Obligation Mexico 3.625% ( US91086QBA58 ) en USD

Mexico

100 % ⇌

Mexique

US91086QBA58 ( en USD )

3.625% par an ( paiement semestriel )

14/03/2022 - Obligation échue

Prospectus brochure de l'obligation Mexico US91086QBA58 en USD 3.625%, échue

2 000 USD

1 762 486 000 USD

91086QBA5

N/A

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 US91086QBA58, paye un coupon de 3.625% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 14/03/2022

Pricing Supplement
http://www.sec.gov/Archives/edgar/data/101368/000119312512003605/...
424B2 1 d269563d424b2.htm PRICING SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-167916

Pricing Supplement

To Prospectus dated October 5, 2011 and
Prospectus Supplement dated October 5, 2011

U.S. $80,000,000,000 Global Medium-Term Notes, Series A
Due Nine Months or More From Date of Issue
U.S. $2,000,000,000 3.625% Global Notes due 2022
The notes will mature on March 15, 2022. Mexico will pay interest on the notes on March 15 and September 15 of each year,
commencing March 15, 2012. 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 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 October 5, 2011, 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 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.
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 may not be offered or sold publicly in Mexico. The 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 notes under the terms set forth herein. 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.

Underwriting
Proceeds to Mexico,

Price to Public(1)

Discounts

before expenses(1)
Per note

99.322%

0.25%

99.072%
Total

U.S. $1,986,440,000
U.S. $5,000,000
U.S. $1,981,440,000
(1) Plus accrued interest, if any, from January 6, 2012.
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 6, 2012.

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Table of Contents
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

Recent Developments
PS-8
Use of Proceeds
3

Plan of Distribution
PS-17
Description of the Securities
4

Notice to Canadian Residents
PS-22
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-11

Taxation
S-23

Plan of Distribution
S-31

Glossary
S-38

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 October 5, 2011, relating to Mexico's U.S.
$80,000,000,000 Global Medium-Term Note Program and the accompanying prospectus dated October 5, 2011 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, MORGAN STANLEY & CO. LLC (THE "STABILIZING MANAGER"), OR
ANY PERSONS ACTING ON BEHALF OF THE STABILIZING MANAGER, MAY OVER-ALLOT 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
DISCONTINUED AT ANY TIME. STABILIZATION ACTIVITIES IN THE UNITED KINGDOM, IF ANY, MUST BE BROUGHT
TO AN 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. THIS SUPPLEMENTS THE STABILIZATION PROVISION IN THE
PROSPECTUS SUPPLEMENT DATED OCTOBER 5, 2011 ISSUED BY MEXICO.

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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 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.
USE OF PROCEEDS
The net proceeds to Mexico from the sale of the notes will be approximately U.S. $1,981,190,000, 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 notes for the general purposes of the
Government of Mexico, 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 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, 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: U.S. $2,000,000,000
Issue Price:
99.322%, plus accrued interest, if any, from January 6, 2012
Issue Date:
January 6, 2012
Maturity Date:
March 15, 2022
Specified Currency:
U.S. dollars
Authorized Denominations: U.S. $2,000 and integral multiples thereof
Form:
Registered; Book-Entry through the facilities of DTC, Euroclear and Clearstream,
Luxembourg.
Interest Rate:
3.625% per year, accruing from January 6, 2012
Interest Payment Dates:
Semi-annually on March 15 and September 15 of each year, commencing on March 15, 2012
Regular Record Dates:
The March 11 or September 11 of each year preceding the relevant interest payment date
Optional Redemption:
x Yes ¨ No
Mexico will have the right at its option, upon giving not less than 30 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 plus 30 basis points over (ii) the principal amount of the 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 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 pm
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:
Deutsche Bank Securities Inc.
Morgan Stanley & Co. LLC

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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:
91086QBA5
ISIN:
US91086QBA58
Fiscal Agent, Principal Paying
Agent, Calculation 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 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 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 October 5, 2011.

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RECENT DEVELOPMENTS
The information 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, 2010. 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, Mexico's gross domestic product (GDP) grew by 4.0% in real terms during the first nine
months of 2011, as compared with the same period of 2010. The utilities sector grew by 6.8%; the construction sector grew by 4.8%;
the manufacturing sector grew by 5.6%; the wholesale and retail trade sector grew by 8.3%; the transportation and warehousing
sector grew by 3.5%; the information sector grew by 7.0%; the finance and insurance sector grew by 3.7%; the real estate, rental and
leasing sector grew by 2.0%; professional, scientific and technical services grew by 5.4%; management of companies and enterprises
grew by 5.0%; administrative support, waste management and remediation services grew by 4.3%; education services grew by 1.5%;
health care and social assistance grew by 1.9%; arts, entertainment and recreation grew by 6.4%; accommodation and food services
grew by 2.0%; and other services (except public administration) grew by 4.0%, each in real terms as compared to the first nine
months of 2010. However, the agriculture, forestry, fishing and hunting sector decreased by 0.1%; the mining sector decreased by
3.1%; and public administration decreased by 1.6%, each in real terms as compared to the first nine months of 2010.

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The following table sets forth the change in Mexico's real GDP by sector for the periods indicated.
Real GDP Growth by Sector(1)

First Nine
Months of

2006
2007
2008

2009
2010

2011(2)
GDP (constant 2003 prices)
5.2%
3.3%
1.2%
(6.1)%
5.4%
4.0%
Primary Activities:

Agriculture, forestry, fishing and hunting
6.3
2.3 1.2 (2.2) 3.3 (0.1)
Secondary Activities:

Mining
1.4
(0.2) (1.7) (2.9) 2.2 (3.1)
Utilities
12.2 3.7
(2.3) 2.0
2.4 6.8

Construction
7.8
4.4 3.1 (7.3) 0.0 4.8

Manufacturing
5.9
1.7 (0.7) (9.8) 9.9 5.6

Tertiary activities:

Wholesale and retail trade
6.5
5.0 0.9 (14.1) 13.3 8.3

Transportation and warehousing
5.8
3.7 0.0 (6.5) 6.4 3.5

Information
10.7 11.6 8.0
0.8
5.6 7.0

Finance and insurance
16.3 13.9 12.8 (4.5) 2.7
3.7

Real estate, rental and leasing
4.1
3.1 3.0 (1.6) 1.7 2.0

Professional, scientific and technical services
3.0
3.1 3.0 (5.1) (3.0) 5.4

Management of companies and enterprises
20.1 (3.0) 14.0 (8.1) 2.0
5.0

Administrative support, waste management and remediation
services
3.7
3.1 1.6 (4.8) 1.4 4.3

Education services
0.1
1.9 0.8 0.5
3.0 1.5

Health care and social assistance
7.8
2.5 (1.5) 0.8
(1.7) 1.9

Arts, entertainment and recreation
2.3
3.1 1.5 (4.6) 1.9 6.4

Accommodation and food services
1.6
2.6 0.9 (7.7) 3.8 2.0

Other services (except public administration)
3.3
3.9 0.7 (1.1) 0.6 4.0

Public administration
0.1
1.7 1.1 4.8
4.4 (1.6)
Note:Numbers may not total due to rounding.
(1) Preliminary. These figures are subject to periodic revision.
(2) First nine months of 2011 as compared to same period of 2010.
Source: National Institute of Statistics and Geography.
Prices and Wages
Consumer inflation (as measured by the change in the national consumer price index, or NCPI) for the eleven months ended
November 30, 2011 was 3.0%, 0.9 percentage points lower than during the same period of 2010.

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