# EDGAR Filing Document

**Accession Number:** 0000101368
**File Stem:** 0001193125-23-001031
**Filing Date:** 2023-1
**Character Count:** 17360
**Document Hash:** 8e66f1f6629ebb3b2f9209b191fa13df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-001031.hdr.sgml**: 20230104

**ACCESSION NUMBER**: 0001193125-23-001031

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230104

**DATE AS OF CHANGE**: 20230103

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNITED MEXICAN STATES
- **CENTRAL INDEX KEY:** 0000101368
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-262317
- **FILM NUMBER:** 23504237

**BUSINESS ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** SUITE 1905
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** 302-738-6680

**MAIL ADDRESS:**
- **STREET 1:** 21 EAST 63RD STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNITED MEXICAN STATES
- **CENTRAL INDEX KEY:** 0000101368
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** SUITE 1905
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** 302-738-6680

**MAIL ADDRESS:**
- **STREET 1:** 21 EAST 63RD STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152

<u>Term Sheet</u> 

Filed pursuant to Rule 433

Registration Statement No. 333-262317

January 3, 2023

United Mexican States

Final Terms and Conditions

5.400% Notes due 2028

---

| | |
|:---|:---|
| Issuer: | United Mexican States |
| Transaction: | 5.400% Notes due 2028 (the "Notes") |
| Issue Currency: | U.S. Dollars |
| Issue Size: | U.S.$1,250,000,000 |
| Ratings: | Baa2(stable)/BBB(stable)/BBB-(stable)(Moody's/Standard & Poor's/Fitch)\* |
| Maturity Date: | February 9, 2028 |
| Pricing Date: | January 3, 2023 |
| Settlement Date: | January 9, 2023 (T+4) |
| Coupon: | 5.400% |
| Coupon Payment Frequency: | Semiannual |
| Issue Price: | 99.803%, plus accrued interest, if any, from January 9, 2023 |
| Reference Benchmark Treasury: | 3.875% due December 2027 |
| Reference Benchmark Treasury Price and Yield: | 99-21 3/4; 3.946% |
| Re-offer Spread over Benchmark Treasury: | 150 bps |
| Yield to Maturity: | 5.446% |
| Interest Payment Dates: | Semi-annually on February 9 and August 9 of each year, commencing on February 9, 2023. |

---

------

---

| | |
|:---|:---|
| Optional Redemption: | Prior to January 9, 2028 (one month prior to their maturity date) (the "Notes Par Call Date"), Mexico may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Notes Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) interest accrued to the date of redemption, and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the Notes to be redeemed,<br>plus, in either case, accrued and unpaid interest thereon to the redemption date.<br>On or after the Notes Par Call Date, Mexico may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.<br>"Treasury Rate" for this purpose means, with respect to any redemption date, the yield determined by Mexico as described under "Description of the Notes—Optional Redemption – 2028 notes" in the Prospectus Supplement. |
| Gross Proceeds: | U.S.$1,247,537,500 |
| Ranking: | Senior Unsecured |
| Governing Law: | State of New York |
| Registration: | Securities and Exchange Commission ("SEC") Registered |
| Authorized Denominations: | U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof |
| Day Count: | 30/360 |

---

------

---

| | |
|:---|:---|
| Business Day Convention: | If any payment date for the Notes falls on a day that is not a Business Day, Mexico will make the payment on the next Business Day. Mexico will treat these payments as if they were made on the due date, and no additional interest will accrue as a result of this delay. |
| Business Days: | New York |
| Underwriting Discount: | 0.15% |
| Listing/Trading: | Application will be made to the Euro MTF Market of the Luxembourg Stock Exchange (the "Euro MTF"). The Euro MTF is not a regulated market for the purposes of Directive 2014/65/EU. |
| ISIN: | US91087BAU44 |
| CUSIP: | 91087B AU4 |
| Joint Book-Running Managers<br> /Allocation: | BBVA Securities Inc. (25.0%)<br> BNP Paribas Securities Corp. (25.0%)<br> BofA Securities, Inc. (25.0%)<br> J.P. Morgan Securities LLC (25.0%) |
| Prohibition of Sales to EEA Retail Investors: | Applicable |
| Prohibition of Sales to UK Retail Investors: | Applicable |

---

\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each securities rating should be evaluated independent of each other securities rating.

A prospectus dated March 1, 2022 accompanies this free writing prospectus and is available from the SEC's website at: https://www.sec.gov/Archives/edgar/data/d233944dsba.htm/000119312522061213/0001193125-22-061213-index.html.

A preliminary prospectus supplement, subject to completion, dated January 3, 2023, for the Notes, is available from the SEC's website at: https://www.sec.gov/Archives/edgar/data/101368/000119312523000277/d428823d424b2.htm.

Mexico's annual report on Form 18-K for the fiscal year ended December 31, 2021 is available from the SEC's website at:

https://www.sec.gov/Archives/edgar/data/0000101368/000119312522170073/0001193125-22-170073-index.htm.

------

Amendment No. 1 to the Annual Report on Form 18-K/A as filed with the SEC on August 8, 2022 is available on the SEC's website using the following link: https://www.sec.gov/Archives/edgar/data/d333739d18ka.htm/000119312522214218/0001193125-22-214218-index.html.

Amendment No. 2 to the Annual Report on Form 18-K/A as filed with the SEC on August 19, 2022 is available on the SEC's website using the following link: https://www.sec.gov/Archives/edgar/data/d382931d18ka.htm/000119312522225091/0001193125-22-225091-index.html.

Amendment No. 3 to the Annual Report on Form 18-K/A as filed with the SEC on January 3 2023 is available on the SEC's website using the following link: https://www.sec.gov/Archives/edgar/data/101368/000119312523000275/0001193125-23-000275-index.htm.

The issuer has filed a registration statement (including the prospectus) and the preliminary prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the website of the SEC at <u>www.sec.gov</u>. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BBVA Securities Inc. at +1 (212) 728-2446, BNP Paribas Securities Corp. at +1 (800) 854-5674, BofA Securities, Inc. at +1 (800) 294-1322, or J.P. Morgan Securities LLC at +1 (866) 846-2874.

**No EU PRIIPs or UK PRIIPs KID**: No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or the UK.

This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

**SECTION 309B(1) OF THE SECURITIES AND FUTURES ACT (CHAPTER 289 OF SINGAPORE) NOTIFICATION**: The Notes in this offering are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in the Monetary Authority of Singapore ("MAS") Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

------

<u>Term Sheet</u> 

Filed pursuant to Rule 433

Registration Statement No. 333-262317

January 3, 2023

United Mexican States

Final Terms and Conditions

6.350% Notes due 2035

---

| | |
|:---|:---|
| Issuer: | United Mexican States |
| Transaction: | 6.350% Notes due 2035 (the "Notes") |
| Issue Currency: | U.S. Dollars |
| Issue Size: | U.S.$2,750,000,000 |
| Ratings: | Baa2(stable)/BBB(stable)/BBB-(stable)(Moody's/Standard & Poor's/Fitch)\* |
| Maturity Date: | February 9, 2035 |
| Pricing Date: | January 3, 2023 |
| Settlement Date: | January 9, 2023 (T+4) |
| Coupon: | 6.350% |
| Coupon Payment Frequency: | Semiannual |
| Issue Price: | 99.632%, plus accrued interest, if any, from January 9, 2023 |
| Reference Benchmark Treasury: | 4.125% due November 2032 |
| Reference Benchmark Treasury Price and Yield: | 102-22; 3.795% |
| Re-offer Spread over Benchmark Treasury: | 260 bps |
| Yield to Maturity: | 6.395% |
| Interest Payment Dates: | Semi-annually on February 9 and August 9 of each year, commencing on February 9, 2023. |

---

------

---

| | |
|:---|:---|
| Optional Redemption: | Prior to November 9, 2034 (three months prior to their maturity date) (the "Notes Par Call Date"), Mexico may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Notes Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points less (b) interest accrued to the date of redemption, and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the Notes to be redeemed,<br>plus, in either case, accrued and unpaid interest thereon to the redemption date.<br>On or after the Notes Par Call Date, Mexico may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.<br>"Treasury Rate" for this purpose means, with respect to any redemption date, the yield determined by Mexico as described under "Description of the Notes—Optional Redemption – 2035 notes" in the Prospectus Supplement. |
| Gross Proceeds: | U.S.$2,739,880,000 |
| Ranking: | Senior Unsecured |
| Governing Law: | State of New York |
| Registration: | Securities and Exchange Commission ("SEC") Registered |
| Authorized Denominations: | U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof |
| Day Count: | 30/360 |

---

------

---

| | |
|:---|:---|
| Business Day Convention: | If any payment date for the Notes falls on a day that is not a Business Day, Mexico will make the payment on the next Business Day. Mexico will treat these payments as if they were made on the due date, and no additional interest will accrue as a result of this delay. |
| Business Days: | New York |
| Underwriting Discount: | 0.17% |
| Listing/Trading: | Application will be made to the Euro MTF Market of the Luxembourg Stock Exchange (the "Euro MTF"). The Euro MTF is not a regulated market for the purposes of Directive 2014/65/EU. |
| ISIN: | US91087BAV27 |
| CUSIP: | 91087B AV2 |
| Joint Book-Running Managers<br> /Allocation: | BBVA Securities Inc. (25.0%)<br> BNP Paribas Securities Corp. (25.0%)<br> BofA Securities, Inc. (25.0%)<br> J.P. Morgan Securities LLC (25.0%) |
| Prohibition of Sales to EEA Retail Investors: | Applicable |
| Prohibition of Sales to UK Retail Investors: | Applicable |

---

\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each securities rating should be evaluated independent of each other securities rating.

A prospectus dated March 1, 2022 accompanies this free writing prospectus and is available from the SEC's website at: https://www.sec.gov/Archives/edgar/data/d233944dsba.htm/000119312522061213/0001193125-22-061213-index.html.

A preliminary prospectus supplement, subject to completion, dated January 3, 2023, for the Notes, is available from the SEC's website at: https://www.sec.gov/Archives/edgar/data/101368/000119312523000277/d428823d424b2.htm.

------

Mexico's annual report on Form 18-K for the fiscal year ended December 31, 2021 is available from the SEC's website at:

https://www.sec.gov/Archives/edgar/data/0000101368/000119312522170073/0001193125-22-170073-index.htm.

Amendment No. 1 to the Annual Report on Form 18-K/A as filed with the SEC on August 8, 2022 is available on the SEC's website using the following link: https://www.sec.gov/Archives/edgar/data/d333739d18ka.htm/000119312522214218/0001193125-22-214218-index.html.

Amendment No. 2 to the Annual Report on Form 18-K/A as filed with the SEC on August 19, 2022 is available on the SEC's website using the following link: https://www.sec.gov/Archives/edgar/data/d382931d18ka.htm/000119312522225091/0001193125-22-225091-index.html.

Amendment No. 3 to the Annual Report on Form 18-K/A as filed with the SEC on January 3 2023 is available on the SEC's website using the following link: https://www.sec.gov/Archives/edgar/data/101368/000119312523000275/0001193125-23-000275-index.htm.

The issuer has filed a registration statement (including the prospectus) and the preliminary prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the website of the SEC at <u>www.sec.gov</u>. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BBVA Securities Inc. at +1 (212) 728-2446, BNP Paribas Securities Corp. at +1 (800) 854-5674, BofA Securities, Inc. at +1 (800) 294-1322, or J.P. Morgan Securities LLC at +1 (866) 846-2874.

**No EU PRIIPs or UK PRIIPs KID**: No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or the UK.

This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

------

**SECTION 309B(1) OF THE SECURITIES AND FUTURES ACT (CHAPTER 289 OF SINGAPORE) NOTIFICATION**: The Notes in this offering are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in the Monetary Authority of Singapore ("MAS") Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.