Mexico in $9 Billion Bond Offering

Cleary Gottlieb represented the United Mexican States (Mexico) in a multitranche registered offering totaling $9 billion comprised of $3 billion principal amount of 5.625% global bonds due 2034, $4 billion principal amount of 6.125% global bonds due 2038, and $2 billion principal amount of 6.75% global bonds due 2056.

The offering launched and priced on January 5, 2026, and is expected to close on January 9, 2026. Mexico intends to use the net proceeds from the sale of the bonds for its general financing purposes.

Barclays Capital Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co., and Scotia Capital (USA) Inc. 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.