Obligation Mexico 7.5% ( US91086QAN88 ) en USD

Mexico

100 % ▼

Mexique

US91086QAN88 ( en USD )

7.5% par an ( paiement semestriel )

07/04/2033

Prospectus brochure de l'obligation Mexico US91086QAN88 en USD 7.5%, échéance 07/04/2033

100 000 USD

3 056 822 000 USD

91086QAN8

08/10/2025 ( Dans 163 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 Mexico ( Mexique ) , en USD, avec le code ISIN US91086QAN88, paye un coupon de 7.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 07/04/2033

UNITED MEXICAN STATES
424B3 1 y85287e424b3.htm UNITED MEXICAN STATES

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-101643
Pricing Supplement
To Prospectus dated December 4, 2002 and
Prospectus Supplement dated December 4, 2002
(United Mexican States
Logo)

United Mexican States
U.S. $30,000,000,000 Global Medium-Term Notes, Series A
Due Nine Months or More From Date of Issue
$1,500,000,000 4.625% Global Notes due 2008
$1,000,000,000 7.500% Global Notes due 2033
Interest payable April 8 and October 8
Issue price: 99.402% for the 2008 Notes
98.536% for the 2033 Notes
The 4.625% Global Notes due 2008 (which we to refer as the 2008 notes) will mature on October 8, 2008. The 7.500%
Global Notes due 2033 (which we refer to as the 2033 notes) will mature on April 8, 2033. We refer to the 2008 notes and
the 2033 notes collectively as the notes.
The notes will not be redeemable before maturity and will not be entitled to the benefit of any sinking fund.
The notes will contain provisions regarding acceleration and future modifications to their terms that differ from those
applicable to most of Mexico's outstanding public external indebtedness. Under these provisions, which are described
beginning on page PS-6 of this pricing supplement, Mexico may amend the payment provisions of the notes with the
consent of the holders of 75% of the aggregate principal amount of the outstanding notes.
Application has been made to list the notes on the Luxembourg Stock Exchange.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of
these securities or passed upon the accuracy or adequacy of this pricing supplement or the accompanying
prospectus supplement or prospectus. Any representation to the contrary is a criminal offense.

Price to

Underwriting

Proceeds to Mexico,

Public (1)

Discounts

before expenses
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UNITED MEXICAN STATES

Per 2008 note

99.402%

0.35%

99.052%
Total for 2008 notes
$1,491,030,000

$5,250,000

$1,485,780,000

Per 2033 note

98.536%

0.65%

97.886%
Total for 2033 notes
$ 985,360,000

$6,500,000

$ 978,860,000

(1)
Plus accrued interest, if any, from April 11, 2003.
We expect that delivery of the notes will be made on or about April 11, 2003.
Joint Lead Managers and Joint Bookrunners

Barclays Capital

JPMorgan
April 8, 2003

TABLE OF CONTENTS
Pricing Supplement

About this Pricing Supplement

PS-3
Use of Proceeds

PS-3
Description of the Notes

PS-4
New Provisions Applicable to the Notes

PS-6
United Mexican States--Recent Developments

PS-9

The Economy

PS-9

Principal Sectors of the Economy

PS-9
PS-

Financial System

11
PS-

External Sector of the Economy

11
PS-

Public Finance

12
PS-

Public Debt

14
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UNITED MEXICAN STATES
PS-
Plan of Distribution

15
Prospectus Supplement

About this Prospectus Supplement

S-3
Summary

S-4
Risk Factors

S-7
Description of the Notes

S-10
Taxation

S-21
Plan of Distribution

S-29
Glossary

S-33
Annex A Form of Pricing Supplement

A-1
Prospectus

About this Prospectus

2
Forward-Looking Statements

2
Data Dissemination

3
Use of Proceeds

3
Description of the Securities

4
Plan of Distribution

13
Official Statements

15
Validity of the Securities

15
Authorized Representative

16
Where You Can Find More Information

16
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
supplement.
PS-2

ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated December 4, 2002, relating to
Mexico's $30,000,000,000 Global Medium-Term Note Program and the accompanying prospectus dated December 4, 2002
relating to Mexico's debt securities and warrants. If the information in this pricing supplement differs from the information
contained in the prospectus supplement or the prospectus, you should rely on the information in this pricing supplement.
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UNITED MEXICAN STATES
You should read this pricing supplement along with the accompanying prospectus supplement and prospectus. All three
documents contain information you should consider when making your investment decision. You should rely only on the
information provided or incorporated by reference in this pricing supplement, the prospectus and the prospectus
supplement. Mexico has not authorized anyone else to provide you with different information. Mexico and the managers
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 pricing supplement and the accompanying prospectus supplement and prospectus is current
only as of its date.
Mexico is furnishing this pricing supplement, the prospectus supplement and the prospectus solely for use by
prospective investors in connection with their consideration of a purchase of the notes. Mexico confirms that:

·
the information contained in this pricing supplement and the accompanying prospectus supplement and 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 pricing supplement and the accompanying
prospectus supplement and prospectus as a whole misleading; and

·
it accepts responsibility for the information it has provided in this pricing supplement and the accompanying
prospectus supplement and prospectus.
USE OF PROCEEDS
The net proceeds to Mexico from the sale of the notes will be approximately $2,464,340,000, 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 $300,000. Mexico intends to use the net proceeds of the sale of the notes to finance a portion of the
redemption price of its Collateralized Fixed Rate Bonds Due 2019, as described under "United Mexican States--Recent
Developments--Public Debt."
PS-3

DESCRIPTION OF THE NOTES
Mexico will issue the notes under the fiscal agency agreement, dated as of September 1, 1992, as amended, between
Mexico and Citibank, N.A., as fiscal agent. The information contained in this section and in the prospectus supplement and
the prospectus summarizes some of the terms of the notes and the fiscal agency agreement. This summary does not contain
all of the information that may be important to you as a potential investor in the notes. You should read the fiscal agency
agreement and the form of the notes before making your investment decision. Mexico has filed or will file copies of these
documents with the SEC and will also file copies of these documents at the offices of the fiscal agent and the paying agents.

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Aggregate Principal Amount:
For the 2008 notes: $1,500,000,000

For the 2033 notes: $1,000,000,000

Issue Price:
For the 2008 notes: 99.402%, plus accrued interest, if any,
from April 11, 2003
For the 2033 notes: 98.536%, plus accrued interest, if any,

from April 11, 2003

Issue Date:

April 11, 2003

Maturity Date:
For the 2008 notes: October 8, 2008

For the 2033 notes: April 8, 2033

Specified Currency:

U.S. dollars

Authorized Denominations:

$1,000 and integral multiples thereof

Form:

Registered; Book-Entry

Interest Rate:
For the 2008 notes: 4.625% per year, accruing from April 11,
2003
For the 2033 notes: 7.500% per year, accruing from April 11,

2003

Interest Payment Dates:
Semi-annually on April 8 and October 8 of each year,

commencing on October 8, 2003

Regular Record Dates:

March 24 and September 23 of each year

Optional Redemption:

o Yes x No

Optional Repayment:

o Yes x No

Indexed Note:

o Yes x No

Foreign Currency Note:

o Yes x No

Managers:
Barclays Capital Inc.

J.P. Morgan Securities Inc.
PS-4

Purchase Price:
For the 2008 Notes: 99.052%

For the 2033 Notes: 97.886%
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UNITED MEXICAN STATES

Method of Payment:
Wire transfer of immediately available funds to an account

designated by Mexico.

Listing:
Application has been made to list the notes on the

Luxembourg Stock Exchange.

Securities Codes:

CUSIP:
For the 2008 Notes: 91086QAM0

For the 2033 Notes: 91086QAN8

ISIN:
For the 2008 Notes: US91086QAM06

For the 2033 Notes: US91086QAN88

Fiscal Agent, Principal Paying
Agent, Transfer Agent, Registrar
and Authenticating Agent:

Citibank, N.A.

Luxembourg Paying and Transfer
Kredietbank S.A. Luxembourgeoise
Agent:

Further Issues:
Mexico may, without the consent of the holders, issue
additional notes that may form a single series of notes with the
outstanding notes provided that such additional notes do not
have, for purposes of U.S. federal income taxation, a greater
amount of original issue discount than the notes have as of the

date of the issue of such additional notes.

Governing Law:
New York, except that all matters governing authorization and
execution of the notes by Mexico will be governed by the law

of Mexico.

Additional Provisions:
The notes will contain provisions regarding acceleration and
future modifications to their terms that differ from those
applicable to most of Mexico's outstanding external public
indebtedness. Those provisions are described in the following

section, "New Provisions Applicable to the Notes."
PS-5

NEW PROVISIONS APPLICABLE TO THE NOTES
The notes will contain provisions regarding acceleration and voting on amendments, modifications and waivers that
differ from the provisions described in the accompanying prospectus. The provisions described in this pricing supplement
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UNITED MEXICAN STATES
will govern the notes. These provisions are commonly referred to as "collective action clauses." Under these provisions,
Mexico may amend certain key terms of the notes, including the maturity date, interest rate and other payment terms, with
the consent of less than all of the holders of the notes.
Default and Acceleration of Maturity
The notes will contain the same events of default as those described in the accompanying prospectus, but the procedures
for acceleration if an event of default occurs will be different from those described in the prospectus. The events of default
are the following:

1.
Mexico fails to pay any principal of or interest on the notes within 30 days after payment is due;

2.
Mexico fails to perform any other obligation under the notes and does not cure that failure within 30 days after the
fiscal agent receives written notice from the holder of any note requiring Mexico to remedy the failure;

3.
Mexico's creditors accelerate an aggregate principal amount of more than U.S. $10,000,000 (or its equivalent in
any other currency) of Mexico's public external indebtedness because of an event of default resulting from
Mexico's failure to pay principal or interest on that public external indebtedness when due;

4.
Mexico fails to make any payment on any of its public external indebtedness in an aggregate principal amount of
more than U.S. $10,000,000 (or its equivalent in any other currency) when due and does not cure that failure
within 30 days after the fiscal agent receives written notice from the holder of any note requiring Mexico to
remedy the failure; or

5.
Mexico declares a moratorium on the payment of principal of or interest on its public external indebtedness.
If any of the events of default described above occurs and is continuing, the holders of at least 25% of the aggregate
principal amount of the notes outstanding (as defined below) may, by notice to the fiscal agent, declare all the notes to be
due and payable immediately.
Upon any declaration of acceleration, the principal, interest and all other amounts payable on the notes will become
immediately due and payable on the date Mexico receives written notice of the declaration, unless Mexico has remedied the
event or events of default prior to receiving the notice. The holders of more than 50% of the aggregate principal amount of
the outstanding notes may rescind a declaration of acceleration if the event or events of default giving rise to the declaration
have been cured or waived.
Meetings, Amendments and Waivers
Mexico may call a meeting of the holders of the notes at any time regarding the fiscal agency agreement or the notes.
Mexico will determine the time and place of the meeting. Mexico will notify the holders of the time, place and purpose of
the meeting not less than 30 and not more than 60 days before the meeting.
PS-6

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UNITED MEXICAN STATES
In addition, the fiscal agent will call a meeting of the holders of the notes if the holders of at least ten percent of the
aggregate principal amount of the outstanding notes have delivered a written request to the fiscal agent setting forth the
action they propose to take. The fiscal agent will notify the holders of the time, place and purpose of any meeting called by
the holders not less than 30 and not more than 60 days before the meeting.
Only holders of notes and their proxies are entitled to vote at a meeting of holders. Holders or proxies representing a
majority of the aggregate principal amount of the outstanding notes will normally constitute a quorum. However, if a
meeting is adjourned for a lack of a quorum, then holders or proxies representing 25% of the aggregate principal amount of
the outstanding notes will constitute a quorum when the meeting is rescheduled. For purposes of a meeting of holders that
proposes to discuss reserved matters, which are specified below, holders or proxies representing 75% of the aggregate
principal amount of the outstanding notes will constitute a quorum. The fiscal agent will set the procedures governing the
conduct of the meeting.
Mexico, the fiscal agent and the holders may generally modify or take actions with respect to the fiscal agency
agreement or the terms of the notes:

·
with the affirmative vote of the holders of not less than 66 2/3% of the aggregate principal amount of the
outstanding notes that are represented at a meeting; or

·
with the written consent of the holders of 66 2/3% of the aggregate principal amount of the outstanding notes.
However, the holders of not less than 75% of the aggregate principal amount of the outstanding notes, voting at a meeting
or by written consent, must consent to any amendment, modification, change or waiver with respect to the notes that would:

·
change the due dates for the payment of principal of or interest on the notes;

·
reduce any amounts payable on the notes;

·
reduce the amount of principal payable upon acceleration of the maturity of the notes;

·
change the payment currency or places of payment for the notes;

·
permit early redemption of the notes or, if early redemption is already permitted, set a redemption date earlier than
the date previously specified or reduce the redemption price;

·
reduce the percentage of holders of the notes whose vote or consent is needed to amend, supplement or modify the
fiscal agency agreement (as it relates to the notes) or the terms and conditions of the notes or to take any other
action with respect to the notes or change the definition of "outstanding" with respect to the notes;

·
change Mexico's obligation to pay any additional amounts;

·
change the governing law provision of the notes;

·
change the courts to the jurisdiction of which Mexico has submitted, Mexico's obligation to appoint and maintain
an agent for service of process in the Borough of Manhattan, The City of New York or Mexico's waiver of
immunity, in respect of actions or proceedings brought by any holder based upon the notes, as described in the
prospectus;
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UNITED MEXICAN STATES
PS-7

·
in connection with an exchange offer for the notes, amend any event of default under the notes; or

·
change the status of the notes, as described under "Description of the Securities--Debt Securities--Status" in the
prospectus.
We refer to the above subjects as "reserved matters." A change to a reserved matter, including the payment terms of the
notes, can be made without your consent, as long as a supermajority of the holders (that is, the holders of at least 75% of
the aggregate principal amount of the outstanding notes) agree to the change.
Mexico and the fiscal agent may, without the vote or consent of any holder of the notes, amend the fiscal agency
agreement or the notes for the purpose of:

·
adding to Mexico's covenants for the benefit of the holders;

·
surrendering any of Mexico's rights or powers;

·
providing collateral for the notes;

·
curing any ambiguity or correcting or supplementing any defective provision; or

·
making any other change that (a) is not inconsistent with the notes and (b) does not adversely affect the interest of
any holder of the notes in any material respect.
For purposes of determining whether the required percentage of holders of the notes has approved any amendment,
modification or change to, or waiver of, the notes or the fiscal agency agreement, or whether the required percentage of
holders has delivered a notice of acceleration of the notes, notes owned, directly or indirectly, by Mexico or any public
sector instrumentality of Mexico will be disregarded and deemed not to be outstanding, except that in determining whether
the fiscal agent shall be protected in relying upon any amendment, modification, change or waiver, or any notice from
holders, only notes that the fiscal agent knows to be so owned shall be so disregarded. As used in this paragraph, "public
sector instrumentality" means Banco de México, any department, ministry or agency of the federal government of Mexico
or any corporation, trust, financial institution or other entity owned or controlled by the federal government of Mexico or
any of the foregoing, and "control" means the power, directly or indirectly, through the ownership of voting securities or
other ownership interests or otherwise, to direct the management of or elect or appoint a majority of the board of directors
or other persons performing similar functions in lieu of, or in addition to, the board of directors of a corporation, trust,
financial institution or other entity.
PS-8

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UNITED MEXICAN STATES
UNITED MEXICAN STATES--RECENT DEVELOPMENTS
The information included in this section supplements the information about Mexico corresponding to the headings
below that is contained in Exhibit D to Mexico's annual report on Form 18-K, as amended, for the fiscal year ended
December 31, 2001. To the extent that the information included in this section differs from the information set forth in the
annual report, you should rely on the information in this section.
The Economy
Gross Domestic Product
According to preliminary figures, during 2002, Gross Domestic Product ("GDP") increased by 0.9% in real terms, as
compared with 2001. The financial services, insurance and real estate sector grew by 4.4%, the electricity, gas and water
sector grew by 3.8%, and the transportation, storage and communications sector grew by 2.2%, each in real terms. The
construction sector grew by 1.7%, and the community, social and personal services sector grew by 1.3%, each in real terms.
The mining, petroleum and gas sector decreased by 0.3%, the agriculture, livestock, fishing and forestry sector and the
commerce, hotels and restaurants sector each decreased by 0.4%, and the manufacturing sector decreased by 0.6%, each in
real terms.
Prices and Wages
Inflation during 2002 was 5.70%, as compared to 4.40% during 2001. Inflation during the first two months of 2003 was
0.68%, 0.18 percentage points lower than during the same period of 2002.
Interest Rates
During 2002, interest rates on 28-day Cetes averaged 7.08% and interest rates on 91-day Cetes averaged 7.44%, as
compared with average rates on 28-day and 91-day Cetes of 11.30% and 12.24%, respectively, during 2001. During the
first three months of 2003, interest rates on 28-day Cetes averaged 8.78% and interest rates on 91-day Cetes averaged
8.87%, as compared with average rates on 28-day and 91-day Cetes of 7.34% and 7.59%, respectively, during the same
period of 2002. On April 8, 2003, the 28-day Cetes rate was 8.25% and the 91-day Cetes rate was 8.38%.
Principal Sectors of the Economy
Petroleum and Petrochemicals
Financial Results for First Eleven Months of 2002
Based on the preliminary consolidated results of Petróleos Mexicanos, the subsidiary entities (i.e., Pemex-Exploración y
Producción, Pemex-Refinación and Pemex-Gas y Petroquímica Básica) and the Pemex Project Funding Master Trust
(excluding subsidiary companies), total sales revenues (net of the Impuesto Especial Sobre Producción y Servicios (Special
Tax on Production and Services, or the "IEPS Tax")) for the first eleven months of 2002 amounted to Ps. 304.7 billion, a
decrease of 1.2% from total sales revenues (net of the IEPS Tax) during the first eleven months of 2001 of Ps. 308.3 billion,
primarily as a result of a decrease in the average price of principal trading products (including natural gas, gasoline,
liquefied petroleum gas, diesel and jet fuel) in the domestic market. During the first eleven months of 2002, the net loss of
Petróleos Mexicanos, the subsidiary entities and the Pemex Project Funding Master Trust (excluding subsidiary
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Document Outline

Local Disk
- #1">UNITED MEXICAN STATES