Obligation Mexico 3.5% ( US91087BAR15 ) en USD

Mexico

100 % ▲

Mexique

US91087BAR15 ( en USD )

3.5% par an ( paiement semestriel )

11/02/2034

Prospectus brochure de l'obligation Mexico US91087BAR15 en USD 3.5%, échéance 11/02/2034

200 000 USD

2 868 146 000 USD

91087BAR1

12/08/2025 ( Dans 106 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 US91087BAR15, paye un coupon de 3.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 11/02/2034

Prospectus Supplement dated January 13, 2022
To Prospectus dated September 25, 2020

United Mexican States

U.S.$2,868,146,000 3.500% Global Notes due 2034
U.S.$2,931,198,000 4.400% Global Notes due 2052

The 3.500% Global Notes due 2034 (the "2034 notes") will mature on February 12, 2034. The 4.400% Global Notes due
2052 (the "2052 notes") will mature on February 12, 2052. We refer to the 2034 notes and the 2052 notes collectively as the
"notes." Mexico will pay interest on the notes on February 12 and August 12 of each year, commencing February 12, 2022.
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 2034 notes and the offering of the 2052 notes, each pursuant to this
prospectus supplement, are not contingent upon one another.
The notes were issued under an indenture, and each of the 2034 notes and the 2052 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.
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 investors that qualify as accredited or 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 and statistical 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 2034 note
99.456%
0.170%
99.286%
Total for the 2034 notes
U.S.$2,852,543,285.76
U.S.$4,875,848.20
U.S.$2,847,667,437.56
Per 2052 note
99.606%
0.190%
99.416%
Total for the 2052 notes
U.S.$2,919,649,079.88
U.S.$5,569,276.20
U.S.$2,914,079,803.68

(1) Plus accrued interest, if any, from January 12, 2022 to the date of settlement, which was January 12, 2022.
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 January 12, 2022.

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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.

Joint Bookrunners
Barclays BBVA BofA Securities Santander

____________________
January 13, 2022

S-2

TABLE OF CONTENTS
Prospectus Supplement
Prospectus
Page
Page
About this Prospectus Supplement ................... S-4 About this Prospectus ........................................ 1
Forward-Looking Statements ............................ S-6 Forward-Looking Statements............................. 1
Summary ........................................................... S-7 Data Dissemination ............................................ 2
Risk Factors .................................................... S-12 Use of Proceeds ................................................. 2
Use of Proceeds............................................... S-14 Risk Factors ....................................................... 3
Description of the Notes ................................. S-15 Description of the Securities .............................. 6
Taxation .......................................................... S-21 Taxation ........................................................... 26
Recent Developments ..................................... S-22 Plan of Distribution .......................................... 33
Plan of Distribution (Conflicts Of Interest) .... S-43 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-3

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-4

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 (as amended, 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.
PROHIBITION OF SALES TO 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 United Kingdom ("UK"). For these purposes, a retail investor
in the UK means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of
Regulation (EU) No 2017/565 as it forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018 (as amended, the "EUWA"); or (ii) a customer within the meaning of the
provisions of the UK Financial Services and Markets Act 2000 (as amended, the "FSMA") and any rules
or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would
not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No
600/2014 as it forms part of domestic law by virtue of the EUWA. Consequently, no key information
document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the
EUWA (the "UK PRIIPs Regulation") for offering or selling the notes or otherwise making them
available to retail investors in the UK has been prepared and therefore offering or selling the notes or
otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs
Regulation.

The prospectus supplement is only being distributed to and is only directed at (i) persons who are
outside the UK 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 Articles 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-5

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-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
LEI
254900EGTWEU67VP6075
Aggregate Principal Amount ................. For the 2034 notes: U.S.$2,868,146,000
For the 2052 notes: U.S.$2,931,198,000
Issue Price ..............................................
For the 2034 notes: 99.456%, plus accrued interest, if any,
from January 12, 2022
For the 2052 notes: 99.606%, plus accrued interest, if any,
from January 12, 2022
Issue Date ...............................................
January 12, 2022
Maturity Date ........................................
For the 2034 notes: February 12, 2034
For the 2052 notes: February 12, 2052
Specified Currency..............................
U.S. dollars (U.S.$)
Authorized Denominations
U.S.$200,000 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 2034 notes: 3.500% per annum, accruing from
January 12, 2022
For the 2052 notes: 4.400% per annum, accruing from
January 12, 2022
Interest Payment Date ..........................
Semi-annually on February 12 and August 12 of each year,
commencing on February 12, 2022

Regular Record Date ............................
February 11 and August 11 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
S-7

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 2034 notes ......
Prior to November 12, 2033 (three months prior to their
maturity date) (the "2034 notes Par Call Date"), Mexico may

redeem the 2034 notes at its option, in whole or in part, at any
time and from time to time, at a redemption price (expressed

as a percentage of principal amount and rounded to three
decimal places) equal to the greater of:
(1) (a) the sum of the present values of the remaining
scheduled payments of principal and interest thereon
discounted to the redemption date (assuming the
2034 notes matured on the 2034 notes Par Call 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 less (b) interest accrued to
the date of redemption, and
(2) 100% of the principal amount of the 2034 notes
to be redeemed,
plus, in either case, accrued and unpaid interest thereon to the
redemption date.
On or after the 2034 notes Par Call Date, Mexico may
redeem the 2034 notes, in whole or in part, at any time and
from time to time, at a redemption price equal to 100% of the
principal amount of the 2034 notes being redeemed plus
accrued and unpaid interest thereon to the redemption date.
"Treasury Rate" for this purpose means, with respect to any
redemption date, the yield determined by Mexico as
described below under "Description of the Notes--Optional
Redemption 2034 notes."
Optional Redemption 2052 notes ......
Prior to August 12, 2051 (six months prior to their maturity
date) (the "2052 notes Par Call Date"), Mexico may redeem

the 2052 notes at its option, in whole or in part, at any time
and from time to time, at a redemption price (expressed as a
percentage of principal amount and rounded to three decimal
places) equal to the greater of:
(1) (a) the sum of the present values of the remaining
scheduled payments of principal and interest thereon
discounted to the redemption date (assuming the
2052 notes matured on the 2052 notes Par Call Date)
S-8

on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury
Rate plus 40 basis points less (b) interest accrued to
the date of redemption, and
(2) 100% of the principal amount of the 2052 notes
to be redeemed,
plus, in either case, accrued and unpaid interest thereon to the
redemption date.
On or after the 2052 notes Par Call Date, Mexico may
redeem the 2052 notes, in whole or in part, at any time and
from time to time, at a redemption price equal to 100% of the
principal amount of the 2052 notes being redeemed plus
accrued and unpaid interest thereon to the redemption date.
"Treasury Rate" for this purpose means, with respect to any
redemption date, the yield determined by Mexico as
described below under "Description of the Notes--Optional
Redemption 2052 notes."
Optional Repayment .............................
Holders of the notes will not have the option to elect
repayment by Mexico before the maturity dates of the notes.
Use of Proceeds ....................................
Mexico intends to use the net proceeds from the sale of the
notes to retire outstanding indebtedness of Mexico, pursuant
to the Tender Offer (as defined below) and the redemption of
all of its 2023 notes (as defined below), and for the general
purposes of the Government of Mexico. For further
information, see "Use of Proceeds."
Underwriters .........................................
Barclays Capital Inc.
BBVA Securities Inc.
BofA Securities, Inc.
Santander Investment Securities Inc.
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 2034 notes: US91087BAR15
For the 2052 notes: US91087BAS97
CUSIP:
For the 2034 notes: 91087B AR1
For the 2052 notes: 91087B AS9
Common Code:
For the 2034 notes: 243101956
For the 2052 notes: 243101964
Trustee, Principal Paying Agent,
Deutsche Bank Trust Company Americas
Transfer Agent and Registrar ............
S-9

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 and this prospectus supplement.
Taxation .................................................
Payments of principal or interest under the 2034 notes and
the 2052 notes made to holders of such notes that are non-
resident of Mexico for tax purposes will not be subject to
Mexican withholding taxes.
Further Issues ......................................
Mexico may from time to time, without the consent of
holders of the 2034 notes or the 2052 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
for the issue date, issue price and, if applicable, the first
payment of interest thereon. If issued pursuant to a "qualified
reopening" of the original series, otherwise treated as part of
the same "issue" of debt instruments as the original series or
issued with no more than a de minimis amount of original
issue discount, in each case for U.S. federal income tax
purposes, such additional notes may have the same ISIN
numbers, CUSIP numbers and common codes as the 2034
notes or 2052 notes, as applicable, offered pursuant to this
prospectus supplement and may be consolidated with, and
form a single series with, any other outstanding notes of such
series.
Payment of Principal and Interest .......
Principal of and interest on the notes will be payable by
Mexico to the Principal Paying Agent in U.S. dollars.
Governing Law ......................................
New York; provided, however, that all matters governing
Mexico's authorization and execution of the indenture and
the notes will be governed by and construed in accordance
with the laws of Mexico. Notwithstanding any authorization
or any reserved matter modification, all matters related to the
consent of holders and to modifications of the indenture or
the notes will always be governed by and construed in
accordance with the law of the State of New York.
Additional Provisions ............................
The notes contain provisions regarding future modifications
to their terms that differ from those applicable to Mexico's
outstanding public external indebtedness issued prior to
November 10, 2014. Those provisions are described
beginning on page 15 of the accompanying prospectus dated
September 25, 2020.
Conflicts of Interest ...............................
As described in "Use of Proceeds," some of the net proceeds
of this offering may be used to fund our purchase of certain
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