América Móvil in RMB1 Billion Shelf Takedown

February 8, 2012

Cleary Gottlieb represented América Móvil in its SEC-registered offering of RMB1 billion principal amount of 3.50% Senior Notes due 2015, which priced on February 1 and settled on February 8. This was the first SEC-registered offering of debt securities denominated in Renminbi. The notes are denominated and paid in offshore Renminbi deliverable in Hong Kong, which are not freely deliverable in the mainland People’s Republic of China. The offshore Renminbi securities market, also known as the CNH market, has developed quickly since the deregulation of offshore Renminbi in mid-2010. The notes were priced to yield 30bp to 40bp over bonds of comparable maturity issued by Chinese government agencies.

América Móvil is the leading provider of telecommunication services in Latin America. As of December 31, 2011, América Móvil had 300 million accesses, of which 242 million were wireless subscribers and 58 million were fixed revenue generation units.

Cleary Gottlieb has advised América Móvil since 2000 on a wide variety of matters, including a substantial number of acquisitions and securities offerings.