Petróleos Mexicanos in Ps. 19,999,269,100 Offering of Debt Securities

September 11, 2014

Cleary Gottlieb represented long-time client, Petróleos Mexicanos, the Mexican state oil company, in its offering of Ps. 19,999,269,100 aggregate principal amount of 7.19% Certificados Bursátiles due 2024 (Cebures), consisting of (i) an international offering outside Mexico under Reg S/Rule 144A of Ps. 3,418,200,000 of Cebures in the form of global depositary notes (GDNs) issued by Citibank, as depositary for the GDNs and (ii) a concurrent offering to the public in Mexico of Ps. 16,581,069,100 of Cebures held through Indeval, the Mexican clearing system, and not represented by GDNs. The offering closed on September 11. This issuance of Cebures represented a reopening of the same series of Cebures originally issued on September 26, 2013 and subsequently reopened on December 11, 2013, January 30, 2014 and July 2, 2014, in which Cleary Gottlieb also represented PEMEX.

BBVA, Merrill Lynch, Citigroup, HSBC and Morgan Stanley acted as placement facilitation agents in the international offering of Cebures in the form of GDNs. Banamex (Accival), Banorte Ixe, BBVA Bancomer, HSBC México and Merrill Lynch México acted as underwriters in the Mexican offering of Cebures. Morgan Stanley acted as sole structuring agent for the offering. The Cebures were registered with the Registro Nacional de Valores maintained by the Comisión Nacional Bancaria y de Valores in Mexico and are listed on the Bolsa Mexicana de Valores, the Mexican Stock Exchange. The GDNs have been listed on the Irish Stock Exchange and admitted for trading on its Global Exchange Market.