Obligation Mexica 1.125% ( XS2104886341 ) en EUR

Mexica

100 % ▲

Mexique

XS2104886341 ( en EUR )

1.125% par an ( paiement annuel )

17/01/2030

Prospectus brochure de l'obligation Mexico XS2104886341 en EUR 1.125%, échéance 17/01/2030

100 000 EUR

1 250 000 000 EUR

16/01/2026 ( Dans 56 jours )

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 XS2104886341, paye un coupon de 1.125% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 17/01/2030

Prospectus Supplement dated January 31, 2020
To Prospectus dated January 24, 2019
United Mexican States

1,250,000,000 1.125% Global Notes due 2030
500,000,000 2.875% Global Notes due 2039

The 1.125% Global Notes due 2030 (the "2030 notes") will mature on January 17, 2030. The 2.875% Global Notes due 2039 (the "2039
notes") will mature on April 8, 2039. We refer to the 2030 notes and the 2039 notes collectively as the "notes." Mexico will pay interest on the
2030 notes on January 17 of each year, commencing January 17, 2021. Mexico will pay interest on the 2039 notes on April 8 of each year,
commencing on April 8, 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 2030 notes and the offering of the 2039 notes, each pursuant to this
prospectus supplement, are not contingent upon one another.
The 2039 notes were consolidated and form a single series with, and are fungible with, the outstanding 1,000,000,000 2.875% Global
Notes due 2039 (ISIN XS1974394758, Common Code 197439475) previously issued by Mexico.
The notes were issued under an indenture, and each of the 2030 notes and the 2039 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 January 24, 2019, 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.
The outstanding 2039 notes have been listed on the Luxembourg Stock Exchange. Application has been made to list the 2030 notes and the
new 2039 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 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 Discounts
before expenses(1)
Per 2030 note
98.915%
0.170%
98.745%
Total for 2030 notes
1,236,437,500
2,125,000
1,234,312,500
Per 2039 note
113.845%
0.190%
113.655%
Total for 2039 notes
569,225,000
950,000
568,275,000
(1) Plus accrued interest for the 2039 notes totaling 11,183,209.82 from April 8, 2019 to, but not including, January 17, 2020, the date Mexico
delivered the notes offered by this prospectus supplement, and, for the 2030 notes and the 2039 notes, any additional interest to January 17, 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 January 17, 2020.
____________________
Joint Bookrunners
Barclays
BNP PARIBAS
BofA Securities
Deutsche Bank

January 31, 2020
This prospectus supplement and the attached prospectus dated January 24, 2019 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 Supplement ................ S-2
About this Prospectus ........................................ 1
Forward-Looking Statements ......................... S-4
Forward-Looking Statements ............................ 1
Use of Proceeds .............................................. S-5
Data Dissemination ............................................ 2
Risk factors .................................................... S-6
Use of Proceeds ................................................. 2
Summary ........................................................ S-7
Risk Factors ....................................................... 3
Description of the Notes .............................. S-13
Description of the Securities .............................. 6
Recent Developments .................................. S-16
Taxation ........................................................... 26
Taxation ....................................................... S-39
Plan of Distribution ......................................... 33
Plan of Distribution ...................................... S-40
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.
S-1

ABOUT THIS PROSPECTUS SUPPLEMENT

This prospectus supplement supplements the accompanying prospectus dated January 24, 2019,
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
S-2

Uruguay, see the section entitled "Plan of Distribution" in this prospectus supplement and in the
accompanying prospectus.
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 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"). 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 (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 has been prepared and
therefore offering or selling the notes or otherwise making them available to any retail investor in the
EEA 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.
S-4

USE OF PROCEEDS
The net proceeds to Mexico from the sale of the notes were approximately 1,802,387,500, after
the deduction of the underwriting discount and Mexico's share of the expenses in connection with the sale
of the notes, which are estimated to be approximately 200,000. Mexico intends to apply the net proceeds
of the offering of the notes to redeem in full or in part its outstanding 2.375% Global Notes due 2021 (the
"2021 notes") and for the general purposes of the Government of Mexico, including the refinancing,
repurchase or retirement of domestic and external indebtedness of the Government. None of the
underwriters shall have any responsibility for the application of the net proceeds of the notes. The
outstanding principal amount of the 2021 notes, which are scheduled to mature in April 2021, is
approximately 1,000,000,000, and Mexico gave a notice of redemption pursuant to the provisions of the
2021 notes promptly following the pricing of the offering of the notes.
S-5

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's long-term public external indebtedness is currently rated investment grade by the three
leading rating agencies. Fitch downgraded Mexico's debt rating on June 5, 2019. In addition, on June 5,
2019 Moody's changed its outlook from stable to negative. S&P has had a negative outlook since March
1, 2019.
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.

S-6

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
For the 2030 notes: 1,250,000,000
For the 2039 notes: 500,000,000
Issue Price
For the 2030 notes: 98.915%, plus accrued interest, if any, from
January 17, 2020
For the 2039 notes: 113.845%, plus accrued interest from April 8,
2019
Issue Date
January 17, 2020
Maturity Date
For the 2030 notes: January 17, 2030
For the 2039 notes: April 8, 2039
Specified Currency
Euro ()
Authorized Denominations
100,000 and integral multiples of 1,000 in excess thereof
Fungibility
The 2039 notes are consolidated and form a single series with,
and are fungible with, the outstanding 1,000,000,000 2.875%

Global Notes due 2039 (ISIN XS1974394758, Common Code
197439475) previously issued by Mexico.
Form
Registered; Book-Entry
Each series of 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 Deutsche Bank AG, London
Branch. Deutsche Bank AG, London Branch will serve as
common depositary for Euroclear and Clearstream, Luxembourg.
Interest Rate
For the 2030 notes: 1.125% per annum, accruing from January
17, 2020
For the 2039 notes: 2.875% per annum, accruing from April 8,
2019
Interest Payment Date
For the 2030 notes: Annually on January 17 of each year,
commencing on January 17, 2021
S-7

For the 2039 notes: Annually on April 8 of each year,
commencing on April 8, 2020
Regular Record Date
For the 2030 notes: January 16 of each year
For the 2039 notes: April 7 of each year
Status
The notes 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 2030 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 17,
2029 (three months prior to the maturity date of the 2030 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 17, 2029 (three months prior to the
maturity date of the 2030 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 2039 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 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.
"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 (a) in the case of the 2030 notes, 25
basis points, or (b) in the case of the 2039 notes, 40 basis points,
over (ii) the principal amount of such notes.

S-8

"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.

"Reference Treasury Dealer" means (a) with respect to the 2030
notes, each of Barclays Bank PLC, BNP Paribas, Deutsche Bank
AG, London Branch and Merrill Lynch International 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; and (b)
with respect to the 2039 notes, each of Deutsche Bank AG,
London Branch, J.P. Morgan Securities plc, Banco Santander,
S.A. and UBS AG London Branch 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
S-9