The United Mexican States completed two global notes offerings of $9 billion and €4.75 billion, marking its first two SEC-registered offerings of 2026.
The $9 billion offering consisted of $3 billion of 5.625% Global Notes due 2034, $4 billion of 6.125% Global Notes due 2038 and $2 billion 6.750% Global Notes due 2056. The notes are listed on the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.
The €4.75 billion offering consisted of €2 billion of 3.875% Global Notes due 2031, €1.75 billion of 4.875% Global Notes due 2036 and €1 billion of 5.375% Global Notes due 2040. The notes are listed on the London Stock Exchange’s International Securities Market and Sustainable Bond Market and the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.
Mexico intends to use the net proceeds from the €4.75 billion offering to fund budgetary programs that qualify as eligible expenditures under its Sustainable Development Goals Sovereign Sustainable Finance Framework.
On the $9 billion offering, S&C represented Barclays Capital, Deutsche Bank Securities, HSBC Securities, Morgan Stanley & Co. and Scotia Capital as joint bookrunners.
On the €4.75 billion offering, S&C represented Banco Bilbao Vizcaya Argentaria, Banco Santander, BNP PARIBAS, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank and Société Générale as joint lead underwriters.
S&C acts as regular underwriters’ counsel in offerings by The United Mexican States, including last year’s €5 billion and $8 billion, $6.8 billion, €2.4 billion and record $8.5 billion global bond offerings and 2024’s then-record $7.5 billion global bond offering.
The S&C team advising the underwriters on both transactions consisted of Alan Fishman and Chris Mann. Vanessa Blackmore, trainee solicitor Urvita Roy and Ruby Avison advised on UK/EAA matters. Jeff Hochberg advised on U.S. tax matters. Andrea González Morales advised on the $9 billion transaction. Renata Mascarenhas and Emily Thomson advised on the €4.75 billion offering.