The United Mexican States closed two global notes offerings of €5 billion and $8 billion, marking its fourth and fifth SEC-registered debt offerings of the year, respectively.
The €5 billion offering was made in three tranches consisting of €2.25 billion of 3.5% global notes due 2029, €1.5 billion of 4.5% global notes due 2034 and €1.25 billion of 5.125% global notes due 2038.
The $8 billion offering was also made in three tranches consisting of $1.5 billion of 4.75% global notes due 2031, $4 billion of 5.375% global notes due 2033 and $2.5 billion of 5.625% global notes due 2035.
The proceeds from both offerings will be used in part to help indirectly fund a concurrent tender offer by Petróleos Mexicanos (PEMEX), Mexico’s state-owned oil company, for its debt securities.
Both sets of notes are listed on the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.
For the €5 billion offering, S&C represented Citigroup Global Markets Limited, J.P. Morgan Securities and Merrill Lynch International as global coordinators and joint lead bookrunners, and Banco Bilbao Vizcaya Argentaria and Banco Santander as joint bookrunners.
For the $8 billion offering, S&C represented BofA Securities, Citigroup Global Markets and J.P. Morgan Securities as global coordinators and joint lead bookrunners, and Deutsche Bank Securities, Goldman Sachs & Co., Mizuho Securities USA and SMBC Nikko Securities America as joint bookrunners.
S&C acts as regular underwriters’ counsel in offerings by The United Mexican States, including this year’s $6.8 billion, €2.4 billion and record $8.5 billion global bond offerings and last year’s then-record $7.5 billion global bond offering.
The S&C team advising the underwriters on both offerings consisted of Chris Mann, Alan Fishman, Andrea González Morales and Jonathan Pock. Vanessa Blackmore, Siddhant Iyer and Ruby Avison advised on UK/EAA matters. Nicolas Karmin and Thibault Meynier advised on French matters. Jeff Hochberg advised on U.S. tax matters. Tracey Russell advised on FINRA and broker-dealer matters.