Obligation Mexica 4% ( US91086QBC15 ) en USD

Mexica

100 % ▼

Mexique

US91086QBC15 ( en USD )

4% par an ( paiement semestriel )

01/10/2023 - Obligation échue

Prospectus brochure de l'obligation Mexico US91086QBC15 en USD 4%, échue

2 000 USD

3 900 000 000 USD

91086QBC1

Le Mexique, pays d'Amérique du Nord, possède une riche histoire précolombienne, une culture vibrante mêlant influences indigènes et européennes, et une grande diversité géographique allant de déserts arides à des forêts tropicales luxuriantes.

L'Obligation émise par Mexica ( Mexique ) , en USD, avec le code ISIN US91086QBC15, paye un coupon de 4% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 01/10/2023

424B2
http://www.sec.gov/Archives/edgar/data/101368/000119312513376145/...
424B2 1 d601548d424b2.htm 424B2
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-185462

Pricing Supplement

To Prospectus dated December 20, 2012 and
Prospectus Supplement dated December 20, 2012

U.S. $110,000,000,000 Global Medium-Term Notes, Series A
U.S. $3,900,000,000 4.000% Global Notes due 2023
The notes will mature on October 2, 2023. Mexico will pay interest on the notes on October 2 and April 2 of each year, commencing April 2, 2014. Mexico may
redeem the notes in whole or in part before maturity, at par plus the Make-Whole Amount and accrued interest, as described herein. The notes will not be entitled to the
benefit of any sinking fund.
The notes will contain provisions regarding acceleration and future modifications to their terms that differ from those applicable to Mexico's outstanding public
external indebtedness issued prior to March 3, 2003. Under these provisions, which are described beginning on page 7 of the accompanying prospectus dated
December 20, 2012, Mexico may amend the payment provisions of the notes with the consent of the holders of 75% of the aggregate principal amount of the outstanding
notes.
Mexico will apply to list the notes on the Luxembourg Stock Exchange and to have the notes admitted to trading on the Euro MTF market of the Luxembourg
Stock Exchange.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or determined whether
this pricing supplement or the related prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The notes have not been and will not be registered with the National Securities Registry maintained by the Mexican National Banking and Securities
Commission ("CNBV"), and therefore may not be offered or sold publicly in Mexico. The notes may be offered or sold to qualified and institutional investors in
Mexico, pursuant to the private placement exemption set forth under Article 8 of the Mexican Securities Market Law. As required under the Mexican
Securities Market Law, Mexico will give notice to the CNBV of the offering of the notes under the terms set forth herein. Such notice will be submitted to the
CNBV to comply with the Mexican Securities Market Law, and for informational purposes only. The delivery to, and receipt by, the CNBV of such notice does
not certify the solvency of Mexico, the investment quality of the notes, or that the information contained in this pricing supplement, the prospectus supplement
or the prospectus is accurate or complete. Mexico has prepared this pricing supplement and is solely responsible for its content, and the CNBV has not
reviewed or authorized such content.

Price to
Underwriting
Proceeds to Mexico,

Public(1)

Discounts

before expenses(1)

Per note

99.543%

0.200%

99.343%
Total

U.S. $3,882,177,000
U.S. $7,800,000
U.S. $3,874,377,000

(1)
Plus accrued interest, if any, from October 2, 2013.
The notes will be ready for delivery in book-entry form only through the facilities of The Depository Trust Company ("DTC"), the Euroclear System ("Euroclear") and
Clearstream Banking, société anonyme, Luxembourg ("Clearstream, Luxembourg") against payment on or about October 2, 2013.
Joint Lead Managers

BofA Merrill Lynch

Goldman, Sachs & Co.

Morgan Stanley

September 23, 2013
1 of 40
9/24/2013 2:47 PM

424B2
http://www.sec.gov/Archives/edgar/data/101368/000119312513376145/...
Table of Contents
TABLE OF CONTENTS

Pricing Supplement

Prospectus

About This Pricing Supplement
PS-2

About this Prospectus
2

Use of Proceeds
PS-3

Forward-Looking Statements
2

Description of the Notes
PS-4

Data Dissemination
3

Supplemental Risk Factor Disclosure
PS-8

Use of Proceeds
3

Recent Developments
PS-9

Description of the Securities
4

Plan of Distribution
PS-29
Plan of Distribution
14
Official Statements
15
Prospectus Supplement

Validity of the Securities
16
Authorized Representative
17
About this Prospectus Supplement
S-3
Where You Can Find More Information
17
Summary
S-4

Risk Factors
S-7

Description of the Notes
S-10

Taxation
S-22

Plan of Distribution
S-29

Glossary
S-33

Annex A Form of Pricing Supplement
A-1

Mexico is a foreign sovereign state. Consequently, it may be difficult for investors to obtain or realize upon judgments of courts in the United States
against Mexico. See "Risk Factors" in the accompanying prospectus supplement.

PS-1
2 of 40
9/24/2013 2:47 PM

424B2
http://www.sec.gov/Archives/edgar/data/101368/000119312513376145/...
Table of Contents
ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated December 20, 2012, relating to Mexico's U.S. $110,000,000,000 Global
Medium-Term Note Program and the accompanying prospectus dated December 20, 2012 relating to Mexico's debt securities and warrants. If the information in this
pricing supplement differs from the information contained in the prospectus supplement or the prospectus, you should rely on the information in this pricing supplement.
You should read this pricing supplement along with the accompanying prospectus supplement and prospectus. All three documents contain information you should
consider when making your investment decision. You should rely only on the information provided or incorporated by reference in this pricing supplement, the
prospectus and the prospectus supplement. Mexico has not authorized anyone else to provide you with different information. Mexico and the managers are offering to
sell the notes and seeking offers to buy the notes only in jurisdictions where it is lawful to do so. The information contained in this pricing supplement and the
accompanying prospectus supplement and prospectus is current only as of its date.
Mexico is furnishing this pricing supplement, the prospectus supplement and the prospectus solely for use by prospective investors in connection with their
consideration of a purchase of the notes. Mexico confirms that:

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

respects and is not misleading;

· it has not omitted other facts the omission of which makes this pricing supplement and the accompanying prospectus supplement and prospectus as a whole

misleading; and

·
it
accepts
responsibility for the information it has provided in this pricing supplement and the accompanying prospectus supplement and prospectus.
IN CONNECTION WITH THIS OFFERING OF NOTES, GOLDMAN, SACHS & CO. (THE "STABILIZING MANAGER"), OR ANY PERSONS ACTING
ON BEHALF OF THE STABILIZING MANAGER, MAY OVER-ALLOT NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET
PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT THE
STABILIZING MANAGER, OR ANY PERSON ACTING ON BEHALF OF THE STABILIZING MANAGER, WILL UNDERTAKE STABILIZATION ACTION. ANY
STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE FINAL TERMS OF THE OFFER
OF THE NOTES IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER
THE ISSUE DATE OF THE NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE NOTES. ANY STABILIZATION ACTION OR
OVER-ALLOTMENT MUST BE CONDUCTED BY THE RELEVANT STABILIZING MANAGER, OR ANY PERSON ACTING ON BEHALF OF THE
STABILIZING MANAGER, IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES. THIS SUPPLEMENTS THE STABILIZATION PROVISION IN
THE PROSPECTUS SUPPLEMENT DATED DECEMBER 20, 2012 ISSUED BY MEXICO.
This pricing supplement is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and
other persons to whom it may lawfully be communicated, falling within Article 49(2)(a)

PS-2
3 of 40
9/24/2013 2:47 PM

424B2
http://www.sec.gov/Archives/edgar/data/101368/000119312513376145/...
Table of Contents
to (d) of the Order (all such persons together being referred to as "relevant persons"). The notes are only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on
this pricing supplement or any of its contents.
This pricing supplement does not constitute an offer to sell or the solicitation of an offer to buy any notes in any jurisdiction to any person to whom it is unlawful
to make the offer or solicitation in such jurisdiction. The distribution of this pricing supplement and the offer or sale of notes may be restricted by law in certain
jurisdictions. Mexico and the managers do not represent that this pricing supplement may be lawfully distributed, or that any notes may be lawfully offered, in
compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any
responsibility for facilitating any such distribution or offering. In particular, no action has been taken by Mexico or the managers which would permit a public offering
of the notes or distribution of this pricing supplement in any jurisdiction where action for that purpose is required. Accordingly, no notes may be offered or sold,
directly or indirectly, and neither this pricing supplement nor any offering material may be distributed or published in any jurisdiction, except under circumstances that
will result in compliance with any applicable laws and regulations and the managers have represented that all offers and sales by them will be made on the same terms.
Persons into whose possession this pricing supplement comes are required by Mexico and the managers to inform themselves about and to observe any such restriction.
In particular, there are restrictions on the distribution of this pricing supplement and the offer or sale of notes in Austria, Belgium, Chile, Colombia, Denmark, the
European Economic Area, France, Germany, Hong Kong, Italy, Japan, Luxembourg, Mexico, the Netherlands, Norway, Peru, Singapore, Spain, Switzerland, the United
Kingdom and Uruguay. See the section entitled "Plan of Distribution".
USE OF PROCEEDS
The net proceeds to Mexico from the sale of the notes will be approximately U.S. $3,874,027,000, after the deduction of the underwriting discount and Mexico's
share of the expenses in connection with the sale of the notes, which are estimated to be approximately U.S. $350,000. Mexico intends to use the net proceeds of the
sale of the notes, (i) in part, for liability management transactions, which may include payment of the purchase price for certain outstanding notes of Mexico, which
Mexico may purchase pursuant to its planned offer to purchase for cash (the "Offer to Purchase"), on the terms and subject to the conditions set forth in an Offer to
Purchase, dated September 23, 2013, in which the managers are acting as joint dealer managers and Goldman, Sachs & Co. is acting as billing and delivery bank (the
"B&D Bank"), and (ii) in part, for the general purposes of the Government of Mexico, including the refinancing, repurchase or retirement of domestic and external
indebtedness of the Government. None of the managers shall have any responsibility for the application of the net proceeds of the notes.

PS-3
4 of 40
9/24/2013 2:47 PM

424B2
http://www.sec.gov/Archives/edgar/data/101368/000119312513376145/...
Table of Contents
DESCRIPTION OF THE NOTES
Mexico will issue the notes under the fiscal agency agreement, dated as of September 1, 1992, as amended by Amendment No. 1 dated as of November 28,
1995 and Amendment No. 2 dated as of March 3, 2003, between Mexico and Citibank, N.A., as fiscal agent. The information contained in this section and in the
prospectus supplement and the prospectus summarizes some of the terms of the notes and the fiscal agency agreement. This summary does not contain all of the
information that may be important to you as a potential investor in the notes. You should read the fiscal agency agreement and the form of the notes before making
your investment decision. Mexico has filed or will file copies of these documents with the SEC and will also file copies of these documents at the offices of the
fiscal agent and the paying agents.

Aggregate Principal Amount:

U.S. $3,900,000,000
Issue Price:

99.543%, plus accrued interest, if any, from October 2, 2013
Issue Date:

October 2, 2013
Maturity Date:

October 2, 2023
Specified Currency:

U.S. dollars (U.S. $)
Authorized Denominations:

U.S. $2,000 and integral multiples thereof
Form:

Registered; Book-Entry through the facilities of DTC, Euroclear and Clearstream, Luxembourg.
Interest Rate:

4.000% per annum, accruing from October 2, 2013
Interest Payment Date:

Semi-annually on October 2 and April 2 of each year, commencing on April 2, 2014
Regular Record Date:

September 25 and March 25 of each year

PS-4
5 of 40
9/24/2013 2:47 PM

424B2
http://www.sec.gov/Archives/edgar/data/101368/000119312513376145/...
Table of Contents
Optional Redemption:
x Yes ¨ No

Mexico will have the right at its option, upon giving not less than 30 days' nor more than 60 days' notice, to
redeem the notes, in whole or in part, at any time or from time to time prior to their maturity, at a redemption
price equal to the principal amount thereof, plus the Make-Whole Amount (as defined below), plus accrued
interest on the principal amount of such notes to the date of redemption. "Make-Whole Amount" means the
excess of (i) the sum of the present values of each remaining scheduled payment of principal and interest on the
notes to be redeemed (exclusive of interest accrued to the date of redemption), discounted to the redemption
date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate

plus 25 basis points over (ii) the principal amount of the notes.
"Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the annual equivalent
yield to maturity or interpolated maturity of the Comparable Treasury Issue (as defined below), assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the

Comparable Treasury Price for such redemption date.
"Comparable Treasury Issue" means the United States Treasury security or securities selected by an
Independent Investment Banker (as defined below) as having an actual or interpolated maturity comparable to
the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of investment grade debt securities of a

comparable maturity to the remaining term of such notes.
"Independent Investment Banker" means one of the Reference Treasury Dealers (as defined below) appointed

by Mexico.
"Comparable Treasury Price" means, with respect to any redemption date, (i) the average of the Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference
Treasury Dealer Quotation or (ii) if Mexico obtains fewer than four such Reference Treasury Dealer

Quotations, the average of all such quotations.

PS-5
6 of 40
9/24/2013 2:47 PM

424B2
http://www.sec.gov/Archives/edgar/data/101368/000119312513376145/...
Table of Contents
"Reference Treasury Dealer" means each of Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. LLC or their respective affiliates which are primary United States
government securities dealers and their respective successors, and two other Primary Treasury Dealers (as
below defined) selected by Mexico; provided that if any of the foregoing shall cease to be a primary United
States government securities dealer in the City of New York (a "Primary Treasury Dealer"), Mexico will

substitute therefor another Primary Treasury Dealer.
"Reference Dealer Quotation" means, with respect to each Reference Dealer and any redemption date, the
average, as determined by Mexico, of the bid and asked prices for the Comparable Treasury Issue (expressed
in each case as a percentage of its principal amount) quoted in writing to Mexico by such Reference Dealer at

3:30 p.m., New York time on the third business day preceding such redemption date.
Optional Repayment:

¨ Yes x No
Indexed Note:

¨ Yes x No
Foreign Currency Note:

¨ Yes x No
Managers:
Goldman, Sachs & Co.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated

Morgan Stanley & Co. LLC
Purchase Price:

99.343%, plus accrued interest, if any, from October 2, 2013
Method of Payment:

Wire transfer of immediately available funds to an account designated by Mexico.
Listing:

Mexico will apply to list the notes on the Luxembourg Stock Exchange.
Trading:
Mexico will apply to have the notes admitted to trading on the Euro MTF Market of the Luxembourg Stock

Exchange.
Securities Codes:

CUSIP:

91086Q BC1
ISIN:

US91086QBC15
Common Code:

097563896

PS-6
7 of 40
9/24/2013 2:47 PM

424B2
http://www.sec.gov/Archives/edgar/data/101368/000119312513376145/...
Table of Contents
Fiscal Agent, Principal Paying Agent,
Exchange Rate Agent, Transfer Agent,
Registrar and Authenticating Agent:

Citibank, N.A.
Luxembourg Paying and Transfer Agent:

KBL European Private Bankers S.A.
Further Issues:
Mexico may, without the consent of the holders, issue additional notes that may form a single series of notes
with the outstanding notes, provided that such additional notes do not have, for purposes of U.S. federal income
taxation, a greater amount of original issue discount than the notes have as of the date of the issue of such

additional notes.
Payment of Principal and Interest:

Principal of and interest on the notes will be payable by Mexico to the Paying Agent in U.S. dollars.
Governing Law:
New York, except that all matters governing authorization and execution of the notes by Mexico will be

governed by the law of Mexico.
Additional Provisions:
The notes will contain provisions regarding acceleration and future modifications to their terms that differ from
those applicable to Mexico's outstanding public external indebtedness issued prior to March 3, 2003. Those

provisions are described beginning on page 7 of the accompanying prospectus dated December 20, 2012.
Conflicts of Interest:
As described in the "Use of Proceeds," some of the net proceeds of this offering may be used to fund our
purchase of certain outstanding notes of Mexico. An affiliate of the B&D Bank for the Offer to Purchase may be
a holder of certain of the outstanding notes of Mexico as set forth in the Offer to Purchase and may receive 5%
or more of the proceeds from this offering. Because of the manner in which the net proceeds are being used,
this offering will be conducted in accordance with Financial Industry Regulatory Authority ("FINRA") Rule

5121.

PS-7
8 of 40
9/24/2013 2:47 PM

424B2
http://www.sec.gov/Archives/edgar/data/101368/000119312513376145/...
Table of Contents
SUPPLEMENTAL RISK FACTOR DISCLOSURE
The following risk factor supplements the information contained under "Risk Factors", in the accompanying prospectus supplement. You should consult
your financial and legal advisors about the risks of investing in the notes and the suitability of your investment in light of your particular situation. Mexico
disclaims any responsibility for advising you on these matters.
Recent federal court decisions in New York create uncertainty regarding the meaning of ranking provisions and could potentially reduce or hinder the ability
of sovereign issuers to restructure their debt
In ongoing litigation in federal courts in New York captioned NML Capital, Ltd. v. Republic of Argentina, the U.S. Court of Appeals for the Second Circuit has
ruled that the ranking clause in bonds issued by Argentina prevents Argentina from making payments in respect of the bonds unless it makes pro rata payments on
defaulted debt that ranks pari passu with the performing bonds. The court stayed the effect of such ruling until any ruling on the case by the United States Supreme
Court.
Depending on the scope of the final decision, a final decision that requires ratable payments could potentially hinder or impede future sovereign debt
restructurings and distressed debt management unless sovereign issuers obtain the requisite bondholder consents pursuant to a collective action clause, if applicable, in
their debt, such as the collective action clause contained in the Notes. See "Description of the Securities--Meetings, Amendments and Waivers" in the accompanying
prospectus. Mexico cannot predict whether or in what manner the courts will resolve this dispute or how any such judgment will be applied or implemented.

PS-8
9 of 40
9/24/2013 2:47 PM

424B2
http://www.sec.gov/Archives/edgar/data/101368/000119312513376145/...
Table of Contents
RECENT DEVELOPMENTS
The information in this section supplements the information about Mexico corresponding to the headings below that is contained in Exhibit D to
Mexico's annual report on Form 18-K, as amended, for the fiscal year ended December 31, 2011 (the 2011 Form 18-K). To the extent that the information
included in this section differs from the information set forth in the annual report, you should rely on the information in this section.
Form of Government
Legislative authority in the Federal Government of Mexico (the Government) is vested in Congress. Congressional elections for all 128 seats in the Cámara de
Senadores (Senate) and 500 seats in the Cámara de Diputados (Chamber of Deputies) were held on July 1, 2012. The following table provides the current distribution
of congressional seats, reflecting certain post-election changes in the party affiliations of certain senators and deputies.
Party Representation in the Mexican Congress

Senate

Chamber of Deputies

Seats
% of Total
Seats
% of Total
Institutional Revolutionary Party

54

42.2%
213

42.6%
National Action Party

38

29.7
114

22.8
Democratic Revolution Party

22

17.2
101

20.2
Ecological Green Party of Mexico

7

5.5
28

5.6
Labor Party

5

3.9
14

2.8
Citizen Movement Party

1

0.8
20

4.0
New Alliance

1

0.8
10

2.0
Unaffiliated

0

0.0

0

0.0

Total

128
100.0%

500
100.0%

Note: Numbers may not total due to rounding.
Source: Senate and Chamber of Representatives.
Mexico is a federation comprised of thirty-one states, each headed by a state governor, and one Federal District, headed by an elected mayor. A local election
for the Baja California governorship was held on July 7, 2013. By forming an alliance with the Partido de la Revolución Democrática (Democratic Revolution Party,
or PRD) and the Partido Nueva Alianza (New Alliance Party), the Partido Acción Nacional (National Action Party, or PAN) was able to retain the Baja California
governorship. As a result of this election, Mexico's state governorships are now composed as follows:

·
The PRD holds three state governorships, along with the mayorship of the Federal District;

·
The PAN holds three state governorships;

·
An alliance formed by the PAN and the PRD holds four state governorships; and

·

The
Partido Revolucionario Institucional (Institutional Revolutionary Party, or PRI) holds the remaining 21 of the 31 state governorships.

PS-9
10 of 40
9/24/2013 2:47 PM