Obbligazione Petromex 4.625% ( US71656MBL28 ) in USD

Petromex

100 USD ▲

Messico

US71656MBL28 ( in USD )

4.625% per anno ( pagato 2 volte l'anno)

21/09/2023 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Pemex US71656MBL28 in USD 4.625%, scaduta

10 000 USD

2 069 302 000 USD

71656MBL2

BBB ( Lower medium grade - Investment-grade )

Ba3 ( Non-investment grade speculative )

PEMEX è una compagnia petrolifera statale messicana, tra le più grandi al mondo.

The Obbligazione issued by Petromex ( Mexico ) , in USD, with the ISIN code US71656MBL28, pays a coupon of 4.625% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 21/09/2023

The Obbligazione issued by Petromex ( Mexico ) , in USD, with the ISIN code US71656MBL28, was rated Ba3 ( Non-investment grade speculative ) by Moody's credit rating agency.

The Obbligazione issued by Petromex ( Mexico ) , in USD, with the ISIN code US71656MBL28, was rated BBB ( Lower medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

LISTING FINAL TERMS NO. 10
(To Offering Circular dated January 25, 2016)

Petróleos Mexicanos
(A Productive State-Owned Company of the Federal Government of the United Mexican States)
U.S. $69,302,000 4.625% Notes due 2023
Issued Under U.S. $62,000,000,000 Medium-Term Notes Program, Series C
jointly and severally guaranteed by
Pemex Exploración y Producción, Pemex Transformación Industrial, Pemex Perforación y Servicios,
Pemex Logística and Pemex Cogeneración y Servicios
The payment of principal of and interest on the 4.625% Notes due 2023 (the "Notes") will be unconditionally and irrevocably guaranteed jointly
and severally by Pemex Exploración y Producción, Pemex Transformación Industrial, Pemex Perforación y Servicios, Pemex Logística and Pemex
Cogeneración y Servicios (each a "Guarantor" and, collectively, the "Guarantors"), each of which is a productive state-owned company of the
Federal Government (the "Mexican Government") of the United Mexican States ("Mexico"). The payment obligations of the Issuer (as defined
below) under the Notes, and the payment obligations of the Guarantors under their respective guaranties of the Notes, will at all times rank equally
with each other and with all other present and future unsecured and unsubordinated public external indebtedness of the Issuer or such Guarantor.
Neither the Notes nor the obligations of the Guarantors constitute obligations of, or are guaranteed by, the Mexican Government or Mexico.
Petróleos Mexicanos (the "Issuer" and, together with the Guarantors and their consolidated subsidiaries, "PEMEX"), a productive state-owned
company of the Mexican Government, will pay interest on the Notes on March 21 and September 21 of each year, commencing on March 21, 2017.
Unless previously redeemed or purchased and cancelled, the Notes will mature at their principal amount on September 21, 2023. The Notes are
subject to redemption in whole, at par, at the option of the Issuer, at any time, in the event of certain changes affecting Mexican taxes as described
under "Description of Notes--Redemption--Tax Redemption" in the accompanying Offering Circular dated January 25, 2016 (the "Offering
Circular"). In addition, the Issuer may redeem the Notes in whole or in part, at any time, by paying the principal amount of the Notes plus a "make-
whole" amount plus accrued interest. See "Description of Notes--Redemption at the option of the Issuer (other than tax redemption)" in this Listing
Final Terms. The Issuer has applied to list the Notes on the Luxembourg Stock Exchange and to have the Notes trade on the Euro MTF Market of
the Luxembourg Stock Exchange.
The Notes will contain provisions regarding acceleration and future modifications to their terms that differ from those applicable to certain of
the Issuer's and the Guarantors' other outstanding public external indebtedness issued prior to October 2004. Under these provisions, which are
commonly referred to as "collective action clauses" and are described under "Description of Notes--Modification and Waiver" in the Offering
Circular, in certain circumstances, the Issuer may amend the payment and certain other provisions of the Notes with the consent of the holders of
75% of the aggregate principal amount of the Notes.
The Notes will be fully fungible with the Issuer's outstanding 4.625% Notes due 2023 issued on September 21, 2016.
The Issuer has agreed to file an exchange offer registration statement or, under specified circumstances, a shelf registration statement, pursuant
to an exchange and registration rights agreement with respect to its offer to exchange (the "Exchange Offer") the Notes for Exchange Notes (as
defined below). If the Issuer fails to comply with specified obligations under the exchange and registration rights agreement, it will pay additional
interest to the holders of the Notes.
Investing in the Notes involves risks. See "Risk Factors" beginning on page 10 of the Offering Circular.
______________
The Notes have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws
and are being offered and sold only (a) to "Qualified Institutional Buyers," as defined in Rule 144A ("Rule 144A") under the Securities Act
in compliance with Rule 144A and (b) outside the United States of America (the "United States") in accordance with Regulation S
("Regulation S") under the Securities Act. For a description of certain restrictions on resale and transfer of the Notes, see "Notice to
Investors" and "Offering and Sale" in the Offering Circular.
The Notes have not been and will not be registered with the National Securities Registry maintained by the Comisión Nacional Bancaria
y de Valores (National Banking and Securities Commission of Mexico, or the "CNBV") and therefore may not be offered or sold publicly in
Mexico. The Notes may be offered and sold to qualified and institutional investors in Mexico, pursuant to the private placement exemption
set forth under Article 8 of the Ley del Mercado de Valores (Securities Market Law). As required under the Securities Market Law, the
Issuer will give notice to the CNBV of the offering of the Notes under the terms set forth herein for informational purposes only. The
delivery to, and receipt by, the CNBV of such notice does not certify the solvency of the Issuer or the Guarantors, the investment quality of
the Notes, or that the information contained in the Offering Circular and this Listing Final Terms is accurate or complete. The Issuer and
the Guarantors have prepared the Offering Circular and this Listing Final Terms and are solely responsible for their content, and the
CNBV has not reviewed or authorized such content.

ANY OFFER OR SALE OF NOTES IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA WHICH
HAS IMPLEMENTED THE PROSPECTUS DIRECTIVE (AS DEFINED BELOW) MUST BE ADDRESSED TO
QUALIFIED INVESTORS (AS DEFINED IN THE PROSPECTUS DIRECTIVE).
(cover continues on following page)

Dealer Managers

Barclays Citigroup HSBC

October 6, 2016

This Listing Final Terms is supplemental to the Offering Circular. This document should be read in
conjunction with the Offering Circular and all information incorporated therein by reference. Information
contained in this Listing Final Terms updates and/or revises comparable information contained in the
Offering Circular. Terms defined in the Offering Circular have the same meaning when used in this Listing
Final Terms.
The Issuer and the Guarantors are responsible for the information contained and incorporated by
reference in this Listing Final Terms and the Offering Circular. None of the Issuer or the Guarantors has
authorized anyone to provide you with any other information, nor takes any responsibility for any other
information that others may provide to you. None of the Issuer, the Guarantors or the Dealer Managers (as
defined below in "Description of Notes") is making an offer of these Notes in any jurisdiction where the offer
is not permitted. You should not assume that the information contained in this Listing Final Terms and the
Offering Circular is accurate as of any date other than the dates on the front of this Listing Final Terms and
the Offering Circular.
_______________________
TABLE OF CONTENTS

Listing Final Terms No. 10
Page
Description of Notes ................................................................................................................................................ S-6
Exchange Offer; Registration Rights ..................................................................................................................... S-11
Recent Developments ............................................................................................................................................. S-13
Validity of the Notes .............................................................................................................................................. S-14
General Information ............................................................................................................................................... S-15

_______________________
This Listing Final Terms and the Offering Circular have been prepared by the Issuer solely for use
in connection with the proposed offering of the Notes.
S-3

The Dealer Managers make no representation or warranty, express or implied, as to the accuracy or
the completeness of the information contained in this Listing Final Terms and the Offering Circular. Nothing
in this Listing Final Terms or the Offering Circular is, or shall be relied upon as, a promise or representation
by the Dealer Managers as to the past or future. The Issuer has furnished the information contained in this
Listing Final Terms and in the Offering Circular.
Neither the United States Securities and Exchange Commission (the "Commission"), any state
securities commission, nor any other U.S. regulatory authority, has approved or disapproved the Notes nor
have any of the foregoing authorities passed upon or endorsed the merits of this Listing Final Terms or the
Offering Circular. Any representation to the contrary is a criminal offense.
No representation or warranty is made or implied by the Dealer Managers or any of their respective
affiliates, and neither the Dealer Managers nor any of their respective affiliates make any representation or
warranty, or accept any responsibility, as to the accuracy or completeness of the information contained in the
Offering Circular, as supplemented by this Listing Final Terms. Neither the delivery of the Offering Circular
nor this Listing Final Terms nor the offering, sale or delivery of any Note shall, in any circumstances, create
any implication that the information contained in the Offering Circular, as supplemented by this Listing
Final Terms, is true subsequent to the date hereof or that there has been no adverse change in the financial
situation of the Issuer or the Guarantors since the date hereof or that any other information supplied in
connection with the U.S. $62,000,000,000 Medium-Term Notes Program, Series C, is correct at any time
subsequent to the date on which it is supplied or, if different, the date indicated in the document containing
the same.
In making an investment decision, prospective investors must rely on their own examination of the
Issuer, the Guarantors and the terms of the offering, including the merits and risks involved. Prospective
investors should not construe anything in this Listing Final Terms or the Offering Circular as legal, business
or tax advice. Each prospective investor should consult its own advisors as needed to make its investment
decision and to determine whether it is legally permitted to purchase the Notes under applicable legal
investment or similar laws or regulations. Investors should be aware that they may be required to bear the
financial risks of this investment for an indefinite period of time.
This Listing Final Terms and the Offering Circular contain summaries believed to be accurate with
respect to certain documents, but reference is made to the actual documents for complete information. All
such summaries are qualified in their entirety by such references. Copies of documents referred to herein
will be made available to prospective investors upon request to the Issuer or the Dealer Managers.
Neither this Listing Final Terms nor the Offering Circular constitutes an offer of, or an invitation by
or on behalf of the Issuer or the Guarantors to subscribe for or purchase any of the Notes. The distribution
of this Listing Final Terms and the Offering Circular and the offering of the Notes in certain jurisdictions
may be restricted by law. Persons into whose possession this Listing Final Terms and the Offering Circular
come are required by the Issuer, the Guarantors and the Dealer Managers to inform themselves about and to
observe any such restrictions. For a description of certain further restrictions on offers and sales of the Notes
and distribution of this Listing Final Terms and the Offering Circular, see "Offering and Sale" in the
Offering Circular.
All references in this Listing Final Terms to "U.S. dollars," "USD" or "U.S. $" are to the lawful
currency of the United States and all references to "pesos" or "Ps." are to the lawful currency of Mexico.

S-4

_______________________
NOTICE TO INVESTORS IN THE EUROPEAN ECONOMIC AREA
This Listing Final Terms has been prepared on the basis that any offer of Notes in any Member State
of the European Economic Area will be made pursuant to an exemption under the Prospectus Directive from
the requirement to publish a prospectus for offers of Notes. Accordingly, any person making or intending to
make an offer in that Member State of Notes which are the subject of the offering contemplated in this
Listing Final Terms may only do so in circumstances in which no obligation arises for the Issuer, the
Guarantors or any of the Dealer Managers to publish a prospectus pursuant to Article 3 of the Prospectus
Directive, in relation to such offer. Neither the Issuer, the Guarantors, nor the Dealer Managers have
authorized, nor do they authorize, the making of any offer of Notes in circumstances in which an obligation
arises for the Issuer, the Guarantors or the Dealer Managers to publish a prospectus for such offer. Neither
the Issuer, the Guarantors nor the Dealer Managers have authorized, nor do they authorize, the making of
any offer of Notes through any financial intermediary, other than offers made by the Dealer Managers, which
constitute the final placement of the Notes contemplated in this Listing Final Terms. The expression
Prospectus Directive means Directive 2003/71/EC (as amended), and includes any relevant implementing
measure in the Member State.
_______________________
NOTICE TO INVESTORS IN THE UNITED KINGDOM
This communication is only being distributed to and is only directed at persons who (i) are outside
the United Kingdom or (ii) have professional experience in matters relating to investments falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order")
or (iii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated
associations etc.) of the Order or (iv) are persons to whom an invitation or inducement to engage in
investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in
connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be
communicated (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-5

DESCRIPTION OF NOTES
The following items under this heading "Description of Notes" are the particular terms which relate to the
Notes that are the subject of this Listing Final Terms.
1.
Series No.:
10
2.
Principal Amount:
U.S. $69,302,000

3.
Fungibility with other Notes
The Notes will be fully fungible with the Issuer's outstanding
4.625% Notes due 2023 originally issued on September 21, 2016,
approximately U.S. $2,000,000,000 principal amount of which is
currently outstanding.

4.
Issue Date:
October 3, 2016
5.
Form of Notes:
Registered Notes
The Notes are to be issued pursuant to the indenture dated
January 27, 2009 (the "Indenture") between the Issuer and
Deutsche Bank Trust Company Americas (the "Trustee"), as
supplemented by (i) the first supplemental indenture dated as of
June 2, 2009 among the Issuer, the Trustee and Deutsche
Bank AG, London Branch, as international paying and
authenticating agent, (ii) the second supplemental indenture dated
as of October 13, 2009 among the Issuer, the Trustee, Credit
Suisse AG, as principal Swiss paying agent and authenticating
agent, and BNP Paribas (Suisse) SA, as an additional Swiss
paying agent, (iii) the third supplemental indenture dated as of
April 10, 2012 among the Issuer, the Trustee and Credit
Suisse AG, as Swiss paying agent and authenticating agent,
(iv) the fourth supplemental indenture dated as of June 24, 2014
between the Issuer and the Trustee, (v) the fifth supplemental
indenture dated as of October 15, 2014 between the Issuer and the
Trustee, (vi) the sixth supplemental indenture dated as of
December 8, 2015 among the Issuer, the Trustee, BNP Paribas
(Suisse) SA, as principal Swiss paying agent and authenticating
agent, and Credit Suisse AG, as an additional Swiss paying agent,
and (vii) the seventh supplemental indenture dated as of June 14,
2016, among the Issuer, the Trustee, Credit Suisse AG, as
principal Swiss paying agent and authenticating agent, and
UBS AG, as an additional Swiss paying agent.
6.
Authorized Denomination(s):
U.S. $10,000 and integral multiples of U.S. $1,000 in excess
thereof
7.
Specified Currency:
U.S. dollars
8.
Stated Maturity Date:
September 21, 2023

9.
Interest Basis:
Fixed Rate Notes
10.
Interest Commencement Date (if

different from the Issue Date):
September 21, 2016
S-6

11.
Fixed Rate Notes:

(a)
Interest Rate:
4.625% per annum, payable semi-annually in arrears

(b)
Interest Payment Date(s):
March 21 and September 21 of each year, commencing on
March 21, 2017

(c)
Fixed Rate Day Count

Fraction:
30/360
12.
Discount Notes:
No
13.
Redemption at the Option of the Issuer
(Other than Tax Redemption):
The Issuer will have the right at its option 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, if any, on the principal amount of the Notes to
be redeemed 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 applicable Treasury Rate plus 50 basis points over
(ii) the principal amount of such Notes.

"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 that
would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate
debt securities of a comparable maturity to the remaining term of
the Notes.

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

"Comparable
Treasury
Price"
means, with respect to any
redemption date, the average of the Reference Treasury Dealer
Quotations (as defined below) for such redemption date.

"Reference
Treasury
Dealer" means each of Barclays
Capital Inc., Citigroup Global Markets Inc. and HSBC Securities
(USA) Inc., plus two other primary dealers selected by the Issuer,
or their affiliates which are primary United States government
securities dealers, and their respective successors; 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"), the Issuer will substitute therefor another
Primary Treasury Dealer.
S-7

"Reference Treasury Dealer Quotation" means, with respect to
each Reference Treasury Dealer and any redemption date, the
average, as determined by the Trustee, 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 the
Trustee by such Reference Treasury Dealer at 3:30 p.m.
New York City time on the third business day preceding such
redemption date.
14.
Repayment at the Option of the

Holders:
No
15.
Indexed Notes:
No
16.
Registration Rights; Exchange Offer:
Pursuant to an exchange and registration rights agreement to be
entered into on October 3, 2016, among the Issuer and the Dealer
Managers (the "Registration Rights Agreement"), the Issuer will
agree to use its best efforts to (a) file with the Commission a
registration statement (an "Exchange Offer Registration
Statement") on an appropriate form under the Securities Act, with
respect to its Exchange Offer to exchange the Notes for new
4.625% notes due 2023 of the Issuer ("Exchange Notes") with
terms substantially identical to the Notes (subject to certain
exceptions), on or before September 30, 2017, (b) have such
registration statement declared effective under the Securities Act
on or before March 1, 2018 and (c) consummate the Exchange
Offer on or before April 5, 2018. In the event that applicable law,
regulation or policy of the Commission does not allow the
consummation of the Exchange Offer, or upon the occurrence of
certain other conditions, the Issuer will use its best efforts to file
with the Commission a "shelf" registration statement covering
resales of the Notes by the holders thereof; provided that the
Issuer shall not be required to file a "shelf" registration statement
during any period prior to August 1 or after September 30 of any
calendar year. With respect to any Notes, if a Registration
Default (as defined herein) relating to the filing or declaration of
effectiveness of a registration statement or the related Exchange
Offer occurs, the per annum interest rate on all outstanding Notes
or, in the case of all other Registration Defaults, the per annum
interest rate on the Notes to which such Registration Default
relates, will increase by 0.25% per annum with respect to each
90-day period during the existence of such failure, until all
Registration Defaults are cured, up to an aggregate maximum of
1.00% per annum over the interest rate shown on the cover page
of this Listing Final Terms; provided that any such additional
interest on the Notes will cease to accrue on the later of (i) the
date on which such Notes become freely transferable pursuant to
Rule 144 under the Securities Act and (ii) the date on which the
Barclays Capital Inc. U.S. Aggregate Bond Index is modified to
permit the inclusion of freely transferable securities that have not
been registered with the Commission. See "Exchange Offer;
Registration Rights" below.
17.
Additional Provisions Relating to the
The Issuer reserves the right to increase the size of the issue of
Notes:
the Notes, or from time to time, without the consent of the
holders of the Notes, create and issue further securities having
substantially the same terms and conditions thereof, except for
the Issue Price, Issue Date and amount of the first payment of
interest, which additional securities may be consolidated and
S-8

form a single series with the Notes; provided that such additional
securities do not have, for purposes of U.S. federal income
taxation, a greater amount of original issue discount than the
Notes have on the date of issue of such additional securities.

18.
Ranking of the Notes and Guaranties:
The payment obligations of the Issuer under the Notes, and the
payment obligations of the Guarantors under their respective
guaranties of the Notes, will at all times rank equally with each
other and with all other present and future unsecured and
unsubordinated public external indebtedness of the Issuer or such
Guarantor.

Other Relevant Terms
19.
Listing/Trading:
Listing: Luxembourg Stock Exchange
Trading: Euro MTF Market of the Luxembourg Stock Exchange
20.
Syndicated: Yes
21.
Dealer Managers:
Barclays Capital Inc.
Citigroup Global Markets Inc.
HSBC Securities (USA) Inc.

22.
Identity of Dealer Managers:
Barclays Capital Inc., Citigroup Global Markets Inc. and
HSBC Securities (USA) Inc. (collectively, the "Dealer
Managers").

23.
Listing Agent:
KBL European Private Bankers S.A.
24.
Provisions for Registered Notes:

(a) Rule 144A eligible:
Yes

(b) Regulation S Global Note
Yes
deposited with or on behalf of

DTC:

(c) Restricted Global Note deposited
Yes
with or on behalf of DTC:

(d) Regulation S Global Note
No
deposited with Common

Depositary:

25.
Codes:

(a)
Common Code:
149341927 (Restricted Global Note)
149341943 (Regulation S Global Note)

(b)
ISIN:
US71656LBL45 (Restricted Global Note)
US71656MBL28 (Regulation S Global Note)

(c)
CUSIP:
71656L BL4 (Restricted Global Note)
71656M BL2 (Regulation S Global Note)

26.
Use of Proceeds (if different from
N/A

S-9

Offering Circular):
27.
Further Information:
For purposes of this Listing Final Terms, all references in the
Offering Circular to "Notes" shall be deemed to include, where
applicable, the Notes described herein.
S-10