Mexico in €4.75 Billion SDG Bond Offering

Cleary Gottlieb represented the United Mexican States (Mexico) in a multi-tranche registered offering totaling €4.75 billion, comprised of €2 billion principal amount of 3.875% global bonds due 2031, €1.75 billion principal amount of 4.875% global bonds due 2036, and €1 billion principal amount of 5.375% global bonds due 2040, tied to the United Nations’ sustainable development goals (SDGs).

The offering launched and priced on January 12, 2026, and closed on January 16, 2026. This transaction represents Mexico’s sixth series of SDG-linked bonds in the international capital markets. Mexico intends to allocate an amount equal to the net proceeds from the sale of the bonds to fund budgetary programs that qualify as eligible expenditures under Mexico’s Sovereign Sustainable Finance Framework and that are included Mexico’s federal budget for fiscal year 2026.

Banco Bilbao Vizcaya Argentaria S.A., Banco Santander S.A., BNP PARIBAS, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, and Société Générale acted as underwriters for the offering.

Cleary has previously represented Mexico, as issuer, in numerous securities transactions for more than 30 years.

The Cleary team included partners Jorge Juantorena and Manuel Silva, associates Martin Sasson and Sonia Montejano, and law clerk Micaela Mingramm. Partner Matthew Brigham and associate Mingyu Tang advised on New York tax matters.