Bond Mexico 4.75% ( US91087BAK61 ) in USD

Mexico

92.56 % ▲

Mexico

US91087BAK61 ( in USD )

4.75% per year ( payment 2 times a year)

26/04/2032

Prospectus brochure of the bond Mexico US91087BAK61 en USD 4.75%, maturity 26/04/2032

91087BAK6

27/10/2025 ( In 182 days )

Mexico is a country in North America with a rich history spanning pre-Columbian civilizations, Spanish colonial rule, and a vibrant modern era, known for its diverse culture, stunning landscapes, and significant contributions to art, literature, and cuisine.

The Bond issued by Mexico ( Mexico ) , in USD, with the ISIN code US91087BAK61, pays a coupon of 4.75% per year.
The coupons are paid 2 times per year and the Bond maturity is 26/04/2032

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-226200

Prospectus Supplement dated May 7, 2020
To Prospectus dated January 24, 2019

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 were 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 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.
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.
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 was April 27, 2020.
The notes were delivered 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 April 27, 2020.
Joint Book-Running Managers
Citigroup Goldman Sachs & Co. LLC J.P. Morgan Santander

____________________
May 7, 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 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-11
Use of Proceeds ................................................. 2
Use of Proceeds .............................................. S-13
Risk Factors ....................................................... 3
Description of the Notes ................................ S-14
Description of the Securities .............................. 6
Recent Developments .................................... S-17
Taxation ........................................................... 26
Taxation ......................................................... S-37
Plan of Distribution .......................................... 33
Plan of Distribution ........................................ S-38
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
Uruguay, see the section entitled "Plan of Distribution" in this prospectus supplement and in the
accompanying prospectus.
S-2

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.

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 impact of 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

For the 2025 notes: U.S.$1,000,000,000
Aggregate Principal Amount...........
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
U.S. dollars (U.S.$)
Currency...................................
Authorized
U.S.$200,000 and integral multiples of U.S.$1,000 in excess
Denominations..............................
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
S-5

27, 2020
Interest Payment
Semi-annually on April 27 and October 27 of each year,
Date....................................
commencing on October 27, 2020
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
With respect to the 2025 notes, Mexico will have the right at
Redemption................................
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
S-6

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.
"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.

"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
S-7

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.
"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
Holders of the notes will not have the option to elect
Repayment.................................
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 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.
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
Common Code:
For the 2025 notes: 216672038
For the 2032 notes: 216672275
For the 2051 notes: 216672470
Trustee, Principal Paying Agent,
Deutsche Bank Trust Company Americas
Transfer Agent and
Registrar.................................
S-8

Document Outline

#1">UMS - April 2020 USD NM - LuxSE Prospectus Supplement (Execution)
#52">UMS Lux Prospectus - 1.24.19