Obligation Perú 3.23% ( US715638DR09 ) en USD

Perú

53 % ▼

Perou

US715638DR09 ( en USD )

3.23% par an ( paiement semestriel )

Perpétuelle

Prospectus brochure de l'obligation Peru US715638DR09 en USD 3.23%, échéance Perpétuelle

715638DR0

28/07/2025 ( Dans 44 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 émise par Perú ( Perou ) , en USD, avec le code ISIN US715638DR09, paye un coupon de 3.23% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le Perpétuelle

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-237609
LEI 254900STKLK2DBJJZ530
PROSPECTUS SUPPLEMENT
(To the Listing Prospectus dated April 14, 2020)

Republic of Peru
U.S.$1,000,000,000 1.862% U.S. Dollar-Denominated Global Bonds Due 2032
U.S.$2,000,000,000 2.780% U.S. Dollar-Denominated Global Bonds Due 2060
U.S.$1,000,000,000 3.230% U.S. Dollar-Denominated Global Bonds Due 2121

The Republic of Peru is offering U.S.$1,000,000,000 aggregate principal amount of its 1.862% U.S. Dollar-Denominated Global Bonds Due 2032 (the
"2032 bonds"), U.S.$2,000,000,000 aggregate principal amount of its 2.780% U.S. Dollar-Denominated Global Bonds Due 2060 (the "2060 bonds") and
U.S.$1,000,000,000 aggregate principal amount of its 3.230% U.S. Dollar-Denominated Global Bonds Due 2121 (the "2121 bonds" and, together with the 2032
bonds and the 2060 bonds, the "bonds"). The 2032 bonds will bear interest at the rate of 1.862% per year, accruing from December 1, 2020. The 2060 bonds will
bear interest at the rate of 2.780% per year, accruing from December 1, 2020. The 2121 bonds will bear interest at the rate of 3.230% per year, accruing from
December 1, 2020. Interest on the 2032 bonds and the 2060 bonds is payable on June 1 and December 1 of each year, beginning on June 1, 2021. Interest on the
2121 bonds is payable on January 28 and July 28 of each year, beginning on July 28, 2021. The final maturity of the 2032 bonds will be December 1, 2032. The
final maturity of the 2060 bonds will be December 1, 2060. The final maturity of the 2121 bonds will be July 28, 2121.
We may redeem the 2032 bonds, in whole or in part, at any time or from time to time prior to September 1, 2032 (three months prior to the maturity date
of the 2032 bonds) by paying the greater of the outstanding principal amount of the 2032 bonds and a "make-whole" amount. In addition, we may redeem the
2032 bonds, in whole or in part, at any time or from time to time on or after September 1, 2032 (three months prior to the maturity date of the 2032 bonds), at a
redemption price equal to 100% of the principal amount of 2032 bonds to be redeemed, plus accrued and unpaid interest. We may redeem the 2060 bonds, in
whole or in part, at any time or from time to time prior to June 1, 2060 (six months prior to the maturity date of the 2060 bonds) by paying the greater of the
outstanding principal amount of the 2060 bonds and a "make-whole" amount. In addition, we may redeem the 2060 bonds, in whole or in part, at any time or from
time to time on or after June 1, 2060 (six months prior to the maturity date of the 2060 bonds), at a redemption price equal to 100% of the principal amount of
2060 bonds to be redeemed, plus accrued and unpaid interest. We may redeem the 2121 bonds, in whole or in part, at any time or from time to time prior to
January 28, 2121 (six months prior to the maturity date of the 2121 bonds) by paying the greater of the outstanding principal amount of the 2121 bonds and a
"make-whole" amount. In addition, we may redeem the 2121 bonds, in whole or in part, at any time or from time to time on or after January 28, 2121 (six months
prior to the maturity date of the 2121 bonds), at a redemption price equal to 100% of the principal amount of 2121 bonds to be redeemed, plus accrued and unpaid
interest. See "Description of the Bonds--Optional Redemption."
The bonds will be direct, general, unconditional, unsubordinated and unsecured obligations of Peru. Each series of 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 under "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, including "collective action clauses." Under these
provisions, which differ from the terms of Peru's external indebtedness issued prior to August 6, 2015 and which are described in "Description of the Bonds--
Collective Action Clauses," "Description of the Bonds--Meetings, Amendments and Waivers--Collective Action" in this prospectus supplement and in
"Description of the Securities--Debt Securities--Default; Acceleration of Maturity," "Description of the Securities--Debt Securities--Collective Action
Clauses" and "Description of the Securities--Debt Securities--Meetings, Amendments and Waivers--Collective Action" in the accompanying prospectus, Peru
may amend the payment provisions of any series of its 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 outstanding 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% of the aggregate principal amount of the outstanding securities of all series affected by the proposed modification, taken in the aggregate, and more than
50% of the aggregate principal amount of the outstanding securities of each series affected by the proposed modification, taken individually.
This prospectus supplement and the prospectus attached (the "Base Prospectus") constitute a prospectus for purposes of Part IV of the Luxembourg law on
prospectuses for securities dated July 16, 2019. The parts of this prospectus supplement and the Base Prospectus and those documents incorporated by reference
herein that together constitute a "prospectus" for the purposes of the foregoing Luxembourg law are referred to herein as the "LSE Approved Prospectus." This
prospectus supplement and the Base Prospectus may only be used for the purpose for which they have been published.
Application has been made to admit the bonds for listing on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF Market.

Proceeds to Peru (before

expenses and underwriting
Price to Public(1)
Underwriting Fee(2)
fee)(3)

Per 2032 bond ...................................................................
100.000%
0.0375%
100.000%

Total for 2032 bonds ..........................................................
U.S.$1,000,000,000
U.S.$375,000
U.S.$1,000,000,000

Per 2060 bond ...................................................................
98.855%
0.0375%
98.855%

Total for 2060 bonds .........................................................
U.S.$1,977,100,000
U.S.$750,000
U.S.$1,977,100,000

Per 2121 bond ...................................................................
98.586%
0.0375%
98.586%

Total for 2121 bonds .........................................................
U.S.$985,860,000
U.S.$375,000
U.S.$985,860,000

(1)
Plus accrued interest, if any, from December 1, 2020.
(2)
See "Underwriting."
(3)
See "Use of Proceeds."
The underwriters are offering the bonds subject to various conditions. Delivery of the bonds to purchasers was made on December 1, 2020, through the
book-entry facilities of The Depository Trust Company ("DTC"), and its direct or indirect participants including Euroclear S.A./N.V. ("Euroclear") and
Clearstream Banking, S.A. ("Clearstream").

Global Coordinators and Bookrunners

BBVA

Citigroup
Goldman Sachs & Co. LLC
Itaú BBA

Morgan Stanley

December 4, 2020

You should rely only on the information contained in this prospectus supplement and the accompanying prospectus, including
the documents incorporated by reference. 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, the accompanying prospectus and the documents
incorporated by reference is accurate only as of its date. Our financial condition and prospects may have changed since that date.
TABLE OF CONTENTS

Page
Prospectus Supplement

About this Prospectus Supplement and the Accompanying Prospectus .......................................................................................
S-1
Incorporation by Reference ...........................................................................................................................................................
S-3
Forward-Looking Statements ........................................................................................................................................................
S-4
Sovereign Immunity......................................................................................................................................................................
S-5
Certain Legal Restrictions .............................................................................................................................................................
S-6
Summary of the Offering ..............................................................................................................................................................
S-7
Risk Factors .................................................................................................................................................................................. S-10
Use of Proceeds ............................................................................................................................................................................ S-11
Description of the Bonds .............................................................................................................................................................. S-12
United States Federal Income Tax Considerations ....................................................................................................................... S-22
Peru Taxation ................................................................................................................................................................................ S-22
Underwriting ................................................................................................................................................................................. S-23
Validity of the Bonds .................................................................................................................................................................... S-27
General Information ...................................................................................................................................................................... S-28

Prospectus
Page

About This Prospectus ..................................................................................................................................................................
i
Data Dissemination .......................................................................................................................................................................
ii
Use of Proceeds ............................................................................................................................................................................
1
Description of the Securities .........................................................................................................................................................
1
Taxation ........................................................................................................................................................................................
14
Plan of Distribution .......................................................................................................................................................................
19
Official Statements .......................................................................................................................................................................
20
Validity of the Securities ..............................................................................................................................................................
20
Authorized Representative ............................................................................................................................................................
20
Where You Can Find More Information .......................................................................................................................................
20

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 any retail investor in the European Economic Area (the "EEA") or the United Kingdom (the "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"); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "IDD"), where
that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified
investor as defined in Regulation (EU) 2017/1129 (as amended or superseded, the "Prospectus Regulation"). 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 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 the UK may be unlawful under the PRIIPs
Regulation. References to Regulations or Directives include, in relation to the UK, those Regulations or Directives as they form part
of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 or have been implemented in UK domestic law, as
appropriate.
i

ABOUT THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS
This prospectus supplement and the accompanying prospectus contain or incorporate by reference information you should
consider when making your investment decision. You should rely only on the information provided or incorporated by reference 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 or incorporated by reference in this prospectus supplement and the accompanying
prospectus, as a whole, is true and correct in all material respects and is not misleading as of the date of this prospectus
supplement;
changes may occur in our affairs after the date of this prospectus supplement;
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 or thereof;
we hold the opinions and intentions expressed in this prospectus supplement, the accompanying prospectus 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 or incorporated by reference 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. See "General Information--Where You Can Find More Information" in this prospectus supplement 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 contained
or incorporated by reference 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.
333-237609, filed with the U.S. Securities and Exchange Commission (the "SEC") under the U.S. Securities Act of 1933, as amended
(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. This 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 in "Where You Can Find More Information" in the accompanying
prospectus.
This document is for distribution only to persons who (i) have professional experience in matters relating to investments falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial
Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations,
etc.") of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement
to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with
the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together
being referred to as "relevant persons"). This document is directed only at relevant persons and must not be acted on or relied on by
persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to
relevant persons and will be engaged in only with relevant persons.
S-1

In connection with the offering, BBVA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Itau BBA
USA Securities, Inc. and Morgan Stanley & Co. LLC (the "Stabilizing Managers") (or persons acting on their behalf) may over-allot
bonds (provided that, in the case of any bonds to be admitted to trading on the Euro MTF Market, the aggregate principal amount of
bonds allotted does not exceed 105% of the aggregate principal amount of the bonds subject to the offering) or effect transactions with
a view to supporting the market price of the bonds during the stabilization period at a level higher than that which might otherwise
prevail. However, stabilization action may not necessarily occur. Any stabilization action may begin on or after the date of adequate
public disclosure of the terms of the offer of the bonds and, if begun, may cease at any time, but it must end no later than 30 calendar
days after the date on which the issuer of the bonds received the proceeds of the issue, or no later than 60 calendar days after the date
of allotment of the bonds, whichever is earlier. Any stabilization action or over-allotment must be conducted by the relevant
Stabilizing Managers (or persons acting on their behalf) in accordance with all applicable laws and rules and will be undertaken at the
offices of the Stabilizing Managers (or persons acting on their behalf) and on the Euro MTF Market of the Luxembourg Stock
Exchange or the over-the-counter market.
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.
The trustee assumes no responsibility for the accuracy or completeness of the information contained in this prospectus
supplement or the accompanying prospectus or for any failure by us or any other party to disclose events that may have occurred and
may affect the significance or accuracy of such information.

S-2

INCORPORATION BY REFERENCE
We are incorporating by reference into this prospectus supplement Peru's most recent Annual Report on Form 18-K (the "2020
Form 18-K") for the fiscal year ended December 31, 2019, as filed with the SEC on October 19, 2020, and Amendment No. 1 on
Form 18-K/A ("Amendment No. 1"), as filed with the SEC on November 23, 2020, including, in each case, the exhibits that are
specifically incorporated by reference therein, and each subsequent Annual Report on Form 18-K and amendment on Form 18-K/A
filed after the date of this prospectus supplement and prior to the closing date.
For the purposes of the LSE Approved Prospectus, the information incorporated by reference from the 2020 Form 18-K and
Amendment No. 1, includes the following items in relation to Peru (the page numbers below refer to Exhibit D to the 2020 Form 18-
K/A and Exhibit E to Amendment No. 1 as set forth below):
Item
2020 Form 18-K and Amendment No. 1 (Republic of Peru)
Risk factors
"Risk Factors" on pages D-14 to D-16 of the 2020 Form 18-K;

and "Risk Factors" on page E-1 of Amendment No. 1.

Recent developments
"Recent Developments" on pages E-2 to E-35 of Amendment
No. 1.

Brief description of the issuer's position within the national
"The Republic of Peru" on pages D-17 to D-24 of the 2020
governmental framework
Form 18-K.

General description of the issuer's political system and
"The Republic of Peru" on pages D-25 to D-36 of the 2020
government including details of the governing body of the
Form 18-K.
Republic

Structure of the economy with details of the main sectors of the
"The Economy" on pages D-37 to D-72 of the 2020 Form 18-K.
economy

GDP with a breakdown by the issuer's economic sectors for the
"Principal Sectors of the Economy" on pages D-47 to D-57 of
previous two fiscal years
the 2020 Form 18-K; "Principal Sectors of the Economy" on

pages E-12 to E-14 of Amendment No. 1; "The Economy--
Gross Domestic Product and the Structure of the Economy" on
pages D-44 to D-47 of the 2020 Form 18-K; and "The
Economy--Gross Domestic Product and the Structure of the
Economy" on pages E-8 to E-12 of Amendment No. 1.

Public debt for the previous two fiscal years
"Public Sector Debt" on pages D-122 to D-143 of the 2020

Form 18-K; and "Public Sector Debt" on pages E-30 to E-35 of
Amendment No. 1.

Foreign trade and balance of payment figures
"Balance of Payments and Foreign Trade" on pages D-73 to D-
86 of the 2020 Form 18-K; and "Balance of Payments and
Foreign Trade" on pages E-16 to E-24 of Amendment No. 1.

Foreign exchange reserves including any potential
"Foreign Exchange and International Reserves" on pages D-103
encumbrances to such foreign exchange reserves as forward
to D-105 of the 2020 Form 18-K.
contracts and derivatives

Income and expenditure figures
"Central Government Accounts" on pages D-113 to D-114 of
the 2020 Form 18-K; and "Central Government Accounts" on
pages E-26 to E-27 of Amendment No. 1.

S-3

FORWARD-LOOKING STATEMENTS
This prospectus supplement may contain forward-looking statements. Forward-looking statements are statements that are not
historical facts. These statements are based on Peru's 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 Peru undertakes no obligation
to update any of them in light of new information or future events.
Forward-looking statements involve inherent risks. Peru cautions you that many factors could adversely affect the future
performance of the Peruvian economy. These factors include, but are not limited to:
external factors, such as:
public health crises and epidemics/pandemics, including the novel Coronavirus ("COVID 19") pandemic, and worldwide
effects thereof and responses thereto;
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;
contraction of liquidity in the international financial markets and equity, debt or foreign exchange market volatility,
which could lead to volatility in Peru, declines in foreign direct and portfolio investment and potentially lower
international reserves;
international hostilities;
the decisions of international financial institutions, such as the International Monetary Fund, the Inter-American
Development Bank, the International Bank for Reconstruction and Development and the Andean Development
Corporation, regarding the terms of their lending and financial assistance to Peru; and
litigation and other legal proceedings; and
internal factors, such as:
political, economic, social or military issues or events in Peru, including as a result of public health crises in Peru, and
the Peruvian government's responses thereto;
deterioration in general economic and business conditions in Peru;
increase in crime rates;
natural events, such as climate change, earthquakes and floods;
reduction in foreign currency reserves;
reduction in fiscal revenue;
reduced levels of foreign direct investment;
the ability of the Peruvian government to enact key economic reforms;
higher domestic debt;
increased rates of domestic inflation;
the level of foreign direct and portfolio investment in Peru; and
prevailing Peruvian domestic interest rates.

S-4

SOVEREIGN IMMUNITY
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 a Peruvian court of a 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 in which such payment is due.
Limitations Imposed by Budget Laws to Satisfy Payments on the Bonds
A final judgment against Peru ordering payment on the bonds is subject to Peruvian budget regulations. Pursuant to the Budget
National System Legislative Decree No. 1440 (Decreto Legislativo del Sistema Nacional del Presupuesto Público) that became
effective on January 1, 2019, and the Public Sector Budget Urgent Decree for Fiscal Year 2020, Urgent Decree No. 014-2019
(Decreto de Urgencia que aprueba el Presupuesto del Sector Público para el Año Fiscal 2020), payment by Peru of judgments,
arbitral awards, conciliation minutes or direct treatment agreements (trato directo) is subject to the following process:
up to 5% of the budget corresponding to the Ministry of Economy and Finance (the "MEF") may be allocated towards
payments and judgments, subject to certain exceptions;
payments must be made by each Peruvian governmental entity (in our case, the MEF) from its respective bank account,
taking into account all mandatory priorities;
up to 5%, the MEF would pay its creditors on a pro rata basis; and
payment requirements in excess of the 5% threshold must be included in the budgets approved for the following five
fiscal years.
Enforceability of Judgments
If the payment of any Peruvian judicial order is not honored by the MEF, a proceeding for the execution of judicial resolutions
may be initiated as provided for in article 688 et. seq. of the Peruvian Civil Procedure Code. Notwithstanding the foregoing, in
accordance with section 73 of the Peruvian Political Constitution, public domain assets destined for the public service and use are
inalienable and are not subject to any adverse possession (prescripción adquisitiva). Public domain assets are a special form of
property that can only be set aside for the public use, a service to the community or national interest. As such, those assets as well as
(i) property used by a diplomatic or consular mission of Peru; (ii) property of a military character and under the control of a military
authority or defense agency of Peru; (iii) public property; (iv) shares of Peruvian public sector entities or shares of Peruvian private
sector entities owned or controlled by Peru or by a Peruvian public sector entity, or revenues collected from the sale of such shares, to
the extent such shares or revenues are exempt by Peruvian law from attachment or execution; or (v) funds deposited in Peru's
accounts held in the Peruvian financial system that constitute public domain property, are neither subject to liens or encumbrances nor
to a judicial attachment. Conversely, assets not set aside for the public domain are subject to the private domain of the Peruvian
government (which includes, among others, the cash deposits of the Peruvian government abroad) and as such may be encumbered or
attached.
For more information, see "Description of the Securities--Jurisdiction, Consent to Service and Enforceability" in the
accompanying prospectus.

S-5

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 must inform yourself and 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-6

SUMMARY OF THE OFFERING
This summary highlights information presented in greater detail elsewhere in this prospectus supplement and the accompanying
prospectus, including the documents incorporated by reference herein. 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, the
accompanying prospectus and the documents incorporated by reference before investing.

Issuer .................................................................. Republic of Peru.

Bonds .................................................................. 1.862% U.S. Dollar-Denominated Global Bonds due 2032, which we refer to herein
as the "2032 bonds."

2.780% U.S. Dollar-Denominated Global Bonds due 2060, which we refer to herein
as the "2060 bonds."
3.230% U.S. Dollar-Denominated Global Bonds due 2121, which we refer to herein
as the "2121 bonds" and, together with the 2032 bonds and the 2060 bonds, as the
"bonds."

Issue Amount ..................................................... For the 2032 bonds, U.S.$1,000,000,000 aggregate principal amount.
For the 2060 bonds, U.S.$2,000,000,000 aggregate principal amount.
For the 2121 bonds, U.S.$1,000,000,000 aggregate principal amount.

Issue Price .......................................................... For the 2032 bonds, 100.000%, plus accrued interest, if any, from December 1, 2020.
For the 2060 bonds, 98.855%, plus accrued interest, if any, from December 1, 2020.
For the 2121 bonds, 98.586%, plus accrued interest, if any, from December 1, 2020.

Final Maturity Date .......................................... For the 2032 bonds, December 1, 2032.
For the 2060 bonds, December 1, 2060.
For the 2121 bonds, July 28, 2121.

Interest Rate ...................................................... For the 2032 bonds, 1.862% per year, computed on the basis of a 360 day year of
twelve 30 day months.
For the 2060 bonds, 2.780% per year, computed on the basis of a 360 day year of
twelve 30 day months.
For the 2121 bonds, 3.230% per year, computed on the basis of a 360 day year of
twelve 30 day months.

Interest Payment Dates ..................................... For the 2032 bonds and the 2060 bonds, June 1 and December 1 of each year,
commencing on June 1, 2021.
For the 2121 bonds, January 28 and July 28 of each year, commencing on July 28,
2021.

Optional Redemption ....................................... We may redeem the 2032 bonds, in whole or in part, at any time or from time to time
prior to September 1, 2032 (three months prior to the maturity date of the 2032 bonds)
by paying the greater of the outstanding principal amount of the 2032 bonds and a
"make-whole" amount calculated by a calculation agent appointed by us, in each case
plus accrued and unpaid interest. In addition, we may redeem the 2032 bonds, in
whole or in part, at any time or from time to time on or after September 1, 2032 (three
months prior to the maturity date of the 2032 bonds) at a redemption price equal to
100% of the principal amount of 2032 bonds to be redeemed, plus accrued and unpaid
interest.

We may redeem the 2060 bonds, in whole or in part, at any time or from time to time
prior to June 1, 2060 (six months prior to the maturity date of the 2060 bonds) by
paying the greater of the outstanding principal amount of the 2060 bonds and a
"make-whole" amount calculated by a calculation agent appointed by us, in each case
plus accrued and unpaid interest. In addition, we may redeem the 2060 bonds, in
whole or in part, at any time or from time to time on or after June 1, 2060 (six months
prior to the maturity date of the 2060 bonds) at a redemption price equal to 100% of
the principal amount of 2060 bonds to be redeemed, plus accrued and unpaid interest.

We may redeem the 2121 bonds, in whole or in part, at any time or from time to time
prior to January 28, 2121 (six months prior to the maturity date of the 2121 bonds) by
paying the greater of the outstanding principal amount of the 2121 bonds and a
"make-whole" amount calculated by a calculation agent appointed by us, in each case
plus accrued and unpaid interest. In addition, we may redeem the 2121 bonds, in
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