Obligation Mexico 2.875% ( XS1974394758 ) en EUR

Mexico

100 % ▲

Mexique

XS1974394758 ( en EUR )

2.875% par an ( paiement annuel )

07/04/2039

Prospectus brochure de l'obligation Mexico XS1974394758 en EUR 2.875%, échéance 07/04/2039

100 000 EUR

1 000 000 000 EUR

08/04/2026 ( Dans 345 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 EUR, avec le code ISIN XS1974394758, paye un coupon de 2.875% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 07/04/2039

Prospectus Supplement dated April 15, 2019
To Prospectus dated January 24, 2019
United Mexican States

1,500,000,000 1.625% Global Notes due 2026
1,000,000,000 2.875% Global Notes due 2039

The 1.625% Global Notes due 2026 (the "2026 notes") will mature on April 8, 2026. The 2.875% Global Notes due 2039 (the "2039 notes")
will mature on April 8, 2039. We refer to the 2026 notes and the 2039 notes collectively as the "notes." Mexico will pay interest on the 2026
notes on April 8 of each year, commencing on April 8, 2020. Mexico will pay interest on the 2039 notes on April 8 of each year, commencing
April 8, 2020. 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 2026 notes and the offering of the 2039
notes, each pursuant to this prospectus supplement, are not contingent upon one another.
The notes were issued under an indenture, and each of the 2026 notes and the 2039 notes constitutes a separate series under the indenture.
The indenture contains provisions regarding future modifications to the terms of the notes that differ from those applicable to Mexico's
outstanding public external indebtedness issued prior to November 10, 2014. Under these provisions, which are described beginning on page 19
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 to qualified and institutional investors in Mexico, pursuant to the private placement exemption set forth under Article 8 of the
Mexican Securities Market Law. As required under the Mexican Securities Market Law, Mexico will give notice to the CNBV of the
offering of the notes under the terms set forth herein. Such notice will be submitted to the CNBV to comply with the Mexican Securities
Market Law, and for informational purposes only. The delivery to, and receipt by, the CNBV of such notice does not certify the
solvency of Mexico, the investment quality of the notes, or that the information contained in this prospectus supplement or the
prospectus is accurate or complete. Mexico has prepared this prospectus supplement and is solely responsible for its content, and the
CNBV has not reviewed or authorized such content.

Proceeds to Mexico,
Price to Public(1)
Underwriting Discounts
before expenses(1)
Per 2026 note
99.712%
0.170%
99.542%

Total for 2026 notes
1,495,680,000
2,550,000
1,493,130,000
Per 2039 note
98.598%
0.190%
99.408%

Total for 2039 notes
985,980,000
1,900,000
984,080,000
(1) Plus accrued interest, if any, from April 8, 2019 to the date of settlement, which was April 8, 2019.
The notes were delivered in book-entry form only through the facilities of Euroclear Bank S.A./N.V., as operator of the Euroclear System
("Euroclear") and Clearstream Banking, société anonyme, Luxembourg ("Clearstream, Luxembourg") against payment on April 8, 2019.
____________________
Joint Bookrunners
Deutsche Bank
J.P. Morgan
Santander
UBS Investment Bank

April 15, 2019

This prospectus supplement and the attached prospectus dated January 24, 2019 shall constitute a prospectus for the purpose of the
Luxembourg Law dated 10 July 2005 on Prospectus for Securities, as amended.

TABLE OF CONTENTS

Prospectus Supplement
Prospectus
About this Prospectus Supplement ................ S-2
About this Prospectus ........................................ 1

Forward-Looking Statements ......................... S-4
Forward-Looking Statements ............................ 1

Use of Proceeds.............................................. S-5
Data Dissemination ............................................ 2

Risk Factors ................................................... S-6
Use of Proceeds ................................................. 2

Summary ........................................................ S-7
Risk Factors ....................................................... 3

Description of the Notes .............................. S-12
Description of the Securities .............................. 6

Recent Developments .................................. S-15
Taxation ........................................................... 26

Plan of Distribution ...................................... S-15
Plan of Distribution ......................................... 33

Official Statements .......................................... 41
Validity of the Securities ................................. 43
Authorized Representative............................... 44
Where You Can Find More
Information ................................................... 44
Glossary ........................................................... 46

____________________
Mexico is a foreign sovereign state. Consequently, it may be difficult for investors to obtain
or realize upon judgments of courts in the United States against Mexico. See "Risk Factors" in the
accompanying prospectus.
S-1

ABOUT THIS PROSPECTUS SUPPLEMENT

This prospectus supplement supplements the accompanying prospectus dated January 24, 2019,
relating to Mexico's debt securities and warrants. If the information in this prospectus supplement differs
from the information contained in the prospectus, you should rely on the information in this prospectus
supplement.
You should read this prospectus supplement along with the accompanying prospectus. Both
documents contain information you should consider when making your investment decision. Mexico is
responsible for the information contained and incorporated by reference in this prospectus and in any
related free-writing prospectus or prospectus supplement that Mexico prepares or authorizes. Mexico has
not authorized anyone else to provide you with any other information and takes no responsibility for any
other information that others may give you. Mexico and the underwriters are offering to sell the notes
and seeking offers to buy the notes only in jurisdictions where it is lawful to do so. The information
contained in this prospectus supplement and the accompanying prospectus is current only as of the dates
of this prospectus supplement and the accompanying prospectus, respectively.
Mexico is furnishing this prospectus supplement and the accompanying prospectus solely for use
by prospective investors in connection with their consideration of a purchase of the notes. Mexico
confirms that:
the information contained in this prospectus supplement and the accompanying prospectus is
true and correct in all material respects and is not misleading;
it has not omitted other facts the omission of which makes this prospectus supplement and the
accompanying prospectus as a whole misleading; and
it accepts responsibility for the information it has provided in this prospectus supplement and
the accompanying prospectus.
This prospectus supplement does not constitute an offer to sell or the solicitation of an offer to
buy any notes in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in
such jurisdiction. The distribution of this prospectus supplement and the offer or sale of notes may be
restricted by law in certain jurisdictions. Mexico and the underwriters do not represent that this
prospectus supplement may be lawfully distributed, or that any notes may be lawfully offered, in
compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to
an exemption available thereunder, or assume any responsibility for facilitating any such distribution or
offering. In particular, no action has been taken by Mexico or the underwriters which would permit a
public offering of the notes or distribution of this prospectus supplement in any jurisdiction where action
for that purpose is required. Accordingly, no notes may be offered or sold, directly or indirectly, and
neither this prospectus supplement nor any offering material may be distributed or published in any
jurisdiction, except under circumstances that will result in compliance with any applicable laws and
regulations, and the underwriters have represented that all offers and sales by them will be made on the
same terms. Persons into whose possession this prospectus supplement comes are required by Mexico
and the underwriters to inform themselves about and to observe any such restriction. In particular, there
are restrictions on the distribution of this prospectus supplement and the offer or sale of notes in Belgium,
Canada, Chile, Colombia, the European Economic Area, France, Germany, Hong Kong, Italy, Japan,
Luxembourg, Mexico, the Netherlands, Peru, Singapore, Spain, Switzerland, the United Kingdom and
S-2

Uruguay, see the section entitled "Plan of Distribution" in this prospectus supplement and in the
accompanying prospectus.
In connection with the issue of the notes, Deutsche Bank AG, London Branch (the
"Stabilizing Manager") (or persons acting on behalf of the Stabilizing Manager) may over-allot
notes or effect transactions with a view to supporting the market price of the notes at a level higher
than that which might otherwise prevail. There is no assurance that the Stabilizing Manager (or
persons acting on behalf of the Stabilizing Manager) will undertake stabilization action. Any
stabilization action may begin on or after the date on which adequate public disclosure of the final
terms of the offer of the notes is made and, if begun, may be ended at any time but must end no
later than the earlier of 30 days after the issue date of the notes and 60 days after the date of the
allotment of the notes. Any stabilization action or overallotment must be conducted by the
Stabilizing Manager (or persons acting on behalf of any Stabilizing Manager) in accordance with
all applicable laws and rules.
PROHIBITION OF SALES TO EEA RETAIL INVESTORS The notes are not intended to
be offered, sold or otherwise made available to and should not be offered, sold or otherwise made
available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail
investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1)
of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive
(EU) 2016/97 (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 has been prepared
and therefore offering or selling the notes or otherwise making them available to any retail investor in the
EEA may be unlawful under the PRIIPs Regulation.
MIFID II product governance / Professional investors and ECPs only target market Solely
for the purposes of each manufacturer's product approval process, the target market assessment in respect
of the notes has led to the conclusion that: (i) the target market for the notes is eligible counterparties and
professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the notes to
eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling
or recommending the notes (a "distributor") should take into consideration the manufacturers' target
market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own
target market assessment in respect of the notes (by either adopting or refining the manufacturers' target
market assessment) and determining appropriate distribution channels.
The prospectus supplement is only being distributed to and is only directed at (i) persons who are
outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth
companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a)
to (d) of the Order (all such persons together being referred to as "relevant persons"). The notes are only
available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such notes
will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or
rely on this document or any of its contents.
S-3

FORWARD-LOOKING STATEMENTS

This prospectus supplement may contain forward-looking statements. Statements that are not
historical facts, including statements about Mexico's beliefs and expectations, are forward-
looking statements. These statements are based on current plans, estimates and projections, and therefore
you should not place undue reliance on them. Forward-looking statements speak only as of the date they
are made, and Mexico undertakes no obligation to update publicly any of them in light of new
information or future events. Forward-looking statements involve inherent risks and uncertainties. Mexico
cautions you that a number of important factors could cause actual results to differ materially from those
contained in any forward-looking statement. Such factors include, but are not limited to:

· Adverse external factors, such as high international interest rates, low oil prices and recession or low
growth in Mexico's trading partners. High international interest rates could increase Mexico's

expenditures, low oil prices could decrease the Mexican Government's revenues and recession or
low growth in Mexico's main trading partners could lead to fewer exports. A combination of these
factors could negatively affect Mexico's current account.

· Instability or volatility in the international financial markets. This could lead to domestic volatility,

making it more complicated for the Mexican Government to achieve its macroeconomic goals. This
could also lead to declines in foreign investment inflows, portfolio investment in particular.

· Adverse domestic factors, such as domestic inflation, high domestic interest rates, exchange rate

volatility and political uncertainty. Each of these could lead to lower growth in Mexico, declines in
foreign direct and portfolio investment and potentially lower international reserves.
S-4

USE OF PROCEEDS
The net proceeds to Mexico from the sale of the notes will be approximately 2,477,010,000,
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 200,000. Mexico intends to use the net
proceeds of the sale of the notes for the general purposes of the Government of Mexico, including the
refinancing, repurchase or retirement of its domestic and external indebtedness. None of the underwriters
shall have any responsibility for the application of the net proceeds of the notes.
S-5

RISK FACTORS
The following risk factor supplements the information contained under "Risk Factors" in the
accompanying prospectus. You should consult your financial and legal advisors about the risks of
investing in the debt securities and the suitability of your investment in light of your particular situation.
Mexico disclaims any responsibility for advising you on these matters.
There can be no assurances that Mexico's credit ratings will improve or remain stable, or that
they will not be downgraded, suspended or cancelled by the rating agencies.
Mexico's long-term public external indebtedness is currently rated investment grade by the three
leading rating agencies. Fitch has had a negative outlook since October 2018, while S&P has had a
negative outlook since March 2019 and Moody's has a stable outlook.
Ratings address the creditworthiness of Mexico and the likelihood of timely payment of Mexico's
long-term debt securities. Ratings are not a recommendation to purchase, hold or sell securities and may
be changed, suspended or withdrawn at any time. Mexico's current ratings and the rating outlooks
currently assigned to it depend, in part, on economic conditions and other factors affecting credit risk that
are outside the control of Mexico.
There can be no assurances that such credit ratings will be maintained or that they will not be
downgraded, suspended or cancelled. Any credit rating downgrade, suspension or cancellation may have
an adverse effect on the market price and the trading of the notes.
S-6

SUMMARY
This summary highlights information contained elsewhere in this prospectus supplement and the
accompanying prospectus. It does not contain all the information that you should consider before
investing in the notes. You should carefully read this entire prospectus supplement.

Issuer
The United Mexican States
Aggregate Principal Amount
For the 2026 notes: 1,500,000,000
For the 2039 notes: 1,000,000,000
Issue Price
For the 2026 notes: 99.712%, plus accrued interest, if any, from
April 8, 2019
For the 2039 notes: 98.598%, plus accrued interest, if any, from
April 8, 2019
Issue Date
April 8, 2019
Maturity Date
For the 2026 notes: April 8, 2026
For the 2039 notes: April 8, 2039
Specified Currency
Euro ()
Authorized Denominations
100,000 and integral multiples of 1,000 in excess thereof
Form
Registered; Book-Entry
Each series of the notes will be represented by a single global
note, without interest coupons, in registered form, to be deposited
on or about the issue date with Deutsche Bank AG, London
Branch. Deutsche Bank AG, London Branch will serve as
common depositary for Euroclear and Clearstream, Luxembourg.
Interest Rate
For the 2026 notes: 1.625% per annum, accruing from April 8,
2019
For the 2039 notes: 2.875% per annum, accruing from April 8,
2019
Interest Payment Date
For the 2026 notes: Annually on April 8 of each year,
commencing on April 8, 2020
For the 2039 notes: Annually on April 8 of each year,
commencing on April 8, 2020
Regular Record Date
For the 2026 notes: April 7 of each year
For the 2039 notes: April 7 of each year
S-7

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 Redemption
With respect to each series of notes, Mexico will have the right at
its option, upon giving not less than 30 days' nor more than 60
days' notice, to redeem the notes of such series, in whole or in
part, at any time or from time to time prior to their maturity, at a
redemption price equal to the principal amount thereof, plus the
Make-Whole Amount (as defined below), plus interest accrued
but not paid on the principal amount of such notes to the date of
redemption.
"Make-Whole Amount" means the excess of (i) the sum of the
present values of each remaining scheduled payment of principal
and interest on the notes to be redeemed (exclusive of interest
accrued but not paid to the date of redemption), discounted to the
redemption date on an annual basis (assuming the actual number
of days in a 365- or 366-day year) at the Benchmark Rate (as
defined below) plus (a) in the case of the 2026 notes, 30 basis
points, or (b) in the case of the 2039 notes, 40 basis points, over
(ii) the principal amount of such notes.

"Benchmark Rate" means, with respect to any redemption date,
the rate per annum equal to the annual equivalent yield to
maturity or interpolated maturity of the Comparable Benchmark
Issue (as defined below), assuming a price for the Comparable
Benchmark Issue (expressed as a percentage of its principal
amount) equal to the Comparable Benchmark Price (as defined
below) for such redemption date.

"Comparable Benchmark Issue" means the Bundesanleihe
security or securities (Bund) of the German Government selected
by an Independent Investment Banker (as defined below) as
having an actual or interpolated maturity comparable to the
remaining term of the notes to be redeemed that would be
utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of euro-
denominated corporate debt securities of a comparable maturity
to the remaining term of such notes.

"Independent Investment Banker" means one of the Reference
Dealers (as defined below) appointed by Mexico.
S-8

"Comparable Benchmark Price" means, with respect to any
redemption date, (i) the average of the Reference Dealer
Quotations (as defined below) for such redemption date, after
excluding the highest and lowest such Reference Dealer
Quotation or (ii) if Mexico obtains fewer than four such
Reference Dealer Quotations, the average of all such quotations.

"Reference Dealer" means each of Deutsche Bank AG, London
Branch, J.P. Morgan Securities plc, Banco Santander, S.A. and
UBS AG London Branch or their affiliates which are dealers of
Bund of the German Government, and one other leading dealer of
Bund of the German Government designated by Mexico, and
their respective successors; provided that if any of the foregoing
shall cease to be a dealer of Bund of the German Government,
Mexico will substitute therefor another dealer of Bund of the
German Government.

"Reference Dealer Quotation" means, with respect to each
Reference Dealer and any redemption date, the average, as
determined by Mexico, of the bid and ask prices for the
Comparable Benchmark Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to Mexico
by such Reference Dealer at 3:30 p.m., Frankfurt, Germany time
on the third business day preceding such redemption date.
Optional Repayment
Holders of the notes will not have the option to elect repayment
by Mexico before the maturity dates of the notes.
Underwriters
Deutsche Bank AG, London Branch
J.P. Morgan Securities plc
Banco Santander, S.A.
UBS AG London Branch

Stabilizing Manager
Deutsche Bank AG, London Branch
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

ISIN:
For the 2026 notes: XS1974394675
For the 2039 notes: XS1974394758
Common Code:
For the 2026 notes: 197439467
For the 2039 notes: 197439475
S-9