Obligation Mexico 4.75% ( US91086QBB32 ) en USD

Mexico

77.89 % ▼

Mexique

US91086QBB32 ( en USD )

4.75% par an ( paiement semestriel )

08/03/2044

Prospectus brochure de l'obligation Mexico US91086QBB32 en USD 4.75%, échéance 08/03/2044

91086QBB3

08/09/2025 ( Dans 133 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 US91086QBB32, paye un coupon de 4.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 08/03/2044

Pricing Supplement
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424B5 1 d397082d424b5.htm PRICING SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration Statements Nos. 333-179186 and 333-183038
Pricing Supplement
To Prospectus dated February 2, 2012 and
Prospectus Supplement dated February 2, 2012

U.S. $559,254,000 3.625% Global Notes due 2022
U.S. $963,324,000 4.750% Global Notes due 2044

U.S. $677,994,000 5.750% Global Notes due 2110

This pricing supplement relates to additional notes of three series that Mexico is issuing pursuant to its invitation (the
"Invitation") to holders of specified series of its existing bonds (the "Old Bonds") to offer to exchange Old Bonds for reopened
3.625% Global Notes due 2022 (the "Reopened 2022 Notes"), reopened 4.750% Global Notes due 2044 (the "Reopened 2044
Notes") or reopened 5.750% Global Notes due 2110 (the "Reopened 2110 Notes"). The Reopened 2022 Notes, Reopened 2044
Notes and Reopened 2110 Notes are collectively referred to as the "Reopened Notes."
The Reopened 2022 Notes will mature on March 15, 2022, the Reopened 2044 Notes will mature on March 8, 2044 and the
Reopened 2110 Notes will mature on October 12, 2110.
The Reopened 2022 Notes will bear interest from March 15, 2012 at 3.625% per year, the Reopened 2044 Notes will bear
interest from March 8, 2012 at 4.750% per year and the Reopened 2110 Notes will bear interest from April 12, 2012 at 5.750% per
year. Mexico will pay interest semi-annually in arrears:

· on March 15 and September 15 of each year, commencing on September 15, 2012, in the case of the Reopened 2022 Notes,

· on March 8 and September 8 of each year, commencing on September 8, 2012, in the case of the Reopened 2044 Notes, and

· on April 12 and October 12 of each year, commencing on October 12, 2012, in the case of the Reopened 2110 Notes.
Each series of the Reopened Notes will be subject to redemption as described herein.
The Reopened 2022 Notes are expected to be issued in an aggregate principal amount of U.S. $559,254,000, the Reopened 2044
Notes are expected to be issued in an aggregate principal amount of U.S. $963,324,000 and the Reopened 2110 Notes are expected to
be issued in an aggregate principal amount of U.S. $677,994,000.
The Reopened 2022 Notes will be consolidated and form a single series with, and be fully fungible with, Mexico's outstanding
U.S. $2,000,000,000 3.625% Global Notes due 2022 (CUSIP No. 91086QBA5, ISIN US91086QBA58, Common Code 72900952),
which we refer to as the "outstanding 2022 Notes." The Reopened 2044 Notes will be consolidated and form a single series with,
and be fully fungible with, Mexico's outstanding U.S. $2,000,000,000 4.750% Global Notes due 2044 (CUSIP No. 91086QBB3,
ISIN US91086QBB32, Common Code 75647727), which we refer to as the "outstanding 2044 Notes." The Reopened 2110 Notes
will be consolidated and form a single series with, and be fully fungible with, Mexico's outstanding U.S. $2,000,000,000 5.750%
Global Notes due 2110 (CUSIP No. 91086QAZ1, ISIN US91086QAZ19, Common Code 054886942), which we refer to as the
"outstanding 2110 Notes."
The Reopened Notes will contain provisions regarding acceleration and future modifications to their terms that differ from those
applicable to Mexico's outstanding public external indebtedness issued prior to March 3, 2003. Certain of the Old Bonds were
originally issued prior to such date. Under these provisions, which are described beginning on page 7 of the accompanying prospectus
dated February 2, 2012, Mexico may amend the payment provisions of the Reopened Notes with the consent of the holders of 75% of
the aggregate principal amount of the outstanding Reopened Notes of that series.
Mexico will apply to list the Reopened Notes on the Luxembourg Stock Exchange and to have the Reopened Notes admitted to
trading on the Euro MTF market of the Luxembourg Stock Exchange.
Neither the United States Securities and Exchange Commission ("SEC") nor any other regulatory body has approved or
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disapproved of these securities or passed upon the accuracy or adequacy of this document or the accompanying prospectus or
prospectus supplement. Any representation to the contrary is a criminal offense.
The Reopened Notes will not be registered in the National Securities Registry maintained by the Mexican National
Banking and Securities Commission ("CNBV") and may not be offered or sold publicly in Mexico. The Reopened Notes may
be offered or sold privately in Mexico to qualified and institutional investors, pursuant to the exemption contemplated 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 Reopened Notes for informational purposes only. Such notice does not certify the
solvency of Mexico, the investment quality of the Reopened Notes or that the information contained in this pricing
supplement, the prospectus supplement or in the prospectus is accurate or complete. Mexico has prepared this pricing
supplement and is solely responsible for its content, and the CNBV has not reviewed or authorized such content.
The Dealer Managers for the Invitation are:

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In any EEA Member State that has implemented the Prospectus Directive, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the Prospectus Directive.
This pricing supplement has been prepared on the basis that any offer of Reopened Notes in any Member State of the European
Economic Area (each, a "Relevant Member State") will be made pursuant to an exemption under the Prospectus Directive from the
requirement to publish a prospectus for offers of Reopened Notes. Accordingly any person making or intending to make any offer
within the EEA of Reopened Notes which are the subject of this pricing supplement may only do so in circumstances in which no
obligation arises for Mexico, or any of Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. or Merrill Lynch, Pierce,
Fenner & Smith Incorporated as dealer managers for the Invitation (the "Dealer Managers") to publish a prospectus pursuant to
Article 3 of the Prospectus Directive in relation to such offer. Neither Mexico nor the Dealer Managers have authorized, nor do they
authorize, the making of any offer of Reopened Notes in circumstances in which an obligation arises for Mexico or the Dealer
Managers to publish a prospectus for such offer.
For the purposes of this provision, the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments
thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any
relevant implementing measure in the Relevant Member State and the expression "2010 PD Amending Directive" means Directive
2010/73/EU."
This communication 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 (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 Reopened Notes
are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Reopened 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.

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Table of Contents
TABLE OF CONTENTS

Pricing Supplement

Prospectus Supplement

Introduction
PS-4
About this Prospectus Supplement

S-3
Forward-Looking Statements
PS-4
Summary

S-4
Use of Proceeds
PS-5
Risk Factors

S-7
Summary Description of the Reopened Notes
PS-6
Description of the Notes

S-11
Documents Incorporated by Reference
PS-13
Taxation

S-23
Recent Developments
PS-14
Plan of Distribution

S-31
Description of the Reopened Notes
PS-25
Glossary

S-38
Clearance and Settlement
PS-29
Annex A Form of Pricing Supplement

A-1
Plan of Distribution
PS-32
Results of the Invitation
PS-34
Jurisdictional Restrictions
PS-38
Prospectus

General Information
PS-44
About this Prospectus

2
Forward-Looking Statements

2
Data Dissemination

3
Use of Proceeds

3
Description of the Securities

4
Plan of Distribution

14
Official Statements

15
Validity of the Securities

16
Authorized Representative

17
Where You Can Find More Information

17

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INTRODUCTION
This document supplements the attached prospectus supplement dated February 2, 2012, relating to Mexico's U.S.
$80,000,000,000 Global Medium-Term Note, Series A Program and the attached prospectus dated February 2, 2012 relating to
Mexico's debt securities and warrants. You should read this document along with the attached prospectus supplement and prospectus.
All three documents contain information you should consider when making your investment decision. If the information in this
document differs from the information contained in the prospectus supplement or the prospectus, you should rely on the information in
this document. This pricing supplement constitutes a "pricing supplement" or "final terms" as defined in the prospectus supplement
and prospectus.
Mexico is responsible only for the information provided or incorporated by reference in this document, the prospectus and the
prospectus supplement. Mexico, and the Dealer Managers, have not authorized anyone else to provide you with different information.
Mexico and the Dealer Managers are offering the Reopened Notes only in jurisdictions where it is lawful to do so.
No dealer, salesperson or other person has been authorized to give any information or to make any representations other than
those contained in this pricing supplement and, if given or made, such information or representations must not be relied upon as
having been authorized by Mexico, the Dealer Managers or Bondholder Communications Group as the information and exchange
agent (the "Information and Exchange Agent") and none of Mexico, the Dealer Managers or the Information and Exchange Agent takes
any responsibility for information that others may give to you. This pricing supplement does not constitute an offer to buy or a
solicitation of an offer to sell any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation
in such jurisdiction.
The information contained in this document and the attached prospectus supplement and prospectus is current only as of their
respective dates. Mexico confirms that:

· the information contained in this document and the prospectus supplement and the 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 document and the prospectus supplement and the prospectus

as a whole misleading, and

· it accepts responsibility for the information it has provided in this document and the prospectus supplement and the

prospectus.
The Reopened Notes are debt securities of Mexico, which are being offered under Mexico's registration statements
nos. 333-179186 and 333-183038 filed with the SEC under the U.S. Securities Act of 1933, as amended. The accompanying
prospectus supplement and prospectus are part of each of the registration statements. The prospectus supplement and prospectus
provide you with a general description of the securities that Mexico may offer, and this document contains specific information about
the terms of the Invitation and the Reopened Notes. This document also adds, updates or changes information provided or
incorporated by reference in the prospectus supplement and prospectus. Consequently, before you invest in the Reopened Notes, you
should read this document together with the prospectus supplement and prospectus as well as the documents incorporated by
reference in the prospectus supplement and prospectus, which are described under "Documents Incorporated by Reference."
FORWARD-LOOKING STATEMENTS
This pricing supplement contains 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.

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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.
USE OF PROCEEDS
Mexico will not realize any cash proceeds from the issuance of the Reopened Notes. The Reopened Notes are being issued in
exchange for Old Bonds pursuant to the Invitation. The results of the Invitation are described under "Results of the Invitation."

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SUMMARY DESCRIPTION OF THE REOPENED NOTES
This summary highlights information contained elsewhere in this document. It is not complete and may not contain all
the information that you should consider before investing in the Reopened Notes. You should read the entire pricing
supplement and the accompanying prospectus supplement and prospectus (together, the "pricing documents") carefully.
The Reopened Notes
General Terms of the Reopened Notes

United Mexican States.
Issuer

The Reopened Notes will be direct, general, unconditional, unsecured and
Status
unsubordinated external indebtedness of Mexico and will be backed by the full
faith and credit of Mexico. The Reopened Notes will rank equal in right of
payment with all of Mexico's present and future unsecured and unsubordinated
external indebtedness.

The Reopened Notes will be denominated and payable in U.S. dollars.
Currency

For a discussion of the Mexican and United States tax consequences associated
Taxation
with the Reopened Notes, see "Taxation--Mexican Taxation" and "--United
States Federal Taxation" in the accompanying prospectus supplement. Investors
should consult their own tax advisors in determining the foreign, United States
federal, state, local and any other tax consequences to them of the ownership and
disposition of the Reopened Notes.

Subject to certain exceptions, Mexico will make all payments on the Reopened
Withholding Tax and Additional Amounts
Notes without withholding or deducting any Mexican taxes. For more
information, see "Description of the Notes--Additional Amounts" in the
accompanying prospectus supplement.

Mexico may, from time to time, issue additional debt securities that may form a
Further Issues
single series with a series of Reopened 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 Reopened Notes have as of the date of
issue of such additional notes.

Mexico will issue the Reopened Notes in the form of one or more fully
Form and Settlement
registered global securities, without coupons, registered in the name of a
nominee of The Depository Trust Company ("DTC") and will deposit the global
securities with a custodian for DTC. You may hold a beneficial interest in the
global securities through DTC, Clearstream, Luxembourg or Euroclear, directly
as a participant in one of those clearing systems or indirectly through financial
institutions that are participants in any of those systems.

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Mexico will issue the Reopened Notes only in denominations of U.S. $2,000
Denominations
and integral multiples of U.S. $2,000.

Mexico will apply to list the Reopened Notes on the Luxembourg Stock
Listing and Admission to Trading
Exchange and to have the Reopened Notes admitted to trading on the Euro MTF
market of the Luxembourg Stock Exchange.

New York, except that all matters governing authorization and execution of the
Governing Law
Reopened Notes by Mexico will be governed by the laws of Mexico.

The Reopened Notes will contain provisions regarding acceleration and future
Additional Provisions
modifications to their terms that differ from those applicable to Mexico's
outstanding external public indebtedness issued prior to March 3, 2003. Certain
of the Old Bonds were originally issued prior to such date. Under these
provisions, which are described beginning on page 7 of the accompanying
prospectus, Mexico may amend the payment provisions of a series of Reopened
Notes with the consent of the holders of 75% of the aggregate principal amount
of the outstanding Reopened Notes of that series.
Terms of the Reopened 2022 Notes

3.625% Global Notes due 2022.
Title

The Reopened 2022 Notes will mature on March 15, 2022.
Maturity

The Reopened 2022 Notes will bear interest from March 15, 2012 at
Interest
3.625% per year. Mexico will pay interest semi-annually in arrears on
March 15 and September 15 of each year, commencing on September 15, 2012.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

Mexico will have the right at its option, upon giving not less than 30 days'
Redemption
notice, to redeem the Reopened 2022 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 on the principal amount of such notes to the date of
redemption. For purposes of the Reopened 2022 Notes, "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 Reopened 2022 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 Treasury Rate plus 30 basis points
over (ii) the principal amount of such Reopened 2022 Notes.

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"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, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price 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 Reopened 2022 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,
(i) the average of the Reference Treasury Dealer Quotations for such redemption

date, after excluding the highest and lowest such Reference Treasury Dealer
Quotation or (ii) if Mexico obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.

"Reference Treasury Dealer" means any of Deutsche Bank Securities Inc.,
Morgan Stanley & Co. LLC 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"),
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 asked 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
City time, on the third business day preceding such redemption date.
Securities Codes:

91086QBA5
CUSIP

US91086QBA58
ISIN

72900952
Common Code

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The Reopened 2022 Notes will be consolidated and form a single series with,
Fungibility
and be fully fungible with, Mexico's outstanding U.S. $2,000,000,000 3.625%
Global Notes due 2022 (CUSIP No. 91086QBA5, ISIN US91086QBA58,
Common Code 72900952).
Terms of the Reopened 2044 Notes

4.750% Global Notes due 2044.
Title

The Reopened 2044 Notes will mature on March 8, 2044.
Maturity

The Reopened 2044 Notes will bear interest from March 8, 2012 at 4.750% per
Interest
year. Mexico will pay interest semi-annually in arrears on March 8 and
September 8 of each year, commencing on September 8, 2012. Interest will be
computed on the basis of a 360-day year of twelve 30-day months.

Mexico will have the right at its option, upon giving not less than 30 days'
Redemption
notice, to redeem the Reopened 2044 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 on the principal amount of such notes to the date of
redemption. For purposes of the Reopened 2044 Notes, "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 Reopened 2044 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 Treasury Rate plus 25 basis points
over (ii) the principal amount of such Reopened 2044 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, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price 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 Reopened 2044 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.

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