Mexico in €750 Million Inaugural SDG Sovereign Bond Offering

September 18, 2020

Cleary Gottlieb represented the United Mexican States (Mexico) in a €750 million offering of a new benchmark bond linked to the United Nations’ sustainable development goals (SDGs).

The offering launched and priced on September 14, 2020, and closed on September 18, 2020. With this transaction, Mexico is the first sovereign to issue an SDG-linked bond. Mexico intends to expend an amount equal to the proceeds from the sale of the notes to fund budgetary programs that qualify as eligible expenditures under Mexico’s SDG sovereign bond framework, which aims to integrate achievement of the SDGs into Mexico’s national planning and budgetary and fiscal policies.

BNP Paribas, Crédit Agricole, Morgan Stanley, and Natixis acted as underwriters for the offering.