principal amount of the bonds that were originally issued on July 19,
2005 and the US$500,000,000 principal amount of the bonds that were originally issued
on December 15, 2005. The total principal amount of the previously issued bonds and the

bonds now being issued will be US$2,250,000,000.
Issue Price
103.827%, plus accrued and unpaid interest from (and including) January 21, 2009 to
(but excluding) July 9, 2009, the date Peru expects to deliver the bonds offered by this

prospectus supplement, and any additional interest from July 9, 2009.
Final Maturity Date

July 21, 2025
Interest Rate

7.35% per year, computed on the basis of a 360-day year of twelve 30-day months.
Interest Payment Dates
January 21 and July 21 of each year. Purchasers of the bonds will be entitled to
receive the full amount of the next semi-annual regular interest payment on

July 21, 2009.
Redemption or Sinking Fund
The bonds will not benefit from any sinking fund. We may not redeem the bonds before

maturity; we will redeem the bonds at par at maturity.
Use of Proceeds
The proceeds from the sale of the bonds will be US$1,072,570,000, which includes
US$34,300,000 of accrued and unpaid interest. The underwriting fee of US$2,000,000
will be paid separately by us, as described in "Underwriting". Of the proceeds, we intend
to use approximately US$848,000,000 for the payment of bilateral debt owed to Paris
Club creditor governments bearing an average interest of approximately 7.10% and
having maturities from 2010 to 2015. In addition, we intend to use approximately
US$190,270,000 of the proceeds to replenish amounts previously used by the National
Treasury in connection with the financing of certain external debt. See "Recent

Developments Public Sector Debt".
Collective Action Clauses
The bonds will contain provisions regarding acceleration and future modifications to their
terms. These provisions, which are commonly referred to as "collective action clauses,"
are described in the sections entitled "Description of the Securities--Debt Securities--
Collective Action Clauses; Default; Acceleration of Maturity" and "--Amendments and

Waivers" in the accompanying prospectus.

S-6

Negative Pledge

The bonds will contain certain covenants, including restrictions on the incurrence of debt.
Denominations
We will issue the bonds only in denominations of US$100,000 and integral multiples of

US$1,000 in excess thereof.
Ranking
The bonds, together with (i) the US$750,000,000 principal amount of bonds that were
originally issued on July 19, 2005, and (ii) the US$500,000,000 principal amount of
bonds that were originally issued on December 15, 2005, will constitute a single class of
securities for all purposes, including, without limitation, for voting purposes under the
fiscal agency agreement pursuant to which they will be or were issued. The bonds will be
direct, general, unconditional, unsubordinated and unsecured obligations of Peru. The
bonds will rank equally, without any preference among themselves, with all of our other
existing and future unsecured and unsubordinated obligations relating to our external
indebtedness as described in "Description of the Securities--Debt Securities--Defined

Terms" in the accompanying prospectus.
Additional Amounts
We will make payments of principal and interest in respect of the bonds without
withholding or deduction for or on account of any present or future Peruvian taxes,
duties, assessments or governmental charges of whatever nature except as described in

"Description of the Bonds--Additional Amounts".
Further Issues
Without the consent of holders of the bonds, we may issue additional debt securities with
the same terms and conditions as the outstanding bonds, except for issue date, issue price
and amount of first interest payment, and we may consolidate the additional bonds to

form a single series with the outstanding bonds.
Form of Securities
We will issue the bonds in the form of one or more registered global notes without
coupons. No bonds will be issued in bearer form.

You will be required to make initial settlement for bonds issued pursuant to the offering
in immediately available funds.

As an owner of a beneficial interest in the global notes, you will generally not be entitled
to have your bonds registered in your name, will not be entitled to receive certificates in
your name evidencing the bonds and will not be considered the holder of any bonds under

the fiscal agency agreement for the bonds.
Regular Record Dates for Interest
The record date with respect to any interest and/or principal payment date will be every

January 6 and July 6.
Governing Law

New York.
Fiscal Agent, Principal Paying
The bonds will be issued pursuant to a fiscal agency agreement, dated as of February 6,
Agent and Transfer Agent
2003, as amended as of November 21, 2003 and as of October 14, 2004, between Peru
and J.P. Morgan Chase Bank, N.A. (now The Bank of New York Mellon). The Bank of
New York Mellon is acting as the Fiscal Agent, Principal Paying Agent and Transfer

Agent.

S-7

Luxembourg Paying Agent and
The Bank of New York Mellon (Luxembourg) S.A.
Transfer Agent

Listing
We have applied to admit the bonds for listing on the Official List of the Luxembourg Stock

Exchange and for trading on the Euro MTF Market.

S-8