Commentary & Deal Flow

Republic of Colombia (“Colombia”, Ticker: “COLOM”) exp Baa3/BB/BB+ (s/n/n) SEC-registered 3-part euro-denominated benchmark: 3y due 09/19/2028; 7y due 09/19/2032; L10y due 02/19/2036. BBVA, BNPP, Citi (B&D) as joint books. Optional Redemption: 3y - 1mo Par Call / MW; 7y - 2mo Par Call / MW; L10y - 3mo Par Call / MW. Day Count: ISDA Act / Act.

Use of Proceeds: Colombia will use the net proceeds of the offering (i) for liability management transactions, and/or (ii) for general budgetary purposes. Marketing: Base Prospectus and Prospectus Supplement. Minimum Denominations: €100k x €1k. Listing: London Stock Exchange & Luxembourg Stock Exchange. Price 09/10. Settle 09/19 (T+7).

IPTs:

3y 4.250%a

7y 5.625a%a

L10y 6.250%a

Guidance:

3y 3.875%-4.000%

7y 5.250%-5.375%

L10y 5.875%-6.000%