Obligation Mexico 3.771% ( US91087BAN01 ) en USD

Mexico

58.92 % ▲

Mexique

US91087BAN01 ( en USD )

3.771% par an ( paiement semestriel )

23/05/2061

Prospectus brochure de l'obligation Mexico US91087BAN01 en USD 3.771%, échéance 23/05/2061

91087BAN0

24/05/2025 ( Dans 26 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 US91087BAN01, paye un coupon de 3.771% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 23/05/2061

Prospectus Supplement dated November 25, 2020
To Prospectus dated September 25, 2020

United Mexican States

U.S. $3,396,062,000 2.659% Global Notes due 2031
U.S. $3,208,201,000 3.771% Global Notes due 2061

The 2.659% Global Notes due 2031 (the "2031 notes") will mature on May 24, 2031. The 3.771% Global Notes due 2061
(the "2061 notes") will mature on May 24, 2061. We refer to the 2031 notes and the 2061 notes collectively as the "notes."
Mexico will pay interest on the notes on May 24 and November 24 of each year, commencing May 24, 2021. Mexico may
redeem the notes, in whole or in part, before maturity, on the terms described herein. The notes will not be entitled to the
benefit of any sinking fund. The offering of the 2031 notes and the offering of the 2061 notes, each pursuant to this prospectus
supplement, are not contingent upon one another.
The notes were issued under an indenture, and each of the 2031 notes and the 2061 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 15 of the accompanying prospectus dated September 25, 2020, 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. No assurances can be given by Mexico that such applications
will be approved or that such listings will be maintained.
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 2031 note
100.000%
0.170%
99.830%
Total for the 2031 notes
U.S. $3,396,062,000
U.S. $5,773,305
U.S. $3,390,288,695
Per 2061 note
100.000%
0.200%
99.800%
Total for the 2061 notes
U.S. $3,208,201,000
U.S. $6,416,402
U.S. $3,201,784,598

(1) Plus accrued interest, if any, from November 24, 2020 to the date of settlement, which was November 24, 2020.
The notes were delivered 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 November 24, 2020.

Joint Bookrunners
BBVA Goldman Sachs & Co. LLC Mizuho Securities

____________________
November 25, 2020

This prospectus supplement and the attached prospectus dated September 25, 2020 constitute a prospectus for the purpose of Part
IV of the Luxembourg law on prospectuses for securities dated July 16, 2019.

TABLE OF CONTENTS
Prospectus Supplement Page
Prospectus Page
About this Prospectus Supplement ................ S-2
About this Prospectus ........................................ 1
Forward-Looking Statements ......................... S-4
Forward-Looking Statements ............................ 1
Summary ........................................................ S-5
Data Dissemination ............................................ 2
Risk Factors ................................................. S-10
Use of Proceeds ................................................. 2
Use of Proceeds ............................................ S-12
Risk Factors ....................................................... 3
Description of the Notes .............................. S-13
Description of the Securities .............................. 6
Recent Developments .................................. S-16
Taxation ........................................................... 26
Plan of Distribution (Conflicts of Interest) .. S-34
Plan of Distribution .......................................... 33

Official Statements .......................................... 41
Validity of the Securities ................................. 43
Authorized Representative ............................... 44
Where You Can Find More Information .......... 44
Cross Reference Sheet ..................................... 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 September 25,
2020, 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
Uruguay, see the section entitled "Plan of Distribution" in this prospectus supplement and in the
accompanying prospectus.
S-2

PROHIBITION OF SALES TO EEA AND UK 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") or in the United Kingdom
("UK"). 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 (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 or in the UK has been prepared and therefore offering or selling the notes or otherwise making them
available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.
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, as amended (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.

· Global or national health considerations, including the outbreak of pandemic or contagious disease,
such as the ongoing coronavirus ("COVID-19") pandemic.

S-4

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
LEI..........................................
254900EGTWEU67VP6075
Aggregate Principal Amount...........
For the 2031 notes: U.S. $3,396,062,000
For the 2061 notes: U.S. $3,208,201,000
Issue Price.................................
For the 2031 notes: 100.000%, plus accrued interest, if any,
from November 24, 2020
For the 2061 notes: 100.000%, plus accrued interest from
November 24, 2020
Issue Date..................................
November 24, 2020
Maturity Date.............................
For the 2031 notes: May 24, 2031
For the 2061 notes: May 24, 2061
Specified
U.S. dollars (U.S. $)
Currency...................................
Authorized
U.S.$200,000 and integral multiples of U.S.$1,000 in excess
Denominations..............................
thereof
Form........................................
Registered; Book-Entry through the facilities of DTC,
Euroclear and Clearstream, Luxembourg
Interest Rate...............................
For the 2031 notes: 2.659% per annum, accruing from
November 24, 2020
For the 2061 notes: 3.771% per annum, accruing from
November 24, 2020
Interest Payment
Semi-annually on May 24 and November 24 of each year,
Date.....................................
commencing on May 24, 2021
Regular Record Date.....................
May 18 and November 18 of each year
Status.......................................
The notes 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
S-5

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
With respect to the 2031 notes, Mexico will have the right at
Redemption................................
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 (a) if redeemed prior

to February 24, 2031 (three months prior to the maturity date
of the 2031 notes), 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, or (b) if redeemed on or after
February 24, 2031 (three months prior to the maturity date of
the 2031 notes), the principal amount thereof, plus interest
accrued but not paid on the principal amount of such notes to
the date of redemption.
With respect to the 2061 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 (a) if redeemed prior
to November 24, 2060 (six months prior to the maturity date
of the 2061 notes), 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, or (b) if redeemed on or after
November 24, 2060 (six months prior to the maturity date of
the 2061 notes), the principal amount thereof, 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 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 2031 notes, 30 basis points or (b) in the case
of the 2061 notes, 35 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
S-6

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 (as
defined below) 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, (a) the average of the Reference Treasury
Dealer Quotations for such redemption date, after excluding
the highest and lowest such Reference Treasury Dealer
Quotation (as defined below) or (b) if Mexico obtains fewer
than four such Reference Treasury Dealer Quotations, the
average of all such quotations.

"Reference Treasury Dealer" means each of Goldman Sachs
& Co. LLC and Mizuho Securities USA LLC or their
affiliates which are primary United States government
securities dealers and their respective successors, and two
other Primary Treasury Dealers (as defined below) 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 ask
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
Holders of the notes will not have the option to elect
Repayment.................................
repayment by Mexico before the maturity dates of the notes.
Use of
Mexico intends to use the net proceeds from the sale of the
Proceeds....................................... notes to retire outstanding indebtedness of Mexico, pursuant
to the Tender Offer (as defined below) and the redemption of
S-7

its USD 2022 notes and its EUR 2022 notes (each as defined
below), and for the general purposes of the Government of
Mexico. For further information, see "Use of Proceeds."

Underwriters..............................
BBVA Securities Inc.
Goldman Sachs & Co. LLC
Mizuho Securities USA LLC

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. No assurance can be given by Mexico that such
applications will be approved or that such listings will be
maintained.
Securities Codes

CUSIP:
For the 2031 notes: 91087B AM2

For the 2061 notes: 91087B AN0
ISIN:
For the 2031 notes: US91087BAM28

For the 2061 notes: US91087BAN01
Common Code:
For the 2031 notes: 226276793

For the 2061 notes: 226276785

Trustee, Principal Paying Agent,
Deutsche Bank Trust Company Americas
Transfer Agent and
Registrar...................................
Luxembourg Listing
Agent........................................
Banque Internationale à Luxembourg S.A.
Withholding Taxes and Additional
Subject to certain exceptions, Mexico will make all payments
Amounts....................................
on the notes without withholding or deducting any Mexican
taxes. For further information, see "Description of the
Securities--Additional Amounts" in the accompanying
prospectus.
Taxation...................................
Payments of principal or interest under the 2031 notes and
the 2061 notes made to holders of such notes that are non-
resident of Mexico will not be subject to Mexican
withholding taxes.
Further
Mexico may from time to time, without the consent of
Issues........................................
holders of the 2031 notes or the 2061 notes, as the case may
be, create and issue notes of such series having the same
terms and conditions as the applicable series of notes offered
pursuant to this prospectus supplement in all respects, except
S-8