Obligation Mexica 3.9% ( US91087BAJ98 ) en USD

Mexica

100 % ▼

Mexique

US91087BAJ98 ( en USD )

3.9% par an ( paiement semestriel )

26/04/2025 - Obligation échue

Prospectus brochure de l'obligation Mexico US91087BAJ98 en USD 3.9%, échue

91087BAJ9

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 mexicaine (ISIN : US91087BAJ98, CUSIP : 91087BAJ9) libellée en USD, affichant un taux d'intérêt de 3,9% et échéant le 26/04/2025, avec des paiements semestriels, est actuellement négociée à 100% de sa valeur nominale.

FINAL PROSPECTUS SUPPLEMENT
424B2 1 d918520d424b2.htm FINAL PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-226200

Prospectus Supplement
To Prospectus dated November 19, 2018

United Mexican States
U.S.$1,000,000,000 3.900% Global Notes due 2025
U.S.$2,500,000,000 4.750% Global Notes due 2032
U.S.$2,500,000,000 5.000% Global Notes due 2051
The 3.900% Global Notes due 2025 (the "2025 notes") will mature on April 27, 2025. The 4.750% Global Notes due 2032 (the "2032 notes") will mature on
April 27, 2032. The 5.000% Global Notes due 2051 (the "2051 notes") will mature on April 27, 2051. We refer to the 2025 notes, the 2032 notes and the 2051 notes
collectively as the "notes." Mexico will pay interest on the notes on April 27 and October 27 of each year, commencing October 27, 2020. Mexico may redeem the notes,
in whole or in part, before maturity, on the terms described herein. The notes will not be entitled to the benefit of any sinking fund. The offering of the 2025 notes, the
offering of the 2032 notes and the offering of the 2051 notes, each pursuant to this prospectus supplement, are not contingent upon one another.
The notes will be issued under an indenture, and each of the 2025 notes, the 2032 notes and the 2051 notes constitutes a separate series under the indenture. The
indenture contains provisions regarding future modifications to the terms of the notes that differ from those applicable to Mexico's outstanding public external
indebtedness issued prior to November 10, 2014. Under these provisions, which are described beginning on page 16 of the accompanying prospectus dated November 19,
2018, Mexico may amend the payment provisions of the notes and other reserved matters listed in the indenture with the consent of the holders of: (1) with respect to a
single series of notes, more than 75% of the aggregate principal amount of the outstanding notes of such series; (2) with respect to two or more series of notes, if certain
"uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of the outstanding notes of all series affected by the proposed
modification, taken in the aggregate; or (3) with respect to two or more series of notes, more than 66 2/3% of the aggregate principal amount of the outstanding notes of
all series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding notes of each series
affected by the proposed modification, taken individually.
Application will be made 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.
Section 309B(1)(c) of the Securities and Futures Act (Chapter 289 of Singapore) Notification
The notes are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018).
Neither the Securities and Exchange Commission ("SEC") nor any other regulatory body has approved or disapproved of these securities or determined
whether this prospectus supplement or the related 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 in Mexico to investors that qualify as
institutional and accredited investors, pursuant to the private placement exemption set forth under Article 8 of the Mexican Securities Market Law and
regulations thereunder. 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 prospectus supplement or the prospectus is accurate or complete. Mexico has prepared this prospectus supplement and is solely responsible for
its content, and the CNBV has not reviewed or authorized such content.

Proceeds to Mexico,

Price to Public(1)

Underwriting Discounts

before expenses(1)
Per 2025 note

98.993%

0.150%

98.843%
Total for the 2025 notes

U.S.$ 989,930,000
U.S.$
1,500,000
U.S.$
988,430,000
Per 2032 note

97.764%

0.170%

97.594%
Total for the 2032 notes

U.S.$2,444,100,000
U.S.$
4,250,000
U.S.$ 2,439,850,000
Per 2051 note

92.600%

0.190%

92.410%
Total for the 2051 notes

U.S.$2,315,000,000
U.S.$
4,750,000
U.S.$ 2,310,250,000

(1)
Plus accrued interest, if any, from April 27, 2020 to the date of settlement, which is expected to be April 27, 2020.
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 April 27, 2020.
Joint Book-Running Managers

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FINAL PROSPECTUS SUPPLEMENT
Citigroup

Goldman Sachs & Co. LLC

J.P. Morgan

Santander

April 22, 2020
Table of Contents
TABLE OF CONTENTS

Prospectus Supplement
Page
Prospectus

Page
About this Prospectus Supplement
S-2
About this Prospectus

1
Forward-Looking Statements
S-4
Forward-Looking Statements

1
Summary
S-5
Data Dissemination

2
Risk Factors
S-10
Use of Proceeds

2
Use of Proceeds
S-12
Risk Factors

3
Description of the Notes
S-13
Description of the Securities

6
Recent Developments
S-16
Taxation

26
Taxation
S-38
Plan of Distribution

33
Plan of Distribution
S-39
Official Statements

41
Validity of the Securities

43
Authorized Representative

44
Where You Can Find More Information

44
Glossary

46

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.

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ABOUT THIS PROSPECTUS SUPPLEMENT
This prospectus supplement supplements the accompanying prospectus dated November 19, 2018, relating to Mexico's debt securities and
warrants. If the information in this prospectus supplement differs from the information contained in the prospectus, you should rely on the
information in this prospectus supplement.
You should read this prospectus supplement along with the accompanying prospectus. Both documents contain information you should
consider when making your investment decision. Mexico is responsible for the information contained and incorporated by reference in this
prospectus and in any related free-writing prospectus or prospectus supplement that Mexico prepares or authorizes. Mexico has not authorized
anyone else to provide you with any other information and takes no responsibility for any other information that others may give you. Mexico and
the underwriters 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 prospectus supplement and the accompanying prospectus is current only as of the dates of this prospectus supplement and the
accompanying prospectus, respectively.
Mexico is furnishing this 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 prospectus supplement and the accompanying 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 prospectus supplement and the accompanying prospectus as a

whole misleading; and

· it accepts responsibility for the information it has provided in this prospectus supplement and the accompanying prospectus.
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FINAL PROSPECTUS SUPPLEMENT
This prospectus 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 prospectus supplement and the offer or
sale of notes may be restricted by law in certain jurisdictions. Mexico and the underwriters do not represent that this prospectus 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 underwriters which would permit a public offering of the notes or distribution of this
prospectus 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 prospectus 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 underwriters have represented that all offers and sales
by them will be made on the same terms. Persons into whose possession this prospectus supplement comes are required by Mexico and the
underwriters to inform themselves about and to observe any such restriction. In particular, there are restrictions on the distribution of this prospectus
supplement and the offer or sale of notes in Belgium, Canada, Chile, Colombia, the European Economic Area, France, Germany, Hong Kong,
Italy, Japan, Luxembourg, Mexico, the Netherlands, Peru, Singapore, Spain, Switzerland, the United Kingdom and Uruguay, see the section
entitled "Plan of Distribution" in this prospectus supplement and in the accompanying prospectus.

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PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS The notes 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 ("EEA") or in
the United Kingdom ("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"); 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. Consequently no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering
or selling the notes or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or
selling the notes or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.
The prospectus 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, as
amended (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article
49(2)(a) 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 document or any of its contents.

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FORWARD-LOOKING STATEMENTS
This prospectus supplement may contain forward-looking statements. Statements that are not historical facts, including statements about
Mexico's beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and
therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and Mexico
undertakes no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent
risks and uncertainties. Mexico cautions you that a number of important factors could cause actual results to differ materially from those contained
in any forward-looking statement. Such factors include, but are not limited to:

·
Adverse external factors, such as high international interest rates, low oil prices and recession or low growth in Mexico's trading
partners. High international interest rates could increase Mexico's expenditures, low oil prices could decrease the Mexican

Government's revenues and recession or low growth in Mexico's main trading partners could lead to fewer exports. A combination of
these factors could negatively affect Mexico's current account.

·
Instability or volatility in the international financial markets. This could lead to domestic volatility, making it more complicated for

the Mexican Government to achieve its macroeconomic goals. This could also lead to declines in foreign investment inflows,
portfolio investment in particular.

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FINAL PROSPECTUS SUPPLEMENT
·
· Adverse domestic factors, such as domestic inflation, high domestic interest rates, exchange rate volatility and political uncertainty.

Each of these could lead to lower growth in Mexico, declines in foreign direct and portfolio investment and potentially lower
international reserves.

·
Global or national health concerns, including the impact of contagious disease, such as the ongoing coronavirus ("COVID-19")

pandemic.

S-4
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SUMMARY
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying prospectus. It does not
contain all the information that you should consider before investing in the notes. You should carefully read this entire prospectus supplement.

Issuer
The United Mexican States

Aggregate Principal Amount
For the 2025 notes: U.S.$1,000,000,000
For the 2032 notes: U.S.$2,500,000,000
For the 2051 notes: U.S.$2,500,000,000

Issue Price
For the 2025 notes: 98.993%, plus accrued interest, if any, from April 27, 2020
For the 2032 notes: 97.764%, plus accrued interest, if any, from April 27, 2020
For the 2051 notes: 92.600%, plus accrued interest, if any, from April 27, 2020

Issue Date
April 27, 2020

Maturity Date
For the 2025 notes: April 27, 2025
For the 2032 notes: April 27, 2032
For the 2051 notes: April 27, 2051

Specified Currency
U.S. dollars (U.S.$)

Authorized Denominations
U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof

Form
Registered; Book-Entry through the facilities of DTC, Euroclear and Clearstream,
Luxembourg

Interest Rate
For the 2025 notes: 3.900% per annum, accruing from April 27, 2020
For the 2032 notes: 4.750% per annum, accruing from April 27, 2020
For the 2051 notes: 5.000% per annum, accruing from April 27, 2020

Interest Payment Date
Semi-annually on April 27 and October 27 of each year, commencing on
October 27, 2020

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FINAL PROSPECTUS SUPPLEMENT
Regular Record Date
April 21 and October 21 of each year (whether or not such day is a business day)

Status
The notes will constitute direct, general, unconditional and unsubordinated public
external indebtedness of Mexico for which the full faith and credit of Mexico is pledged.
The notes of each series rank and will rank without any preference among themselves
and equally with all other unsubordinated public external indebtedness of Mexico. It is
understood that this provision shall not be construed so as to require Mexico to make
payments under the notes ratably with payments being made under any other public
external indebtedness.

Optional Redemption
With respect to the 2025 notes, 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 of such series, in
whole or in part, at any time or from time to time prior to their maturity, at a
redemption price equal to (a) if redeemed prior to March 27, 2025 (one month prior to
the maturity date of the 2025 notes), the principal amount thereof, plus the Make-Whole
Amount (as defined below), plus interest accrued but not paid on the principal amount
of such notes to the date of redemption, or (b) if redeemed on or after March 27, 2025
(one month prior to the maturity date of the 2025 notes), the principal amount thereof,
plus interest accrued but not paid on the principal amount of such notes to the date of
redemption.

With respect to the 2032 notes, 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 of such series, in
whole or in part, at any time or from time to time prior to their maturity, at a
redemption price equal to (a) if redeemed prior to January 27, 2032 (three months prior
to the maturity date of the 2032 notes), the principal amount thereof, plus the Make-
Whole Amount (as defined below), plus interest accrued but not paid on the principal
amount of such notes to the date of redemption, or (b) if redeemed on or after
January 27, 2032 (three months prior to the maturity date of the 2032 notes), the
principal amount thereof, plus interest accrued but not paid on the principal amount of
such notes to the date of redemption.

With respect to the 2051 notes, 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 of such series, in
whole or in part, at any time or from time to time prior to their maturity, at a
redemption price equal to (a) if redeemed prior to October 27, 2050 (six months prior to
the maturity date of the 2051 notes), the principal amount thereof, plus the Make-Whole
Amount (as defined below), plus interest accrued but not paid on the principal amount
of such notes to the date of redemption, or (b) if redeemed on or after October 27, 2050
(six months prior to the maturity date of the 2051 notes), the principal amount thereof,
plus interest accrued but not paid on the principal amount of such notes to the date of
redemption.

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"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 but not paid 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 (as defined below) plus (a) in the case of the 2025
notes, 50 basis points or (b) in the case of the 2032 notes, 50 basis points or (c) in the
case of the 2051 notes, 50 basis points over (ii) the principal amount of such notes.

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FINAL PROSPECTUS SUPPLEMENT

"Treasury Rate" means, with respect to any redemption date, the rate per annum equal
to the semi-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 (as defined below) 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, (a) the
average of the Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest such Reference Treasury Dealer Quotation (as defined
below) or (b) if Mexico obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations.

"Reference Treasury Dealer" means each of Citigroup Global Markets Inc., Goldman
Sachs & Co. LLC, J.P. Morgan Securities LLC and a primary U.S. Government
securities dealer selected by Santander Investment Securities Inc. or their affiliates
which are primary United States government securities dealers and their respective
successors, and two other Primary Treasury Dealers 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.

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"Reference Treasury Dealer Quotation" means, with respect to each Reference Treasury
Dealer and any redemption date, the average, as determined by Mexico, of the bid and
ask 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 Treasury Dealer at
3:30 p.m., New York time on the third business day preceding such redemption date.

Optional Repayment
Holders of the notes will not have the option to elect repayment by Mexico before the
maturity dates of the notes.

Use of Proceeds
Mexico intends to use the net proceeds of the sale of the notes for the general purposes
of the Government of Mexico.

Underwriters
Citigroup Global Markets Inc.
Goldman Sachs & Co. LLC
J.P. Morgan Securities LLC
Santander Investment Securities Inc.

Listing
Application will be made 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
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FINAL PROSPECTUS SUPPLEMENT
Exchange. The Luxembourg Stock Exchange has allocated to Mexico the number 2395
for listing purposes.
Securities Codes

CUSIP:
For the 2025 notes: 91087B AJ9
For the 2032 notes: 91087B AK6
For the 2051 notes: 91087B AL4

ISIN:
For the 2025 notes: US91087BAJ98
For the 2032 notes: US91087BAK61
For the 2051 notes: US91087BAL45

Trustee, Principal Paying Agent, Transfer
Agent and Registrar
Deutsche Bank Trust Company Americas

Luxembourg Listing Agent
Banque Internationale à Luxembourg S.A.

S-8
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Withholding Taxes and Additional Amounts
Subject to certain exceptions, Mexico will make all payments on the notes without
withholding or deducting any Mexican taxes. For further information, see "Description
of the Securities--Additional Amounts" in the accompanying prospectus.

Taxation
Payments of principal or interest under the notes made to holders of such notes that are
non-resident of Mexico will not be subject to Mexican withholding or similar taxes.

Further Issues
Mexico may from time to time, without the consent of holders of the 2025 notes, the
2032 notes or the 2051 notes, as the case may be, create and issue notes of such series
having the same terms and conditions as the applicable series of notes offered pursuant
to this prospectus supplement in all respects, except for the issue date, issue price and, if
applicable, the first payment of interest thereon; provided, however, that any such
additional 2025 notes, 2032 notes and 2051 notes shall be issued either in a "qualified
reopening" for U.S. federal income tax purposes or with no more than de minimis
original issue discount for U.S. federal income tax purposes. Additional 2025 notes,
2032 notes and 2051 notes issued in this manner will be consolidated with, and will
form a single series with, any other outstanding notes of such series.

Payment of Principal and Interest
Principal of and interest on the notes will be payable by Mexico to the Principal Paying
Agent in U.S. dollars.

Governing Law
New York; provided, however, that all matters governing Mexico's authorization and
execution of the indenture and the notes will be governed by and construed in
accordance with the law of Mexico. Notwithstanding any authorization or any reserved
matter modification, all matters related to the consent of holders and to modifications of
the indenture or the notes will always be governed by and construed in accordance with
the law of the State of New York.

Additional Provisions
The notes will contain provisions regarding future modifications to their terms that
differ from those applicable to Mexico's outstanding public external indebtedness
issued prior to November 10, 2014. Those provisions are described beginning on page
19 of the accompanying prospectus dated November 19, 2018.

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FINAL PROSPECTUS SUPPLEMENT
Stabilization
In connection with issues of notes, the underwriters or any person acting for the
underwriters may over-allot or effect transactions with a view to supporting the market
price of notes at a level higher than that which might otherwise prevail for a limited
period after the issue date. However, there is no obligation of any of the underwriters or
any agent of the underwriters to do this. Any such stabilizing, if commenced, may be
discontinued at any time and must be brought to an end after a limited period.

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RISK FACTORS
The following risk factor supplements the information contained under "Risk Factors" in the accompanying prospectus. You should consult
your financial and legal advisors about the risks of investing in the debt securities and the suitability of your investment in light of your particular
situation. Mexico disclaims any responsibility for advising you on these matters.
There can be no assurances that Mexico's credit ratings will improve or remain stable, or that they will not be downgraded, suspended or
cancelled by the rating agencies.
Mexico was recently downgraded by each of the three major credit rating agencies. On March 26, 2020, S&P cut Mexico's rating from
BBB+ to BBB, and on April 15, 2020, Fitch cut Mexico's debt rating from BBB to BBB-, both downgrades due to expected economic
consequences of the COVID-19 pandemic and lower oil prices. On April 17, 2020, Moody's downgraded Mexico's debt rating from A3 to Baa1
and maintained its negative outlook, citing a material decline in Mexico's medium-term economic growth prospects and continued weakening of
the financial and operational condition of Petróleos Mexicanos (PEMEX).
Ratings address the creditworthiness of Mexico and the likelihood of timely payment of Mexico's long-term debt securities. Ratings are not a
recommendation to purchase, hold or sell securities and may be changed, suspended or withdrawn at any time. Mexico's current ratings and the
rating outlooks currently assigned to it depend, in part, on economic conditions and other factors that affect credit risk and are outside the control of
Mexico, as well as assessments of the creditworthiness of its productive state-owned enterprises. Certain ratings agencies have recently
downgraded PEMEX's credit ratings and their assessment of PEMEX's creditworthiness may affect Mexico's credit ratings.
There can be no assurances that Mexico's credit ratings will be maintained or that they will not be downgraded, suspended or cancelled. Any
credit rating downgrade, suspension or cancellation may have an adverse effect on the market price and the trading of the notes.
Changes in the interest rate environment could adversely impact the trading price of the notes.
We expect that the trading price of the notes will depend on a variety of factors, including, without limitation, the interest rate environment.
If interest rates, or expected future interest rates, rise during the terms of the notes, the price of the notes will likely decrease. The condition of
the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse
effect on the trading price of the notes. Because interest rates and interest rate expectations are influenced by a wide variety of factors, many of
which are beyond our control, we cannot assure you that changes in interest rates or interest rate expectations will not adversely affect the trading
price of the notes.
The COVID-19 outbreak is adversely affecting Mexico's economy, and the impact could be material.
The global outbreak of COVID-19, and public health measures to mitigate it, are having a material impact on the economy in Mexico and
around the world. The scope, magnitude and duration of the impact on Mexico cannot yet be determined.
Cases of COVID-19 have been reported in Mexico since February 2020, and the Mexican government has taken extensive steps to mitigate
the spread of the disease and its impact on public health. See "Recent Developments--Geography and Population" in this prospectus supplement.
The efficacy of these steps cannot yet be evaluated, and it is highly uncertain how long and in what form they will remain in effect.

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Table of Contents
These public-health measures, and the consequences of similar measures in other countries, have had material effects on economic activity in
Mexico. In addition, the COVID-19 crisis has contributed to sharply lower and more volatile world prices for oil and gas, which also affect the
Mexican economy and the financial condition of PEMEX. The Mexican government and Banco de México have announced steps to address these
economic impacts, and they may take additional steps in the future. See "Recent Developments--Geography and Population", "Recent
Developments--The Economy" and "Recent Developments--Foreign Trade and Balance of Payments" in this prospectus supplement.
The impact of these matters on key measures of economic performance remains highly uncertain. Recently, interest rates and inflation have
been volatile and uncertain, and the value of the Mexican peso has declined. See "Recent Developments--The Economy", "Recent Developments
--Financial System" and "Recent Developments--Foreign Trade and Balance of Payments" in this prospectus supplement. There are likely to be
adverse impacts on economic activity (including a decrease in GDP), employment, foreign investment and international trade, among other areas,
and these could adversely affect the balance of payments, international reserves and public finance. While the duration of these effects remains
highly uncertain, the nature and magnitude of these effects are likely to be material.

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USE OF PROCEEDS
The net proceeds to Mexico from the sale of the notes will be approximately U.S.$5,738,330,000, after the deduction of the underwriting
discounts and Mexico's share of the expenses in connection with the sale of the notes, which are estimated to be approximately
U.S.$200,000. Mexico intends to use the net proceeds of the sale of the notes for the general purposes of the Government of Mexico, including the
refinancing, repurchase or retirement of its domestic and external indebtedness.

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DESCRIPTION OF THE NOTES
Mexico will issue the notes under an amended and restated indenture, dated as of June 1, 2015, between Mexico and Deutsche Bank Trust
Company Americas, as trustee. The information contained in this section summarizes some of the terms of the notes and the indenture. 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 prospectus,
the indenture 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 trustee.
Terms of the 2025 notes
The 2025 notes will:

·
be issued on or about April 27, 2020 in an aggregate principal amount of U.S.$1,000,000,000;

·
mature on April 27, 2025;

·
bear interest at a rate of 3.900% per year, commencing on April 27, 2020 and ending on the maturity date. Interest on the notes will be

payable semi-annually on April 27 and October 27 of each year, commencing on October 27, 2020;

·
pay interest to the persons in whose names the notes are registered at the close of business on April 21 and October 21 preceding each

payment date;

·
constitute direct, general, unconditional and unsubordinated external indebtedness of Mexico for which the full faith and credit of

Mexico is pledged;

·
rank without any preference among themselves and equally with all other unsubordinated public external indebtedness of Mexico (it

being understood that this provision shall not be construed so as to require Mexico to make payments under the notes ratably with
payments being made under any other public external indebtedness);
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FINAL PROSPECTUS SUPPLEMENT

·
be represented by one or more global securities in book-entry, registered form only;

·
be ready for delivery in the book-entry form only through the facilities of DTC, Euroclear and Clearstream, Luxembourg;

·
be redeemable before maturity at the option of Mexico 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 (a) if redeemed
prior to March 27, 2025 (one month prior to the maturity date of the 2025 notes), the principal amount thereof, plus the Make-Whole

Amount, plus interest accrued but not paid on the principal amount of such notes to the date of redemption, or (b) if redeemed on or
after March 27, 2025 (one month prior to the maturity date of the 2025 notes), the principal amount thereof, plus interest accrued but
not paid on the principal amount of such notes to the date of redemption;

·
not be repayable at the option of the holder before maturity; and

·
contain "collective action clauses" under which Mexico may amend certain key terms of the notes, including the maturity date,

interest rate and other terms, with the consent of less than all of the holders of the notes.

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Terms of the 2032 notes
The 2032 notes will:

·
be issued on or about April 27, 2020 in an aggregate principal amount of U.S.$2,500,000,000;

·
mature on April 27, 2032;

·
bear interest at a rate of 4.750% per year, commencing on April 27, 2020 and ending on the maturity date. Interest on the notes will be

payable semi-annually on April 27 and October 27 of each year, commencing on October 27, 2020;

·
pay interest to the persons in whose names the notes are registered at the close of business on April 21 and October 21 preceding each

payment date;

·
constitute direct, general, unconditional and unsubordinated external indebtedness of Mexico for which the full faith and credit of

Mexico is pledged;

·
rank without any preference among themselves and equally with all other unsubordinated public external indebtedness of Mexico (it

being understood that this provision shall not be construed so as to require Mexico to make payments under the notes ratably with
payments being made under any other public external indebtedness);

·
be represented by one or more global securities in book-entry, registered form only;

·
be ready for delivery in the book-entry form only through the facilities of DTC, Euroclear and Clearstream, Luxembourg;

·
be redeemable before maturity at the option of Mexico 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 (a) if redeemed
prior to January 27, 2032 (three months prior to the maturity date of the 2032 notes), the principal amount thereof, plus the Make-

Whole Amount, plus interest accrued but not paid on the principal amount of such notes to the date of redemption, or (b) if redeemed
on or after January 27, 2032 (three months prior to the maturity date of the 2032 notes), the principal amount thereof, plus interest
accrued but not paid on the principal amount of such notes to the date of redemption;

·
not be repayable at the option of the holder before maturity; and

·
contain "collective action clauses" under which Mexico may amend certain key terms of the notes, including the maturity date,

interest rate and other terms, with the consent of less than all of the holders of the notes.

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Terms of the 2051 notes
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Document Outline

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