Obligation Mexico 5.55% ( US91086QBE70 ) en USD

Mexico

100 % ▲

Mexique

US91086QBE70 ( en USD )

5.55% par an ( paiement semestriel )

20/01/2045

Prospectus brochure de l'obligation Mexico US91086QBE70 en USD 5.55%, échéance 20/01/2045

2 000 USD

3 000 000 000 USD

91086QBE7

21/07/2025 ( Dans 85 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 US91086QBE70, paye un coupon de 5.55% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 20/01/2045

Final Pricing Supplement
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424B2 1 d657042d424b2.htm FINAL PRICING SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-185462

Pricing Supplement
To Prospectus dated December 20, 2012 and
Prospectus Supplement dated December 20, 2012

U.S. $110,000,000,000 Global Medium-Term Notes, Series A

The 3.50% Global Notes due 2021 (the "2021 notes") will mature on January 21, 2021. The 5.55% Global Notes due 2045 (the
"2045 notes") will mature on January 21, 2045. We refer to the 2021 notes and the 2045 notes collectively as the notes. Mexico will
pay interest on the notes on January 21 and July 21 of each year, commencing on July 21, 2014. Mexico may redeem the notes in
whole or in part before maturity, at par plus the Make-Whole Amount and accrued interest, as described herein. The notes will not be
entitled to the benefit of any sinking fund. The offering of the 2021 notes and the offering of the 2045 notes, each pursuant to this
pricing supplement, are not contingent upon one another.
The 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. Under these provisions, which are described
beginning on page 7 of the accompanying prospectus dated December 20, 2012, 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.
Mexico will apply 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.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these
securities or determined whether this pricing supplement or the related prospectus supplement and 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 pricing supplement, the prospectus supplement or 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.

Proceeds to
Underwriting
Mexico, before

Price to Public(1)
Discounts

expenses(1)

Per 2021 note

99.343%

0.15%

99.193%
Total for 2021 notes

U.S. $ 993,430,000
U.S. $1,500,000
U.S. $ 991,930,000
Per 2045 note

99.472%

0.20%

99.272%
Total for 2045 notes

U.S. $2,984,160,000
U.S. $6,000,000
U.S. $2,978,160,000

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(1) Plus accrued interest, if any, from January 21, 2014.
The notes will be ready for delivery 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 or about January 21, 2014.

Joint Lead Managers
Credit Suisse

HSBC

January 9, 2014
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TABLE OF CONTENTS

Pricing Supplement

Prospectus

About This Pricing Supplement
PS-3
About this Prospectus
2
Use of Proceeds
PS-4
Forward-Looking Statements
2
Description of the Notes
PS-5
Data Dissemination
3
Supplemental Risk Factor Disclosure
PS-9
Use of Proceeds
3
Recent Developments
PS-10
Description of the Securities
4
Plan of Distribution
PS-24
Plan of Distribution
14
Official Statements
15
Prospectus Supplement

Validity of the Securities
16
Authorized Representative
17
About this Prospectus Supplement
S-3
Where You Can Find More Information
17
Summary
S-4
Risk Factors
S-7
Description of the Notes
S-10
Taxation
S-22
Plan of Distribution
S-29
Glossary
S-33
Annex A Form of Pricing Supplement
A-1

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.

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ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated December 20, 2012, relating to Mexico's
U.S. $110,000,000,000 Global Medium-Term Note Program and the accompanying prospectus dated December 20, 2012 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.
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.
IN CONNECTION WITH THIS OFFERING OF NOTES, HSBC SECURITIES (USA) INC. (THE "STABILIZING
MANAGER"), OR ANY 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. HOWEVER, THERE IS NO ASSURANCE THAT THE
STABILIZING MANAGER, OR ANY PERSON 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 BE
ENDED AT ANY TIME, BUT IT 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
OVER-ALLOTMENT MUST BE CONDUCTED BY THE RELEVANT STABILIZING MANAGER, OR ANY PERSON ACTING
ON BEHALF OF THE STABILIZING MANAGER, IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES. THIS
SUPPLEMENTS THE STABILIZATION PROVISION IN THE PROSPECTUS SUPPLEMENT DATED DECEMBER 20, 2012
ISSUED BY MEXICO.
This pricing 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 (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 pricing supplement or any of its
contents.

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This pricing 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 pricing supplement and
the offer or sale of notes may be restricted by law in certain jurisdictions. Mexico and the managers do not represent that this pricing
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 managers which would permit a
public offering of the notes or distribution of this pricing 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 pricing 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 managers have represented that all offers and sales by them will be made on the same terms. Persons into
whose possession this pricing supplement comes are required by Mexico and the managers to inform themselves about and to observe
any such restriction. In particular, there are restrictions on the distribution of this pricing supplement and the offer or sale of notes in
Austria, Belgium, Chile, Colombia, Denmark, the European Economic Area, France, Germany, Hong Kong, Italy, Japan, Luxembourg,
Mexico, the Netherlands, Norway, Peru, Singapore, Spain, Switzerland, the United Kingdom and Uruguay. See the section entitled
"Plan of Distribution."
USE OF PROCEEDS
The net proceeds to Mexico from the sale of the notes will be approximately U.S. $3,969,840,000, 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 U.S. $250,000. Mexico intends to use the net proceeds of the sale of the 2021 notes for the general purposes of the
Government, including the refinancing, repurchase or retirement of domestic and external indebtedness of the Government. Mexico
intends to use the net proceeds of the sale of the 2045 notes, (i) in part, for liability management transactions, which may include
payment of the purchase price for certain outstanding notes of Mexico, which Mexico may purchase pursuant to its planned offer to
purchase for cash (the "Tender Offer"), on the terms and subject to the conditions set forth in the offer to purchase, dated January 9,
2014, relating to the Tender Offer (the "Offer to Purchase"), in which the managers are acting as joint dealer managers and HSBC
Securities (USA) Inc. is acting as billing and delivery bank (the "B&D Bank"), and (ii) in part, for the general purposes of the
Government, including the refinancing, repurchase or retirement of domestic and external indebtedness of the Government. None of
the managers shall have any responsibility for the application of the net proceeds of the 2021 notes or the 2045 notes.

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DESCRIPTION OF THE NOTES
Mexico will issue the notes under the fiscal agency agreement, dated as of September 1, 1992, as amended by Amendment
No. 1 dated as of November 28, 1995 and Amendment No. 2 dated as of March 3, 2003, 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.

Aggregate Principal Amount:
For the 2021 notes: U.S. $1,000,000,000

For the 2045 notes: U.S. $3,000,000,000
Issue Price:
For the 2021 notes: 99.343%, plus accrued interest, if any, from January 21, 2014

For the 2045 notes: 99.472%, plus accrued interest, if any, from January 21, 2014
Issue Date:
January 21, 2014
Maturity Date:
For the 2021 notes: January 21, 2021

For the 2045 notes: January 21, 2045
Specified Currency:
U.S. dollars (U.S. $)
Authorized Denominations:
U.S. $2,000 and integral multiples of U.S. $1,000 in excess thereof
Form:
Registered; Book-Entry through the facilities of DTC, Euroclear and Clearstream,
Luxembourg.
Interest Rate:
For the 2021 notes: 3.50% per annum, accruing from January 21, 2014

For the 2045 notes: 5.55% per annum, accruing from January 21, 2014
Interest Payment Dates:
Semi-annually on January 21 and July 21 of each year, commencing on July 21,
2014
Regular Record Dates:
January 14 and July 14 of each year

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Optional Redemption:
x Yes ¨ No

With respect to each of the 2021 notes and the 2045 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, 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. "Make-Whole Amount" means the
excess of (i) the sum of the present values of each remaining scheduled payment of
principal and interest on the notes to be redeemed (exclusive of interest accrued to
the date of redemption), discounted to the redemption date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
(as defined below) plus (a) in the case of the 2021 notes, 20 basis points or (b) in
the case of the 2045 notes, 25 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 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, (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.

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"Reference Treasury Dealer" means each of Credit Suisse Securities (USA) LLC
and HSBC Securities (USA) Inc. or their respective affiliates which are primary
United States government securities dealers and their respective successors, and
two other Primary Treasury Dealers (as below defined) 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 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 time on the third business day
preceding such redemption date.
Optional Repayment:
¨ Yes x No
Indexed Note:
¨ Yes x No
Foreign Currency Note:
¨ Yes x No
Managers:
Credit Suisse Securities (USA) LLC
HSBC Securities (USA) Inc.
Purchase Price:
For the 2021 notes: 99.193%, plus accrued interest, if any, from January 21, 2014

For the 2045 notes: 99.272%, plus accrued interest, if any, from January 21, 2014
Method of Payment:
Wire transfer of immediately available funds to an account designated by Mexico.
Listing:
Mexico will apply to list the notes on the Luxembourg Stock Exchange.
Trading:
Mexico will apply to have the notes admitted to trading on the Euro MTF Market of
the Luxembourg Stock Exchange.
Securities Codes:

CUSIP:
For the 2021 notes: 91086QBD9

For the 2045 notes: 91086QBE7

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ISIN:
For the 2021 notes: US91086QBD97

For the 2045 notes: US91086QBE70
Common Code:
For the 2021 notes: 101617726

For the 2045 notes: 101619290
Fiscal Agent, Principal Paying
Agent, Exchange Rate Agent,
Transfer Agent, Registrar and
Authenticating Agent:
Citibank, N.A.
Luxembourg Paying and Transfer
Agent:
KBL European Private Bankers S.A.
Further Issues:
Mexico may, without the consent of the holders, issue additional 2021 notes or
2045 notes that may form a single series of notes with the outstanding 2021 notes or
2045 notes, as applicable, 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 applicable notes have as of the date of the issue of such additional
notes.
Payment of Principal and Interest:
Principal of and interest on the 2021 notes and the 2045 notes will be payable by
Mexico to the Paying Agent in U.S. dollars.
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 Mexico's outstanding public
external indebtedness issued prior to March 3, 2003. Those provisions are
described beginning on page 7 of the accompanying prospectus dated December 20,
2012.
Conflicts of Interest:
As described in the "Use of Proceeds," some of the net proceeds of this offering
may be used to fund our purchase of certain outstanding notes of Mexico. An
affiliate of HSBC Securities (USA) Inc. may be a holder of certain of the
outstanding notes of Mexico as set forth in the Offer to Purchase and may receive
5% or more of the proceeds from this offering. Because of the manner in which the
net proceeds are being used, this offering will be conducted in accordance with
Financial Industry Regulatory Authority ("FINRA") Rule 5121.

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SUPPLEMENTAL RISK FACTOR DISCLOSURE
The following risk factor supplements the information contained under "Risk Factors," in the accompanying prospectus
supplement. You should consult your financial and legal advisors about the risks of investing in the notes and the suitability of
your investment in light of your particular situation. Mexico disclaims any responsibility for advising you on these matters.
Recent federal court decisions in New York create uncertainty regarding the meaning of ranking provisions and could
potentially reduce or hinder the ability of sovereign issuers to restructure their debt.
In ongoing litigation in federal courts in New York captioned NML Capital, Ltd. v. Republic of Argentina, the U.S. Court of
Appeals for the Second Circuit has ruled that the ranking clause in bonds issued by Argentina prevents Argentina from making
payments in respect of the bonds unless it makes pro rata payments on defaulted debt that ranks pari passu with the performing
bonds. The court stayed the effect of such ruling until any ruling on the case by the United States Supreme Court.
Depending on the scope of the final decision, a final decision that requires ratable payments could potentially hinder or impede
future sovereign debt restructurings and distressed debt management unless sovereign issuers obtain the requisite bondholder consents
pursuant to a collective action clause, if applicable, in their debt, such as the collective action clause contained in the notes. See
"Description of the Securities--Meetings, Amendments and Waivers" in the accompanying prospectus. Mexico cannot predict
whether or in what manner the courts will resolve this dispute or how any such judgment will be applied or implemented.

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