Obligation Mexica 1.35% ( XS2135361686 ) en EUR

Société émettrice Mexica
Prix sur le marché refresh price now   100 %  ▲ 
Pays  Mexique
Code ISIN  XS2135361686 ( en EUR )
Coupon 1.35% par an ( paiement annuel )
Echéance 17/09/2027



Prospectus brochure de l'obligation Mexico XS2135361686 en EUR 1.35%, échéance 17/09/2027


Montant Minimal /
Montant de l'émission /
Prochain Coupon 18/09/2025 ( Dans 118 jours )
Description détaillée 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 EUR, avec le code ISIN XS2135361686, paye un coupon de 1.35% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 17/09/2027







Filed Pursuant to Rule 424(b)(2)
Registration Nos. 333-226200 and 333-239038
Prospectus Supplement dated September 25, 2020
To Prospectus dated September 25, 2020
United Mexican States

750,000,000 1.350% Global Notes due 2027

The notes will mature on September 18, 2027 (the "notes"). Mexico will pay interest on the notes on September 18 of each year,
commencing September 18, 2021. 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 notes were issued under an 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 15 of the accompanying prospectus dated September 25, 2020, 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 has been 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. Application has also been made to the London Stock Exchange plc (the "London Stock
Exchange") for the notes to be admitted to trading on the London Stock Exchange's International Securities Market (the "ISM") and the
London Stock Exchange's Sustainable Bond Market (the "SBM"). No assurance can be given by Mexico that such applications will be
approved or that such listings will be maintained.
The ISM is not a regulated market for the purposes of Directive 2014/65/EU on markets in financial instruments (as amended,
"MiFID II"). The ISM is a market designated for professional investors. Securities admitted to trading on the ISM are not admitted to
the Official List of the UK Listing Authority. The London Stock Exchange has not approved or verified the contents of this prospectus
supplement.
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 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 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 Discount
before expenses(1)
Per note
98.337%
0.170%
98.167%
Total
737,527,500
1,275,000
736,252,500
(1) Plus accrued interest, if any, from September 18, 2020 to the date of settlement, which was September 18, 2020.
The notes were delivered in book-entry form only through the facilities of Euroclear Bank S.A./N.V., as operator of the Euroclear System
("Euroclear") and Clearstream Banking, société anonyme, Luxembourg ("Clearstream, Luxembourg") against payment on September 18, 2020.


____________________
Joint Bookrunners
BNP PARIBAS
Crédit Agricole
Morgan Stanley
Natixis
CIB

September 25, 2020
This prospectus supplement and the attached prospectus dated September 25, 2020 constitute a prospectus for the purpose of Part IV of
the Luxembourg law on prospectuses for securities dated July 16, 2019.






TABLE OF CONTENTS


Prospectus Supplement
Prospectus
About this Prospectus ........................................ 1
About this Prospectus Supplement ................ S-2
Forward-Looking Statements ............................ 2
Forward-Looking Statements ......................... S-4
Use of Proceeds ................................................. 3
Summary ........................................................ S-5
Risk Factors ....................................................... 4
Risk Factors ................................................. S-10
Description of the Securities .............................. 8
Use of Proceeds............................................ S-13
Taxation ........................................................... 24
Description of the Notes .............................. S-14
Plan of Distribution ......................................... 32
Plan of Distribution ...................................... S-16
Official Statements .......................................... 40
Validity of the Securities ................................. 41
Authorized Representative............................... 42
Where You Can Find More
Information ................................................... 42
Cross Reference Sheet ..................................... 43


_______________
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.
S-1



ABOUT THIS PROSPECTUS SUPPLEMENT

This prospectus supplement supplements the accompanying prospectus dated September 25,
2020, 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 accompanying 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.
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.
S-2






In connection with the issue of the notes, BNP Paribas (the "Stabilizing Manager") (or
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. There is no assurance that the Stabilizing Manager (or persons 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 cease at any time but 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 overallotment must be conducted by the Stabilizing Manager (or persons acting on behalf
of any Stabilizing Manager) in accordance with all applicable laws and rules.
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 MiFID II; or (ii) a customer within the meaning of Directive (EU)
2016/97 (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.
MIFID II product governance / Professional investors and ECPs only target market ­ Solely
for the purposes of each manufacturer's product approval process, the target market assessment in respect
of the notes has led to the conclusion that: (i) the target market for the notes is eligible counterparties and
professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the notes to
eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling
or recommending the notes (a "distributor") should take into consideration the manufacturers' target
market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own
target market assessment in respect of the notes (by either adopting or refining the manufacturers' target
market assessment) and determining appropriate distribution channels.
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.
S-3







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.

· 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 outbreak of pandemic or contagious disease, such
as the ongoing coronavirus ("COVID-19") pandemic.







S-4






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
LEI
254900EGTWEU67VP6075
Aggregate Principal Amount
750,000,000
Issue Price
98.337%, plus accrued interest, if any, from September 18, 2020
Issue Date
September 18, 2020
Maturity Date
September 18, 2027
Specified Currency
Euro ()
Authorized Denominations
100,000 and integral multiples of 1,000 in excess thereof
Form
Registered; Book-Entry
The notes will be represented by a single global note, without
interest coupons, in registered form, to be deposited on or about
the issue date with a common depositary for Euroclear and
Clearstream, Luxembourg.
Interest Rate
1.350% per annum, accruing from September 18, 2020
Interest Payment Date
Annually on September 18, of each year, commencing on
September 18, 2021
Regular Record Date
September 17 of each year
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 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.
S-5



Optional Redemption
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 (a) if redeemed prior to
June 18, 2027 (three months prior to the maturity date of the
notes), the principal amount thereof, plus the Make-Whole
Amount (as defined below), plus interest accrued but not paid on
the principal amount of the notes to the date of redemption, or (b)
if redeemed on or after June 18, 2027 (three months prior to the
maturity date of the notes), the principal amount thereof, plus
interest accrued but not paid 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 but not paid to the date of redemption), discounted to the
redemption date on an annual basis (assuming the actual number
of days in a 365- or 366-day year) at the Benchmark Rate (as
defined below) plus 35 basis points over (ii) the principal amount
of such notes.


"Benchmark 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 Benchmark
Issue (as defined below), assuming a price for the Comparable
Benchmark Issue (expressed as a percentage of its principal
amount) equal to the Comparable Benchmark Price (as defined
below) for such redemption date.

"Comparable Benchmark Issue" means the Bundesanleihe
security or securities (Bund) of the German Government 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 euro-
denominated corporate debt securities of a comparable maturity
to the remaining term of such notes.

"Independent Investment Banker" means one of the Reference
Dealers (as defined below) appointed by Mexico.

"Comparable Benchmark Price" means, with respect to any
redemption date, (i) the average of the Reference Dealer
Quotations (as defined below) for such redemption date, after
excluding the highest and lowest such Reference Dealer
Quotation or (ii) if Mexico obtains fewer than four such
Reference Dealer Quotations, the average of all such quotations.
S-6







"Reference Dealer" means each of BNP Paribas, Crédit Agricole
Corporate and Investment Bank, Morgan Stanley & Co.
International plc and Natixis Securities Americas LLC or their
affiliates which are dealers of Bund of the German Government,
and one other leading dealer of Bund of the German Government
designated by Mexico, and their respective successors; provided
that if any of the foregoing shall cease to be a dealer of Bund of
the German Government, Mexico will substitute therefor another
dealer of Bund of the German Government.

"Reference Dealer Quotation" means, with respect to each
Reference Dealer and any redemption date, the average, as
determined by Mexico, of the bid and ask prices for the
Comparable Benchmark 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., Frankfurt, Germany 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 date 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.
Mexico has published a framework (the "SDG Sovereign Bond
Framework") for the issuance of bonds ("SDG Sovereign
Bonds") that is aligned with the United Nations' SDGs (as
defined below). The SDG Sovereign Bond Framework is aligned
with the International Capital Market Association's ("ICMA")
Green Bond Principles, Social Bond Principles and Sustainability
Bond Guidelines, each updated as of June 2018. Mexico intends
to expend an amount equal to the proceeds from the sale of the
notes to fund budgetary programs that qualify as eligible
expenditures under the SDG Sovereign Bond Framework and that
are included in Mexico's federal budget for the fiscal year 2020.
See "Use of Proceeds" in this prospectus supplement.
Listing
Application has been 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.
Application will also be made to the London Stock Exchange for
the notes to be admitted to trading on its ISM and its SBM. The
ISM is not a regulated market for the purposes of MiFID II. No
assurance can be given by Mexico that such applications will be
approved or that such listings will be maintained.
Securities Codes

ISIN:
XS2135361686
S-7






Common Code:
213536168
Trustee, Principal Paying Agent,
Transfer Agent, Registrar,
Authenticating Agent and
Exchange Rate Agent
Deutsche Bank Trust Company Americas
Luxembourg Listing Agent
Banque Internationale à Luxembourg S.A.
Withholding Taxes and
Subject to certain exceptions, Mexico will make all payments on
Additional Amounts
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 taxes.
Further Issues
Mexico may from time to time, without the consent of holders of
the notes, create and issue notes having the same terms and
conditions as the 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 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 notes
issued in this manner will be consolidated with, and will form a
single series with, any other outstanding notes of the series.
Payment of Principal and
Principal of and interest on the notes, except as described below,
Interest
will be payable by Mexico to the Paying Agent in euro. Holders
of the notes will not have the option to elect to receive payments
in U.S. dollars.
If Mexico determines that euro are not available for making
payments on the notes due to the imposition of exchange controls
or other circumstances beyond Mexico's control, then payments
on the notes shall be made in U.S. dollars until Mexico
determines that euro are again available for making these
payments. In these circumstances, U.S. dollar payments in
respect of the notes will be made at a rate determined by the
exchange rate agent in accordance with the Exchange Rate
Agency Agreement between Mexico and the exchange rate agent.
Any payment made under such circumstances in U.S. dollars will
not constitute an Event of Default under the notes.
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
S-8






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 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 15 of the accompanying prospectus dated September 25,
2020.
Stabilization
In connection with issue 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.
Stabilizing Manager
BNP Paribas
S-9





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