[6-K] Ecopetrol S.A Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Barclays Bank PLC is offering unsecured, unsubordinated Market Linked Notes tied to the performance of the EURO STOXX 50® Index (SX5E). The notes price on 30 July 2025, are issued on 4 August 2025, and mature on 3 August 2028.

Key economics: Each USD 1,000 note will repay principal at maturity and provide 100% upside participation in the Index, capped at a minimum 28.0% ($280); the exact cap is set on the pricing date. If the Index ends at or below the starting level, holders receive only the USD 1,000 principal—no upside and no periodic coupons. The issuer’s estimated value on the pricing date is expected to range between USD 900 and USD 952.50, below the offering price, reflecting structuring and selling costs, including up to 3.825% in agent discounts and concessions.

Risk highlights: Investors are exposed to Barclays’ credit risk and any exercise of the U.K. Bail-in Power. The notes pay no interest, are subject to a performance cap, will not be listed on any exchange, and may have limited or no secondary liquidity. Taxable income may accrue annually before payment. The investment view assumes the Index appreciates, but performance could under-whelm a direct investment in the underlying securities.

Documentation: The term sheet should be read together with the Prospectus (15 May 2025), Prospectus Supplement (15 May 2025), Product Supplement WF-2 (20 May 2025), Underlying Supplement (15 May 2025) and the Preliminary Pricing Supplement dated 27 June 2025.

Positive

• Full principal repayment at maturity regardless of Index performance, mitigating downside market risk.
• 100% upside participation in EURO STOXX 50® gains up to a minimum 28% cap provides equity exposure with controlled risk.

Negative

• No periodic interest and upside is strictly capped, potentially underperforming a direct equity investment.
• Issuer credit and U.K. bail-in risk could lead to loss of principal despite market performance.
• Estimated value (USD 900–952.50) is below the USD 1,000 offering price, indicating an immediate valuation discount.
• Limited secondary market; notes are not exchange-listed, creating liquidity and pricing uncertainty.
• Taxable income recognition before maturity may generate phantom income for investors.

Insights

Structured-Products Analyst

TL;DR Principal is protected but upside is capped; credit and liquidity risks remain significant.

The notes suit investors seeking modest equity exposure with capital preservation through 2028. Investors gain 1:1 participation in EURO STOXX 50® gains up to ~28%, comparable to a call spread overlay. Cost drag is evident: the issuer’s fair value (90-95% of par) shows an immediate mark-to-market discount driven by embedded dealer margin and hedging costs. Absence of periodic coupons increases negative carry for income-focused buyers. Liquidity will rely on Barclays’ own bid; spreads could widen in stress. Bail-in language reinforces senior unsecured status and potential principal write-down in resolution. Relative to zero-coupon Euro-area equities or structured deposits, the trade-off is a modest upside cap for full principal protection.

Credit & Regulatory Risk Specialist

TL;DR Creditworthiness and U.K. bail-in powers are the dominant downside factors.

Because the notes are senior unsecured, repayment hinges on Barclays Bank PLC’s solvency through 2028. Although Barclays is investment-grade today, the U.K. Banking Act grants regulators authority to impose losses on noteholders via bail-in, potentially before traditional default. The term sheet stresses this scenario, a material risk absent in insured deposits. Estimated value well below par further underscores transfer of economic value to the issuer at inception. Investors unable to quantify Barclays’ forward credit profile should regard this as a meaningful negative.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June, 2025

Commission File Number 001-34175

ECOPETROL S.A.

(Exact name of registrant as specified in its charter)

N.A.

(Translation of registrant’s name into English)

COLOMBIA

(Jurisdiction of incorporation or organization)

Carrera 13 No. 36 – 24

BOGOTA D.C. – COLOMBIA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x      Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)

Yes ¨      No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)

Yes ¨      No x

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨      No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Ecopetrol S.A.
	By:	/s/ Alfonso Camilo Barco
		Name:	Alfonso Camilo Barco
		Title:	Chief Financial Officer

Date: June 27, 2025

FAQ

What is the maximum possible return on the Barclays notes?

The maximum return will be at least 28.0% of principal (at least USD 280 per USD 1,000 note), set on the 30 July 2025 pricing date.

Do the notes protect my principal investment?

Yes. If the Index ends at or below its starting level, you will still receive USD 1,000 per note at maturity, subject to Barclays’ credit risk.

Will I receive periodic interest from these notes?

No. No coupons or interest are paid during the 3-year term.

How does Barclays’ estimated value compare with the offering price?

Barclays expects an estimated value between USD 900 and USD 952.50, below the USD 1,000 offering price due to embedded fees and hedging costs.

Are the notes insured by the FDIC or U.K. compensation schemes?

No. The notes are uninsured, unsecured obligations and are not covered by the FDIC or the U.K. Financial Services Compensation Scheme.

Can the notes be affected by U.K. bail-in powers?

Yes. Regulators can write down or convert the notes if Barclays enters resolution, potentially resulting in partial or total loss.