Obligation Republic of Peru 3.6% ( US715638DW93 ) en USD

Republic of Peru

62.95 % ▼

Perou

US715638DW93 ( en USD )

3.6% par an ( paiement semestriel )

14/01/2072

Prospectus brochure de l'obligation Peru US715638DW93 en USD 3.6%, échéance 14/01/2072

1 000 USD

1 000 000 000 USD

715638DW9

15/07/2026 ( Dans 102 jours )

Gouvernement souverain du Pérou accédant aux marchés internationaux pour soutenir sa croissance et ses réformes économiques.

L'Obligation émise par Republic of Peru ( Perou ) , en USD, avec le code ISIN US715638DW93, paye un coupon de 3.6% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 14/01/2072

File d pursuant to Rule 424(b)(2)
Re gistration No. 333-252387

PROSPECTUS SUPPLEMENT
( To prospectus dated February 8, 2021)

Republic of Peru
U.S.$2,250,000,000 3.000% U.S. Dollar-Denominated Global Bonds Due 2034
U.S.$750,000,000 3.550% U.S. Dollar-Denominated Global Bonds Due 2051
U.S.$1,000,000,000 3.600% U.S. Dollar-Denominated Global Bonds Due 2072

The Republic of P eru is offering U.S.$2,250,000,000 aggregate principal amount of its 3.000% U.S. Dollar-Denominated Global Bonds Due 2034 (the " 2034 bonds"),
U.S.$750,000,000 aggregate principal amount of its 3.550% U.S. Dollar-Denominated Global Bonds Due 2051 (the " 2051 new bonds"), U.S.$1,000,000,000 aggregate principal amount of its
3.600% U.S. Dollar-Denominated Global Bonds Due 2072 (the " 2072 bonds" and, together with the 2034 bonds and the 2051 new bonds, the " bonds").
The 2051 new bonds will be a further issuance of, and will be consolidated, form a single series, and be fully fungible for tax purposes with, Peru's outstanding 3.550% U.S. Dollar-
Denominated Global Bonds Due 2051 issued in an aggregate principal amount of U.S.$1,000,000,000 on March 3, 2021 (the " 2051 initial bonds" and, together with the 2051 new bonds, the
" 2051 bonds"). Upon the consummation of this offering, the aggregate principal amount of the 2051 bonds will be U.S.$1,750,000,000. The 2051 new bonds will have terms and conditions
identical to the 2051 initial bonds, other than the issue date and the issue price, and will constitute part of the same series as, and vote together as a single class with, the 2051 initial bonds. The
2051 initial bonds and the new bonds will share the same CUSIP and ISIN numbers and be fungible.
The 2034 bonds will bear interest at the rate of 3.000% per year, accruing from November 2, 2021. The 2051 bonds will bear interest at the rate 3.550% per year, accruing from
September 10, 2021. The 2072 bonds will bear interest at the rate of 3.600% per year, accruing from November 2, 2021. Interest on the 2034 bonds is payable on January 15 and July 15,
beginning on July 15 , 2022. Interest on the 2051 bonds is payable on March 10 and September 10 of each year, beginning on March 10, 2022. Interest on the 2072 bonds is payable on
January 15 and July 15, beginning on July 15, 2022. The final maturity of the 2034 bonds will be January 15, 2034. The final maturity of the 2051 bonds will be March 10, 2051. The final
maturity of the 2072 bonds will be January 15, 2072.
We may redeem the 2034 bonds, in whole or in part, at any time or from time to time prior to October 15, 2033 (three months prior to the maturity date of the 2034 bonds) by paying
the greater of the outstanding principal amount of the 2034 bonds and a " make-whole" amount. In addition, we may redeem the 2034 bonds, in whole or in part, at any time or from time to
time on or after October 15, 2033 (three months prior to the maturity date of the 2034 bonds), at a redemption price equal to 100% of the principal amount of 2034 bonds to be redeemed, plus
accrued and unpaid interest. We may redeem the 2051 bonds, in whole or in part, at any time or from time to time prior to September 10, 2050 (six months prior to the maturity date of the 2051
bonds) by paying the greater of the outstanding principal amount of the 2051 bonds and a " make-whole" amount. In addition, we may redeem the 2051 bonds, in whole or in part, at any time or
from time to time on or after September 10, 2050 (six months prior to the maturity date of the 2051 bonds), at a redemption price equal to 100% of the principal amount of 2051 bonds to be
redeemed, plus accrued and unpaid interest. We may redeem the 2072 bonds, in whole or in part, at any time or from time to time prior to July 15, 2071 (six months prior to the maturity date of
the 2072 bonds) by paying the greater of the outstanding principal amount of 2072 bonds and a " make-whole" amount. In addition, we may redeem the 2072 bonds, in whole or in part, at any
time or from time to time on or after July 15, 2071 (six months prior to the maturity date of the 2072 bonds), at a redemption price equal to 100% of the principal amount of 2072 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 P eru. Each series of bonds will rank equally, without any preference among themselves,
with all of P eru's other existing and future unsecured and unsubordinated obligations relating to external indebtedness of P eru, 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 P eru' 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, P eru 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 662/3% 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.
We will apply to admit the bonds for listing on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF Market. This P rospectus supplement and the
accompanying prospectus, together with the documents incorporated by reference, constitute a prospectus for purposes of P art IV of the Luxembourg law on prospectuses for securities
dated July 16, 2019.

Proceeds to Peru
(bef ore expenses
Underwriting
and underwriting
Price to Public(1)
Fee(2)
f ees)(3)

3.000% U.S. Dollar-Denominated Global Bonds Due 2034..............................................
99.165 %
U.S.$843,750

U.S.$2,231,212,500
3.550% U.S. Dollar-Denominated Global Bonds Due 2051..............................................
101.448 %
U.S.$281,250

U.S.$760,860,000
3.600% U.S. Dollar-Denominated Global Bonds Due 2072..............................................
96.173 %
U.S.$375,000

U.S.$961,730,000

(1)
With respect to the 2034 bonds, plus accrued interest, if any, from November 2, 2021. With respect to the 2051 new bonds, plus accrued and unpaid interest totaling U.S.$3,845,833.33
or U.S.$5.13 per U.S.$1,000 in principal amount of the 2051 bonds, from (and including) September 10, 2021 to (but excluding) November 2, 2021, the date Peru delivered the 2051 new
bonds offered by this prospectus supplement, plus accrued interest, if any, from November 2, 2021. With respect to the 2072 bonds, plus accrued interest, if any, from November 2, 2021.
(2)
See " Underwriting."
(3)
See " Use of P roceeds."
The underwriters are offering the bonds subject to various conditions. The underwriters delivered the bonds to purchasers on November 2, 2021, 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

BNP PARIBAS
BofA Securities
J.P. Morgan

Morgan Stanley

November 12, 2021

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

Prospectus Supplement
Page

About this Prospectus Supplement and the Accompanying Prospectus ..........................................................................................
S-1
Incorporation by Reference .................................................................................................................................................................
S-2
Forward-Looking Statements..............................................................................................................................................................
S-3
Sovereign Immunity ............................................................................................................................................................................
S-4
Certain Legal Restrictions ...................................................................................................................................................................
S-5
Summary of the Offering ....................................................................................................................................................................
S-6
Risk Factors.......................................................................................................................................................................................... S-10
Use of Proceeds.................................................................................................................................................................................... S-12
Description of the Bonds ..................................................................................................................................................................... S-13
United States Federal Income Tax Considerations ........................................................................................................................... S-23
Peru Taxation ....................................................................................................................................................................................... S-24
Underwriting ........................................................................................................................................................................................ S-25
Validity of the bonds ........................................................................................................................................................................... S-31
General Information............................................................................................................................................................................. S-32

Page

Prospectus

About This Prospectus..........................................................................................................................................................................
i
Data Dissemination...............................................................................................................................................................................
i
Use of Proceeds.....................................................................................................................................................................................
1
Description of the Securities ................................................................................................................................................................
2
Taxation .................................................................................................................................................................................................
16
Plan of Distribution...............................................................................................................................................................................
21
Official Statements ...............................................................................................................................................................................
23
Validity of the Securities ......................................................................................................................................................................
24
Authorized Representative ...................................................................................................................................................................
25
Where You Can Find More Information .............................................................................................................................................
26

S-i

NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA
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 any Member State of the European Economic Area ("EEA"). For these purposes, a retail investor
means a person who is one (or more) of: (i) a retail client, as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as
amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, 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; or
(iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 (as amended, 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 has been prepared
and therefore offering or selling the bonds or otherwise making them available to any retail investor in the EEA may be unlawful
under the PRIIPs Regulation.
Any distributor subject to MiFID II (for the purposes of this paragraph, a "distributor") subsequently offering, selling or
recommending the bonds is responsible for undertaking its own target market assessment in respect of the bonds and determining the
appropriate distribution channels for the purposes of the MiFID II product governance rules under Commission Delegated Directive
(EU) 2017/593 (the "Delegated Directive"). Neither Peru nor any of the underwriters make any representations or warranties as to a
distributor's compliance with the Delegated Directive.
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM
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 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 (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); or (ii) a customer within the meaning of the provisions of the
Financial Services and Markets Act 2000 (as amended, the "FSMA") and any rules or regulations made under the FSMA to
implement the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point
(8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA; or (iii) not a
qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of UK domestic law by virtue of the EUWA.
No key information document required by the PRIIPs Regulation, as it forms part of UK domestic law by virtue of the EUWA
(the "UK PRIIPs Regulation"), for offering or selling the bonds or otherwise making them available to retail investors in the UK has
been prepared and the bonds will not be offered or sold or otherwise made available to any retail investor in the UK.
Any distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK MiFIR
Product Governance Rules") (for the purpose of this paragraph, a "distributor"), subsequently offering, selling or recommending the
bonds is responsible for undertaking its own target market assessment in respect of the bonds and determining the appropriate
distribution channels for the purposes of the UK MiFIR Product Governance Rules. Neither Peru nor any of the underwriters make
any representations or warranties as to a distributor's compliance with the UK MiFIR Product Governance Rules.
This prospectus supplement is for distribution only to persons who: (i) are outside the United Kingdom; (ii) 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"); (iii) are persons falling within Articles 49(2)(a) to (d)
("high net worth companies, unincorporated associations, etc.") of the Financial Promotion Order; or (iv) are persons to whom an
invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) 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 prospectus supplement 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 prospectus supplement relates
is available only to relevant persons and will be engaged in only with relevant persons.
S-ii

STABILIZATION
In connection with the offering, BNP Paribas Securities Corp., BofA Securities, Inc., J.P. Morgan Securities LLC 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 Peru 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.

S-iii

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.
333-252387, 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.
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-1

INCORPORATION BY REFERENCE
We are incorporating by reference into this prospectus supplement Peru's most recent Annual Report on Form 18-K (the "Form
18-K") for the fiscal year ended December 31, 2020, as filed with the SEC on October 22, 2021, Amendment No. 1 on Form 18-K/A
("Amendment No. 1"), as filed with the SEC on October 28, 2021 and Amendment No. 2 filed on Form 18-K/A ("Amendment No.
2") as filed with the SEC on November 9, 2021 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.

S-2

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-3

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 Law for Fiscal Year 2021, Law No. 31084 (Ley que aprueba el
Presupuesto del Sector Público para el Año Fiscal 2021), 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-4

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-5

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
3.000% U.S. Dollar-Denominated Global Bonds due 2034, which we refer to
herein as the "2034 bonds."

3.550% U.S. Dollar-Denominated Global Bonds due 2051, which we refer to

herein as the "2051 new bonds."

3.600% U.S. Dollar-Denominated Global Bonds due 2072, which we refer to

herein as the "2072 bonds" and, together with the 2034 bonds and the 2051 new
bonds, as the "bonds."

The 2051 new bonds will be a further issuance of, and will be consolidated, form
a single series, and be fully fungible for tax purposes with, Peru's outstanding
3.550% U.S. Dollar-Denominated Global Bonds Due 2051 issued in an aggregate
principal amount of U.S.$1,000,000,000 on March 3, 2021 (the "2051 initial
bonds" and, together with the 2051 new bonds, the "2051 bonds"). Upon the

consummation of this offering, the aggregate principal amount of the 2051 bonds
will be U.S.$1,750,000,000. The 2051 new bonds will have terms and conditions
identical to the 2051 initial bonds, other than the issue date and the issue price,
and will constitute part of the same series as, and vote together as a single class
with, the 2051 initial bonds. The 2051 initial bonds and the new bonds will share
the same CUSIP and ISIN numbers and be fungible.

Issue Amount
For the 2034 bonds, U.S.$2,250,000,000 aggregate principal amount.

For the 2051 new bonds, U.S.$750,000,000 aggregate principal amount.

For the 2072 bonds, U.S.$1,000,000,000 aggregate principal amount.

Issue Price

For the 2034 bonds, 99.165%, plus accrued interest, if any, from November 2,
2021.

For the 2051 new bonds, 101.448%, plus accrued and unpaid interest, from (and
including) September 10, 2021 to (but excluding) November 2, 2021, the date

Peru delivered the 2051 new bonds offered by this prospectus supplement, and
any accrued interest from November 2, 2021.

For the 2072 bonds, 96.173%, plus accrued interest, if any, from November 2,

2021.

Final Maturity Date

For the 2034 bonds, January 15, 2034.

For the 2051 new bonds, March 10, 2051.

For the 2072 bonds, January 15, 2072.

Interest Rate

For the 2034 bonds, 3.000% per year, computed on the basis of a 360 day year of
twelve 30 day months.
S-6