United Mexican States 424B2 Prospectus for primary offering

The information in this preliminary prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This preliminary prospectus supplement is not an offer to sell, nor does it seek an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.

Filed Pursuant to Rule 424(b)(2)
Registration Nos. 333-226200 and 333-239038

SUBJECT TO COMPLETION, DATED NOVEMBER 16, 2020

Preliminary Prospectus Supplement

To Prospectus dated June 9, 2020

United Mexican States

U.S. $ % Global Notes due 2031

U.S. $ % Global Notes due 2061

The % Global Notes due 2031 (the “2031 notes”) will mature on May , 2031. The % Global Notes due 2061 (the “2061 notes”) will mature on May , 2061. We refer to the 2031 notes and the 2061 notes collectively as the “notes.” Mexico will pay interest on the notes on May and November of each year, commencing May , 2021. Mexico may redeem the notes, in whole or in part, before maturity, on the terms described herein. The notes will not be entitled to the benefit of any sinking fund. The offering of the 2031 notes and the offering of the 2061 notes, each pursuant to this prospectus supplement, are not contingent upon one another.

The notes will be issued under an indenture, and each of the 2031 notes and the 2061 notes constitutes a separate series under the indenture. The indenture contains provisions regarding future modifications to the terms of the notes that differ from those applicable to Mexico’s outstanding public external indebtedness issued prior to November 10, 2014. Under these provisions, which are described beginning on page 15 of the accompanying prospectus dated June 9, 2020, Mexico may amend the payment provisions of the notes and other reserved matters listed in the indenture with the consent of the holders of: (1) with respect to a single series of notes, more than 75% of the aggregate principal amount of the outstanding notes of such series; (2) with respect to two or more series of notes, if certain “uniformly applicable” requirements are met, more than 75% of the aggregate principal amount of the outstanding notes of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of notes, more than 66 2/3% of the aggregate principal amount of the outstanding notes of all series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding notes of each series affected by the proposed modification, taken individually.

Application will be made to list the notes on the Luxembourg Stock Exchange and to have the notes admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange. No assurances can be given by Mexico that such applications will be approved or that such listings will be maintained.

Section 309B(1)(c) of the Securities and Futures Act (Chapter 289 of Singapore) Notification

The notes are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018).

Neither the Securities and Exchange Commission (“SEC”) nor any other regulatory body has approved or disapproved of these securities or determined whether this prospectus supplement or the related prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The notes have not been and will not be registered with the National Securities Registry maintained by the Mexican National Banking and Securities Commission (“CNBV”), and therefore may not be offered or sold publicly in Mexico. The notes may be offered or sold to qualified and institutional investors in Mexico, pursuant to the private placement exemption set forth under Article 8 of the Mexican Securities Market Law. As required under the Mexican Securities Market Law, Mexico will give notice to the CNBV of the offering of the notes under the terms set forth herein. Such notice will be submitted to the CNBV to comply with the Mexican Securities Market Law, and for informational purposes only. The delivery to, and receipt by, the CNBV of such notice does not certify the solvency of Mexico, the investment quality of the notes, or that the information contained in this prospectus supplement or the prospectus is accurate or complete. Mexico has prepared this prospectus supplement and is solely responsible for its content, and the CNBV has not reviewed or authorized such content.

Price to Public⁽¹⁾

Underwriting Discounts

Proceeds to Mexico,
before expenses⁽¹⁾

Per 2031 note

Total for the 2031 notes

U.S. $

Per 2061 note

Total for the 2061 notes

U.S. $

(1)	Plus accrued interest, if any, from November , 2020 to the date of settlement, which is expected to be November , 2020.

The notes will be ready for delivery in book-entry form only through the facilities of The Depository Trust Company (“DTC”), the Euroclear System (“Euroclear”) and Clearstream Banking, société anonyme, Luxembourg (“Clearstream, Luxembourg”) against payment on or about November , 2020.

Joint Bookrunners


BBVA		Goldman Sachs & Co. LLC		Mizuho Securities

November , 2020

TABLE OF CONTENTS


Prospectus Supplement			Page
About this Prospectus Supplement			S-2
Forward-Looking Statements			S-4
Summary			S-5
Risk Factors			S-10
Use of Proceeds			S-12
Description of the Notes			S-13
Recent Developments			S-16
Plan of Distribution (Conflicts of Interest)			S-33


Prospectus			Page
About this Prospectus			1
Forward-Looking Statements			1
Data Dissemination			2
Use of Proceeds			2
Risk Factors			3
Description of the Securities			6
Taxation			26
Plan of Distribution			33
Official Statements			41
Validity of the Securities			43
Authorized Representative			44
Where You Can Find More Information			44
Glossary			46

Mexico is a foreign sovereign state. Consequently, it may be difficult for investors to obtain or realize upon judgments of courts in the United States against Mexico. See “Risk Factors” in the accompanying prospectus.

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ABOUT THIS PROSPECTUS SUPPLEMENT

This prospectus supplement supplements the accompanying prospectus dated June 9, 2020, relating to Mexico’s debt securities and warrants. If the information in this prospectus supplement differs from the information contained in the prospectus, you should rely on the information in this prospectus supplement.

You should read this prospectus supplement along with the accompanying prospectus. Both documents contain information you should consider when making your investment decision. Mexico is responsible for the information contained and incorporated by reference in this prospectus and in any related free-writing prospectus or prospectus supplement that Mexico prepares or authorizes. Mexico has not authorized anyone else to provide you with any other information and takes no responsibility for any other information that others may give you. Mexico and the underwriters are offering to sell the notes and seeking offers to buy the notes only in jurisdictions where it is lawful to do so. The information contained in this prospectus supplement and the accompanying prospectus is current only as of the dates of this prospectus supplement and the accompanying prospectus, respectively.

Mexico is furnishing this prospectus supplement and the prospectus solely for use by prospective investors in connection with their consideration of a purchase of the notes. Mexico confirms that:

•

the information contained in this prospectus supplement and the accompanying prospectus is true and correct in all material respects and is not misleading;

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it has not omitted other facts the omission of which makes this prospectus supplement and the accompanying prospectus as a whole misleading; and

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it accepts responsibility for the information it has provided in this prospectus supplement and the accompanying prospectus.

This prospectus supplement does not constitute an offer to sell or the solicitation of an offer to buy any notes in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The distribution of this prospectus supplement and the offer or sale of notes may be restricted by law in certain jurisdictions. Mexico and the underwriters do not represent that this prospectus supplement may be lawfully distributed, or that any notes may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by Mexico or the underwriters which would permit a public offering of the notes or distribution of this prospectus supplement in any jurisdiction where action for that purpose is required. Accordingly, no notes may be offered or sold, directly or indirectly, and neither this prospectus supplement nor any offering material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations and the underwriters have represented that all offers and sales by them will be made on the same terms. Persons into whose possession this prospectus supplement comes are required by Mexico and the underwriters to inform themselves about and to observe any such restriction. In particular, there are restrictions on the distribution of this prospectus supplement and the offer or sale of notes in Belgium, Canada, Chile, Colombia, the European Economic Area, France, Germany, Hong Kong, Italy, Japan, Luxembourg, Mexico, the Netherlands, Peru, Singapore, Spain, Switzerland, the United Kingdom and Uruguay, see the section entitled “Plan of Distribution” in this prospectus supplement and in the accompanying prospectus.

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PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS – The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”) or in the United Kingdom (“UK”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive (EU) 2016/97 (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required by Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.

The prospectus supplement 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, as amended (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.

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FORWARD-LOOKING STATEMENTS

This prospectus supplement may contain forward-looking statements. Statements that are not historical facts, including statements about Mexico’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and Mexico undertakes no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. Mexico cautions you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to:

•

Adverse external factors, such as high international interest rates, low oil prices and recession or low growth in Mexico’s trading partners. High international interest rates could increase Mexico’s expenditures, low oil prices could decrease the Mexican Government’s revenues and recession or low growth in Mexico’s main trading partners could lead to fewer exports. A combination of these factors could negatively affect Mexico’s current account.

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Instability or volatility in the international financial markets. This could lead to domestic volatility, making it more complicated for the Mexican Government to achieve its macroeconomic goals. This could also lead to declines in foreign investment inflows, portfolio investment in particular.

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Adverse domestic factors, such as domestic inflation, high domestic interest rates, exchange rate volatility and political uncertainty. Each of these could lead to lower growth in Mexico, declines in foreign direct and portfolio investment and potentially lower international reserves.

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Global or national health considerations, including the outbreak of pandemic or contagious disease, such as the ongoing coronavirus (“COVID-19”) pandemic.

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SUMMARY

This summary highlights information contained elsewhere in this prospectus supplement and the accompanying prospectus. It does not contain all the information that you should consider before investing in the notes. You should carefully read this entire prospectus supplement.


Issuer		The United Mexican States

Aggregate Principal Amount		For the 2031 notes: U.S. $ For the 2061 notes: U.S. $

Issue Price		For the 2031 notes: %, plus accrued interest, if any, from November , 2020 For the 2061 notes: %, plus accrued interest from November , 2020

Issue Date		November , 2020

Maturity Date		For the 2031 notes: May , 2031 For the 2061 notes: May , 2061

Specified Currency		U.S. dollars (U.S. $)

Authorized Denominations		U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof

Form		Registered; Book-Entry through the facilities of DTC, Euroclear and Clearstream, Luxembourg

Interest Rate		For the 2031 notes: % per annum, accruing from November , 2020 For the 2061 notes: % per annum, accruing from November , 2020

Interest Payment Date		Semi-annually on May and November of each year, commencing on May , 2021

Regular Record Date		May and November of each year

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Status		The notes will constitute direct, general, unconditional and unsubordinated public external indebtedness of Mexico for which the full faith and credit of Mexico is pledged. The notes of each series rank and will rank without any preference among themselves and equally with all other unsubordinated public external indebtedness of Mexico. It is understood that this provision shall not be construed so as to require Mexico to make payments under the notes ratably with payments being made under any other public external indebtedness.

Optional Redemption		With respect to the 2031 notes, Mexico will have the right at its option, upon giving not less than 30 days’ nor more than 60 days’ notice, to redeem the notes of such series, in whole or in part, at any time or from time to time prior to their maturity, at a redemption price equal to (a) if redeemed prior to February , 2031 (three months prior to the maturity date of the 2031 notes), the principal amount thereof, plus the Make-Whole Amount (as defined below), plus interest accrued but not paid on the principal amount of such notes to the date of redemption, or (b) if redeemed on or after February , 2031 (three months prior to the maturity date of the 2031 notes), the principal amount thereof, plus interest accrued but not paid on the principal amount of such notes to the date of redemption. With respect to the 2061 notes, Mexico will have the right at its option, upon giving not less than 30 days’ nor more than 60 days’ notice, to redeem the notes of such series, in whole or in part, at any time or from time to time prior to their maturity, at a redemption price equal to (a) if redeemed prior to November , 2060 (six months prior to the maturity date of the 2061 notes), the principal amount thereof, plus the Make-Whole Amount (as defined below), plus interest accrued but not paid on the principal amount of such notes to the date of redemption, or (b) if redeemed on or after November , 2060 (six months prior to the maturity date of the 2061 notes), the principal amount thereof, plus interest accrued but not paid on the principal amount of such notes to the date of redemption. “Make-Whole Amount” means the excess of (i) the sum of the present values of each remaining scheduled payment of principal and interest on the notes to be redeemed (exclusive of interest accrued but not paid to the date of redemption), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus (a) in the case of the 2031 notes, basis points or (b) in the case of the 2061 notes, basis points over (ii) the principal amount of such notes.

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		“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price (as defined below) for such redemption date.

		“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker (as defined below) as having an actual or interpolated maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of investment grade debt securities of a comparable maturity to the remaining term of such notes.

		“Independent Investment Banker” means one of the Reference Treasury Dealers (as defined below) appointed by Mexico.

		“Comparable Treasury Price” means, with respect to any redemption date, (a) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotation (as defined below) or (b) if Mexico obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

		“Reference Treasury Dealer” means each of Goldman Sachs & Co. LLC and Mizuho Securities USA LLC or their affiliates which are primary United States government securities dealers and their respective successors, and two other Primary Treasury Dealers (as defined below) selected by Mexico; provided that if any of the foregoing shall cease to be a primary United States government securities dealer in the City of New York (a “Primary Treasury Dealer”), Mexico will substitute therefor another Primary Treasury Dealer.

		“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by Mexico, of the bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to Mexico by such Reference Treasury Dealer at 3:30 p.m., New York time on the third business day preceding such redemption date.

Optional Repayment		Holders of the notes will not have the option to elect repayment by Mexico before the maturity dates of the notes.

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Use of Proceeds		Mexico intends to use the net proceeds from the sale of the notes to retire outstanding indebtedness of Mexico, pursuant to the Tender Offer (as defined below) and the redemption of its USD 2022 notes and its EUR 2022 notes (each as defined below), and for the general purposes of the Government of Mexico. For further information, see “Use of Proceeds.”

Underwriters		BBVA Securities Inc. Goldman Sachs & Co. LLC Mizuho Securities USA LLC

Listing		Application will be made to list the notes on the Luxembourg Stock Exchange and to have the notes admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange has allocated to Mexico the number 2395 for listing purposes. No assurance can be given by Mexico that such applications will be approved or that such listings will be maintained.

Securities Codes

CUSIP:		For the 2031 notes: For the 2061 notes:

ISIN:		For the 2031 notes: For the 2061 notes:

Trustee, Principal Paying Agent, Transfer Agent and Registrar		Deutsche Bank Trust Company Americas

Luxembourg Listing Agent		Banque Internationale à Luxembourg S.A.

Withholding Taxes and Additional Amounts		Subject to certain exceptions, Mexico will make all payments on the notes without withholding or deducting any Mexican taxes. For further information, see “Description of the Securities—Additional Amounts” in the accompanying prospectus.

Taxation		Payments of principal or interest under the 2031 notes and the 2061 notes made to holders of such notes that are non-resident of Mexico will not be subject to Mexican withholding taxes.

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Further Issues		Mexico may from time to time, without the consent of holders of the 2031 notes or the 2061 notes, as the case may be, create and issue notes of such series having the same terms and conditions as the applicable series of notes offered pursuant to this prospectus supplement in all respects, except for the issue date, issue price and, if applicable, the first payment of interest thereon; provided, however, that any such additional 2031 notes and 2061 notes shall be issued either in a “qualified reopening” for U.S. federal income tax purposes or with no more than de minimis original issue discount for U.S. federal income tax purposes. Additional 2031 notes and 2061 notes issued in this manner will be consolidated with, and will form a single series with, any other outstanding notes of such series.

Payment of Principal and Interest		Principal of and interest on the notes will be payable by Mexico to the Principal Paying Agent in U.S. dollars.

Governing Law		New York; provided, however, that all matters governing Mexico’s authorization and execution of the indenture and the notes will be governed by and construed in accordance with the law of Mexico. Notwithstanding any authorization or any reserved matter modification, all matters related to the consent of holders and to modifications of the indenture or the notes will always be governed by and construed in accordance with the law of the State of New York.

Additional Provisions		The notes will contain provisions regarding future modifications to their terms that differ from those applicable to Mexico’s outstanding public external indebtedness issued prior to November 10, 2014. Those provisions are described beginning on page 15 of the accompanying prospectus dated June 9, 2020.

Conflicts of Interest		As described in the “Use of Proceeds,” some of the net proceeds of this offering may be used to fund our purchase of certain outstanding notes of Mexico from time to time. An affiliate of Goldman Sachs & Co. LLC may be a holder of certain of the outstanding notes of Mexico as set forth in the Offer to Purchase and may receive 5% or more of the proceeds from this offering. Because of the manner in which the net proceeds are being used, this offering will be conducted in accordance with Financial Industry Regulatory Authority (“FINRA”) Rule 5121.

Stabilization		In connection with issues of notes, the underwriters or any person acting for the underwriters may over-allot or effect transactions with a view to supporting the market price of notes at a level higher than that which might otherwise prevail for a limited period after the issue date. However, there is no obligation of any of the underwriters or any agent of the underwriters to do this. Any such stabilizing, if commenced, may be discontinued at any time and must be brought to an end after a limited period.

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RISK FACTORS

The following risk factor supplements the information contained under “Risk Factors” in the accompanying prospectus. You should consult your financial and legal advisors about the risks of investing in the debt securities and the suitability of your investment in light of your particular situation. Mexico disclaims any responsibility for advising you on these matters.

There can be no assurances that Mexico’s credit ratings will improve or remain stable, or that they will not be downgraded, suspended or cancelled by the rating agencies.

Mexico’s long-term public external indebtedness was downgraded in the spring of 2020 by each of the three major credit rating agencies. On March 26, 2020, S&P cut Mexico’s rating from BBB+ to BBB, and on April 15, 2020, Fitch cut Mexico’s debt rating from BBB to BBB-, both downgrades due to expected economic consequences of the COVID-19 pandemic and lower oil prices. On November 11, 2020, Fitch affirmed its BBB- rating with a stable outlook. On April 17, 2020, Moody’s downgraded Mexico’s debt rating from A3 to Baa1 and maintained its negative outlook, citing a material decline in Mexico’s medium-term economic growth prospects and continued weakening of the financial and operational condition of Petróleos Mexicanos (PEMEX).

Ratings address the creditworthiness of Mexico and the likelihood of timely payment of Mexico’s long-term debt securities. Ratings are not a recommendation to purchase, hold or sell securities and may be changed, suspended or withdrawn at any time. Mexico’s current ratings and the rating outlooks currently assigned to it depend, in part, on economic conditions and other factors that affect credit risk and are outside the control of Mexico, as well as assessments of the creditworthiness of its productive state-owned enterprises. Certain ratings agencies may also downgrade PEMEX’s credit ratings, as they have in the past, and their assessment of PEMEX’s creditworthiness may affect Mexico’s credit ratings.

There can be no assurances that Mexico’s credit ratings will be maintained or that they will not be downgraded, suspended or cancelled. Any credit rating downgrade, suspension or cancellation may have an adverse effect on the market price and the trading of the notes.

Changes in the interest rate environment could adversely impact the trading price of the notes.

We expect that the trading price of the notes will depend on a variety of factors, including, without limitation, the interest rate environment.

If interest rates, or expected future interest rates, rise during the terms of the notes, the price of the notes will likely decrease. The condition of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the trading price of the notes. Because interest rates and interest rate expectations are influenced by a wide variety of factors, many of which are beyond our control, we cannot assure you that changes in interest rates or interest rate expectations will not adversely affect the trading price of the notes.

The COVID-19 outbreak is adversely affecting Mexico’s economy, and the impact could be material.

The global outbreak of COVID-19, and public health measures to mitigate it, are having a material adverse impact on the economy in Mexico and around the world. The scope, magnitude and duration of the impact on Mexico cannot yet be determined.

Cases of COVID-19 have been reported in Mexico since February 2020, and the Mexican government has taken extensive steps designed to mitigate the spread of the disease and its impact on public health. See Mexico’s annual report on Form 18-K for the fiscal year ended December 31, 2019, filed on September 10, 2020. The efficacy of these steps cannot yet be evaluated, and it is highly uncertain how long and in what form they will remain in effect. The actual death count is likely to exceed official estimates.

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These public-health measures, and the consequences of similar measures in other countries, have had material adverse effects on economic activity in Mexico. In addition, the COVID-19 crisis has contributed to sharply lower and more volatile world prices for oil and gas, which affect the Mexican economy and the financial condition of PEMEX. The Mexican government and Banco de México have announced steps designed to address these adverse economic impacts, and they may take additional steps in the future. See Mexico’s annual report on Form 18-K for the fiscal year ended December 31, 2019, filed on September 10, 2020.

The impact of these matters on key measures of economic performance remains highly uncertain. Recently, interest rates and inflation have been volatile and uncertain, and the value of the Mexican peso has declined. See Mexico’s annual report on Form 18-K for the fiscal year ended December 31, 2019, filed on September 10, 2020. There have been adverse impacts on economic activity (including a decrease in GDP), employment, foreign investment and international trade, among other areas. These adverse impacts are likely to continue, and they could adversely affect the balance of payments, international reserves and public finance. While the duration of these effects remains highly uncertain, their nature and magnitude are likely to be material and adverse.

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USE OF PROCEEDS

The net proceeds to Mexico from the sale of the notes will be approximately U.S. $ , after the deduction of the underwriting discounts and Mexico’s share of the expenses in connection with the sale of the notes, which are estimated to be approximately U.S. $ . Mexico intends to use the net proceeds of the sale of the notes,

in part, for refinancing, repurchase or retirement of domestic and/or external indebtedness of Mexico from time to time, including to pay the purchase price for certain outstanding notes of Mexico, which Mexico may purchase pursuant to a tender offer (the “Tender Offer”), on the terms and subject to the conditions set forth in the offer to purchase, dated November , 2020 (the “Offer to Purchase”),

ii.

in part, toward the payment of part or all of the redemption price of its U.S. dollar-denominated outstanding 3.625% Global Notes due 2022 (the “USD 2022 notes”),

iii.

in part, toward the payment of part or all of the redemption price of its euro-denominated 1.875% Global Notes due 2022 (the “EUR 2022 notes”), and,

iv.

in part, for the general purposes of the Government of Mexico.

The underwriters of this offering are acting as joint dealer managers for the Tender Offer. The outstanding principal amount of the USD 2022 notes, which are scheduled to mature on March 15, 2022, is approximately U.S. $1,761,006,000, and Mexico plans to give a notice of redemption of part or all of the USD 2022 notes pursuant to their terms promptly following the settlement of the offering of the notes. The outstanding principal amount of the EUR 2022 notes, which are scheduled to mature on February 23, 2022, is approximately €1,500,000,000, and Mexico plans to give a notice of redemption of part of all of the EUR 2022 notes pursuant to their terms promptly following the settlement of the offering of the notes. None of the underwriters shall have any responsibility for the application of the net proceeds of the notes.

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DESCRIPTION OF THE NOTES

Mexico will issue the notes under an amended and restated indenture, dated as of June 1, 2015, between Mexico and Deutsche Bank Trust Company Americas, as trustee. The information contained in this section summarizes some of the terms of the notes and the indenture. This summary does not contain all of the information that may be important to you as a potential investor in the notes. You should read the prospectus, the indenture and the form of the notes before making your investment decision. Mexico has filed or will file copies of these documents with the SEC and will also file copies of these documents at the offices of the trustee.

Terms of the 2031 Notes

The 2031 notes will:

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be issued on or about November , 2020 in an aggregate principal amount of U.S. $ ;

•

mature on May , 2031;

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bear interest at a rate of % per year, commencing on November , 2020 and ending on the maturity date. Interest on the notes will be payable semi-annually on May and November of each year, commencing on May , 2021;

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pay interest to the persons in whose names the notes are registered at the close of business on May and November preceding each payment date;

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constitute direct, general, unconditional and unsubordinated external indebtedness of Mexico for which the full faith and credit of Mexico is pledged;

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rank without any preference among themselves and equally with all other unsubordinated public external indebtedness of Mexico (it being understood that this provision shall not be construed so as to require Mexico to make payments under the notes ratably with payments being made under any other public external indebtedness);

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be represented by one or more global securities in book-entry, registered form only;

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be ready for delivery in the book-entry form only through the facilities of DTC, Euroclear and Clearstream, Luxembourg;

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be redeemable before maturity at the option of Mexico upon giving not less than 30 days’ nor more than 60 days’ notice, to redeem the notes, in whole or in part, at any time or from time to time prior to their maturity, at a redemption price equal to (a) if redeemed prior to February , 2031 (three months prior to the maturity date of the 2031 notes), the principal amount thereof, plus the Make-Whole Amount, plus interest accrued but not paid on the principal amount of such notes to the date of redemption, or (b) if redeemed on or after February , 2031 (three months prior to the maturity date of the 2031 notes), the principal amount thereof, plus interest accrued but not paid on the principal amount of such notes to the date of redemption;

•

not be repayable at the option of the holder before maturity; and

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contain “collective action clauses” under which Mexico may amend certain key terms of the notes, including the maturity date, interest rate and other terms, with the consent of less than all of the holders of the notes.

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Terms of the 2061 Notes

The 2061 notes will:

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be issued on or about November , 2020 in an aggregate principal amount of U.S. $ ;

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mature on May , 2061;

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pay interest to the persons in whose names the notes are registered at the close of business on May and November preceding each payment date;

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constitute direct, general, unconditional and unsubordinated external indebtedness of Mexico for which the full faith and credit of Mexico is pledged;

•

be represented by one or more global securities in book-entry, registered form only;

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be ready for delivery in the book-entry form only through the facilities of DTC, Euroclear and Clearstream, Luxembourg;

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be redeemable before maturity at the option of Mexico upon giving not less than 30 days’ nor more than 60 days’ notice, to redeem the notes, in whole or in part, at any time or from time to time prior to their maturity, at a redemption price equal to (a) if redeemed prior to November , 2060 (six months prior to the maturity date of the 2061 notes), the principal amount thereof, plus the Make-Whole Amount, plus interest accrued but not paid on the principal amount of such notes to the date of redemption, or (b) if redeemed on or after November , 2060 (six months prior to the maturity date of the 2061 notes), the principal amount thereof, plus interest accrued but not paid on the principal amount of such notes to the date of redemption;

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not be repayable at the option of the holder before maturity; and

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For more information, see “Description of the Securities—Debt Securities” in the accompanying prospectus.

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Additional Amounts

In addition to the limitations and exceptions described in “Description of the Securities—Additional Amounts” in the accompanying prospectus, no additional amounts shall be payable:

•

in respect of any taxes, duties, assessments or other governmental charges imposed under Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended as of the issue date (or any amended or successor version that is substantively comparable) (the “Code”) and any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any law, regulation, rule or practice adopted pursuant to any such intergovernmental agreement or pursuant to any treaty or convention implementing such Sections of the Code.

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RECENT DEVELOPMENTS

The information in this section supplements the information about Mexico corresponding to the headings below that is contained in Exhibit D to Mexico’s annual report on Form 18-K, as amended, for the fiscal year ended December 31, 2019 (the 2019 Form 18-K). To the extent that the information included in this section differs from the information set forth in the 2019 Form 18-K, you should rely on the information in this section.

UNITED MEXICAN STATES

COVID-19 Crisis

With a goal of ensuring access to a COVID-19 vaccine in a safe and timely manner, the Government announced on October 10, 2020 that it is signing pre-purchase contracts for vaccines with various entities internationally to diversify its portfolio of vaccine prospects. Some of the vaccine projects that make up the portfolio to which Mexico will have access have entered Phase III of clinical trials.

As of November 13, 2020, Mexico had 1,156,697 officially estimated cases of COVID-19, of which an estimated 113,204 were fatal.

Form of Government

The Government

The following table provides the distribution, as of the date of this filing, of Congressional seats reflecting the party affiliations of Mexico’s senators and deputies.

Table No. 1 – Party Representation in Congress


	Senate					Chamber of Deputies
	Seats		% of Total			Seats		% of Total
MORENA		60		46.9			252		50.4
National Action Party		25		19.5			77		15.4
Institutional Revolutionary Party		13		10.2			48		9.6
Citizen Movement Party		8		6.3			27		5.4
Labor Party		6		4.7			46		9.2
Ecological Green Party of Mexico		7		5.5			11		2.2
Social Encounter Party		4		3.1			24		4.8
Democratic Revolution Party		3		2.3			12		2.4
Unaffiliated		1		0.8			3		0.6
Total		127		99.2	%		500		100.0	%

Note: Numbers may not total due to rounding. As of November 13, 2020 there was one vacant seat in the Senate.

Source: Senate and Chamber of Deputies.

Internal Security

The Secretaría de Seguridad y Protección Ciudadana (Ministry of Citizen Security and Protection) and the European Union Agency for Law Enforcement Cooperation (Europol) signed an acuerdo de trabajo (working arrangement) to expand and deepen collaboration on security matters. The working arrangement guarantees a secure system for the exchange of information between the parties, linking Mexico with the police authorities of the member states of the European Union (EU), as well as with third countries and organizations associated with Europol.

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Foreign Affairs, International Organizations and International Economic Cooperation

On January 8, 2020, Mexico assumed the role of Presidency Pro Tempore of the Community of Latin American and Caribbean States (CELAC) from January 2020 to January 2021. At the CELAC summit on that date, the Minister of Foreign Affairs presented a fourteen-point work plan with the main goal of making CELAC the primary instrument of cooperation and political development among all thirty-three countries in Latin America and the Caribbean. On September 24, 2020, the member states of CELAC unanimously agreed that Mexico should assume the role of Presidency Pro Tempore of CELAC for one additional year, to January 2022.

On October 13, 2020, Mexico was re-elected as a non-permanent member of the United Nations Human Rights Council (UNHRC) for a two-year term.

On October 15, 2020, the Secretaría de Hacienda y Crédito Público (Ministry of Finance and Public Credit) announced that Minister Arturo Herrera Gutiérrez will preside over the Board of Governors of the World Bank and the International Monetary Fund (IMF) in 2021.

On November 5, 2020, Mexico became a full member of CAF Development Bank of Latin America (CAF). Mexico’s new status as a Series A Shareholder will provide greater access to long-term financial resources, as well as technical cooperation for sustainable development and a permanent seat on the Board of Directors of CAF.

Environment

On September 28, 2020, Mexico signed the Declaración Voluntaria de Líderes por la Naturaleza y las Personas (Leaders’ Pledge For Nature) by which seventy-one countries and the EU committed to undertake urgent actions over the next ten years to put nature and biodiversity on a path to recovery by 2030 by, among other actions: (i) developing and fully implementing a post-2020 global biodiversity framework, (ii) transitioning to sustainable patterns of production and consumption and sustainable food systems that meet people’s needs while remaining within planetary boundaries, (iii) aligning the domestic climate policies with the Paris Agreement and (iv) putting an end to environmental crimes. The countries agreed to review their progress and reaffirm these commitments at the next UN General Assembly High Level Week in September 2021.

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THE ECONOMY

General

Mexico’s economy in 2020 has been, and continues to be, adversely affected by COVID-19. For more information on the measures taken by the Government designed to address the pandemic, see “Recent Developments—COVID-19 Crisis” in the 2019 Form 18-K.

On October 5, 2020, the Government and the Consejo Coordinador Empresarial (Business Coordinating Council) formalized the Acuerdo para la Reactivación Económica (Agreement for Economic Reactivation), which includes a set of actions and infrastructure projects financed by private capital. The agreement includes thirty-nine projects in the communications, transportation, energy, water and environmental sectors, which translates into a total investment of Ps. 297.34 billion. The actions included in this agreement are: (i) the use of the United States-Mexico-Canada Agreement (USMCA) to develop competitive national suppliers, attract investment and increase exports to the eastern coast of the United States, among other things, and (ii) the promotion of tourism, which includes the maintenance of roads, passenger trains, the rehabilitation and construction of airports and the strengthening of public security.

Gross Domestic Product

The following tables set forth the composition of Mexico’s real GDP by economic sector and percentage change by economic sector, in pesos and in percentage terms, for the periods indicated.

Table No. 2 – Real GDP and Expenditures

(In Billions of Pesos)⁽¹⁾


	Second quarter (annualized)⁽²⁾
	2019⁽³⁾			2020⁽³⁾
GDP		Ps.18,460.5			Ps.15,012.1
Add: Imports of goods and services		6,769.7			4,760.3

Total supply of goods and services		25,230.3			19,772.4
Less: Exports of goods and services		7,124.2			4,921.4

Total goods and services available for domestic expenditure		Ps.18,106.1			Ps.14,851.1
Allocation of total goods and services:
Private consumption		12,328.9			9,790.6
Public consumption		2,191.7			2,244.5

Total consumption		14,520.7			12,035.1

Total gross fixed investment		3,517.0			2,320.9
Changes in inventory		95.1			78.9

Total domestic expenditures		Ps.18,132.8			Ps.14,434.8

Errors and Omissions		(26.7	)		416.2

Note: Numbers may not total due to rounding.

(1)	Constant pesos with purchasing power as of December 31, 2013.

(2)	Annualized. Actual second quarter nominal GDP data has been annualized by multiplying it by four for comparison purposes. Second quarter data is not necessarily indicative of performance for the full fiscal year, particularly due to the disruptive economic impact of the COVID-19 pandemic.

(3)	Preliminary figures.

Source: INEGI.

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Table No. 3 – Real GDP and Expenditures

(As a Percentage of Total GDP)


	Second quarter (annualized)⁽¹⁾
	2019⁽²⁾			2020⁽²⁾
GDP		100.0	%		100.0	%
Add: Imports of goods and services		36.7	%		31.7	%

Total supply of goods and services		136.7	%		131.7	%
Less: Exports of goods and services		38.6	%		32.8	%

Total goods and services available for domestic expenditures		98.1	%		98.9	%
Allocation of total goods and services:
Private consumption		66.8	%		65.2	%
Public consumption		11.9	%		15.0	%

Total consumption		78.7	%		80.2	%
Total gross fixed investment		19.1	%		15.5	%
Changes in inventory		0.5	%		0.5	%

Total domestic expenditures		98.2	%		96.2	%

Errors and Omissions		(0.1	)%		2.8	%

Note: Percentages may not total due to rounding.

(1)	Annualized. Actual second quarter nominal GDP data has been annualized by multiplying it by four for comparison purposes. Second quarter data is not necessarily indicative of performance for the full fiscal year, particularly due to the disruptive economic impact of the COVID-19 pandemic.

(2)	Preliminary figures.

Source: INEGI.

Employment and Labor

On November 12, 2020, President López Obrador signed an initiative to reform the Ley Federal del Trabajo (Federal Labor Law), Código Fiscal de la Federación (Federal Fiscal Code), Ley del Seguro Social (Social Security Law), Ley del Instituto del Fondo Nacional de la Vivienda para los Trabajadores (National Workers’ Housing Fund Institute Law), Ley del Impuesto Sobre la Renta (Income Tax Law) and Ley del Impuesto al Valor Agregado (Value-Added Tax Law). The reforms are intended to provide more employment protections to workers and provide, among other things, that companies may not subcontract workers unless the workers perform special services that are not part of the company’s main social objective or economic activity.

As of November 13, 2020, the minimum wage was Ps. 185.56 per day for the Northern Border Free Trade Zone and Ps. 123.22 per day for the rest of Mexico, which has been in effect since January 1, 2020. For additional information on Mexico’s minimum wage policy, see “The Economy—Employment and Labor” in the 2019 Form 18-K.

For information on the COVID-19 pandemic including Government policies related to employment and labor, see “Recent Developments—COVID-19 Crisis” in the 2019 Form 18-K.

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FINANCIAL SYSTEM

Monetary Policy, Inflation and Interest Rates

Money Supply and Savings

The following table shows Mexico’s M1 and M4 money supply aggregates at each of the dates indicated. The methodology for the calculation of Mexico’s M1 and M4 money supply is discussed in “Financial System—Monetary Policy, Inflation and Interest Rates—Money Supply and Savings” in the 2019 Form 18-K.

Table No. 4 – Money Supply


	At September 30,
	2019⁽¹⁾		2020⁽¹⁾
	(in millions of nominal pesos)
M1:
Bills and coins	Ps.	1,402,193	Ps.	1,729,394
Checking deposits
In domestic currency		1,570,235		1,809,693
In foreign currency		484,616		615,457
Interest-bearing peso deposits		849,766		1,042,065
Savings and loan deposits		24,359		26,935

Total M1	Ps.	4,331,169	Ps.	5,223,545

M4	Ps.	12,891,003	Ps.	13,988,447

Note: Numbers may not total due to rounding.

(1)	Preliminary figures.

Source: Banco de México.

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Inflation

The following table shows, in percentage terms, the changes in price indices and increases in the minimum wage for the periods indicated.

Table No. 5 – Rates of Change in Price Indices


	National Consumer Price Index⁽¹⁾⁽²⁾		National Producer Price Index^(1)(3)(4)(5)		Increase in Minimum Wage⁽⁶⁾
2017		6.8		4.7		10.4
2018		4.8		6.4		10.4
2019		2.8		0.8		100.0;⁽⁷⁾ 16.2	⁽⁸⁾
2020:
January		3.2		1.1		5.0;⁽⁷⁾ 20.0	⁽⁸⁾
February		3.7		1.5		—
March		3.3		3.7		—
April		2.2		5.4		—
May		2.8		4.8		—
June		3.3		3.7		—
July		3.6		4.5		—
August		4.1		5.4		—
September		4.0		4.5		—
October		4.1		4.9		—

(1)	Changes in price indices are calculated monthly. For annual figures, changes in price indices are calculated each December.

(2)

Effective August 2018, the Índice Nacional de Precios al Consumidor (National Consumer Price Index, or INPC) was changed to: (1) update the base date to the second half of July 2018; (2) increase the number of categories for goods and services; (3) increase the number of areas represented; and (4) adjust the weighting of each component.

(3)	National Producer Price Index figures represent the changes in the prices for basic merchandise and services (excluding oil prices). The index is based on a methodology implemented in June 2012.

(4)	Preliminary figures for 2020.

(5)	National Producer Price Index takes July 2019 as a base date.

(6)

Effective January 1, 2019, Mexico has two minimum wages: one rate applicable to municipalities located on the border with the United States, which are included in the Northern Border Free Trade Zone, and a different rate applicable to the rest of Mexico. The rate of change for 2019, for both the minimum wage applicable to municipalities located in the Northern Border Free Trade Zone and the minimum wage applicable to the rest of Mexico, is as compared to the minimum wage in effect prior to January 1, 2019.

(7)	Rate of change for minimum wage applicable to municipalities located in the Northern Border Free Trade Zone.

(8)	Rate of change for minimum wage applicable to areas other than the Northern Border Free Trade Zone.

Sources: INEGI; Ministry of Labor.

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Interest Rates

The following table sets forth the average interest rates per annum on 28-day and 91-day Certificados de la Tesorería de la Federación (Federal Treasury Certificates, or Cetes), the costo porcentual promedio (the average weighted cost of term deposits for commercial banks, or CPP) and the 28-day and 91-day tasa de interés interbancaria de equilibrio (equilibrium interbank interest rate, or TIIE) for the periods indicated.

Table No. 6 – Average Cetes, CPP and TIIE Rates


	28-Day *Cetes*		91-Day *Cetes*		CPP		28-Day TIIE		91-Day TIIE
2018:
January-June		7.5		7.6		5.0		7.8		7.9
July-December		7.8		8.0		5.4		8.2		8.2
2019:
January-June		8.0		8.2		5.7		8.5		8.5
July-December		7.7		7.7		6.3		8.1		8.0
2020:
January		7.1		7.2		5.8		7.5		7.4
February		7.0		6.9		5.7		7.4		7.3
March		6.8		6.8		5.5		7.1		7.0
April		6.1		6.1		5.3		6.5		6.4
May		5.5		5.4		4.9		6.0		5.9
June		5.1		5.1		4.6		5.7		5.6
July		4.8		4.7		4.1		5.2		5.2
August		4.5		4.5		3.9		5.0		5.0
September		4.4		4.4		3.7		4.7		4.7
October		4.2		4.3		3.5		4.5		4.5

Source: Banco de México.

During the first nine months of 2020, interest rates on 28-day Cetes averaged 5.7%, as compared to 8.0% during the same period of 2019. Interest rates on 91-day Cetes averaged 5.7%, as compared to 8.1% during the same period of 2019.

On November 12, 2020, the 28-day Cetes rate was 4.1% and the 91-day Cetes rate was 4.2%.

On September 24, 2020, Banco de México held its seventh monetary policy meeting of 2020 and reduced the Tasa de Fondeo Bancario (overnight interbank funding rate) by 25 basis points, bringing the rate down to 4.25%. This decision took into account the ongoing adverse economic impact of the COVID-19 pandemic, additional episodes of currency depreciation, the increased persistence of core inflation and logistical problems and higher costs associated with health measures adopted in response to the COVID-19 pandemic.

On November 12, 2020, Banco de México held its eighth monetary policy meeting of 2020 and maintained the overnight interbank funding rate at 4.25%. This decision also considered the ongoing adverse economic impact of the COVID-19 pandemic, additional episodes of currency depreciation, the increased persistence of core inflation and logistical problems and higher costs associated with health measures adopted in response to the COVID-19 pandemic, as well as a projected slight increase in general and core inflation in the short- and medium-term.

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Exchange Controls and Foreign Exchange Rates

Foreign Exchange Policy

On March 19, 2020, Banco de México and the U.S. Federal Reserve established a temporary U.S. dollar liquidity swap line arrangement in an amount up to U.S.$60.0 billion as a liquidity backstop to mitigate strains in the global funding markets. The Comisión de Cambios (Foreign Exchange Commission) of Banco de México activated this arrangement on March 30, 2020 and on April 1, 2020, it carried out the first-ever dollar credit auction among Mexico’s credit institutions for up to U.S.$5.0 billion and with a maturity of eighty-four days. On June 22, 2020, the Foreign Exchange Commission announced two additional dollar financing operations intended to use resources from the swap line to renew the maturities from the April auction and to offer additional liquidity in dollars. Accordingly, on June 24, 2020 and June 29, 2020, Banco de México offered U.S.$7.0 billion and U.S.$4.0 billion, respectively. On September 11, 2020, the Foreign Exchange Commission announced two additional dollar financing operations intended to use resources from the swap line to renew the maturities from the June auction and to offer additional liquidity in dollars. Accordingly, on September 15, 2020 and September 21, 2020, Banco de México offered U.S.$5.0 billion and U.S.$2.5 billion, respectively. Both operations have a maturity of 84 days. For more information on the COVID-19 pandemic, see “Recent Developments—COVID-19 Crisis” in the 2019 Form 18-K.

The following table sets forth, for the periods indicated, the daily peso/dollar exchange rates published by Banco de México for the payment of obligations denominated in dollars and payable in pesos within Mexico.

Table No. 7 – Exchange Rates


	Representative Market Rate
	End-of-Period		Average
2018		19.6512		19.2421
2019		18.8642		19.2573
2020:
January		18.9082		18.8040
February		19.7760		18.8443
March		23.4847		22.3784
April		23.9283		24.2658
May		22.1778		23.4230
June		23.0893		22.2990
July		22.2012		22.4033
August		21.8880		22.2072
September		22.1438		21.6810
October		21.2508		21.2705

Source: Banco de México.

On November 12, 2020, the peso/dollar exchange rate closed at Ps. 20.5303 = U.S.$1.00, an 8.8% depreciation in dollar terms as compared to the rate on December 31, 2019. The peso/U.S. dollar exchange rate published by Banco de México on November 12, 2020 (which took effect on the second business day thereafter) was Ps. 20.5230 = U.S.$1.00.

Banking System

On September 23, 2020, the Comisión Nacional Bancaria y de Valores (National Banking and Securities Commission, or CNBV) decided to implement four new measures to incentivize and enable banks and other financial intermediaries to accommodate requests from customers to restructure their loans. The measures allow the banks and other financial intermediaries to: (i) compute a lower amount of specific reserves when a contract is agreed, (ii) recognize the specific reserves that are released by the restructure of a loan as additional reserves, (iii) recognize higher regulatory capital when considering additional reserves as part of the complementary capital and (iv) prudently reduce capital requirements for credit risk.

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Banking Supervision and Support

At the end of August 2020, the Índice de Capitalización (Capitalization Index, or ICAP) for the multiple banking sector was 17.2%, as compared to 16.5% at the end of June 2020 and 15.8% at the end of March 2020. As a result, the institutions of multiple banking were placed in the first “early warning” category indicating that the institutions met the minimum capitalization requirements and were sufficiently capitalized in the face of unexpected loss scenarios. No immediate supervisory actions by the CNBV are required at this stage. For more information on ICAP, see “Financial System—Banking Supervision and Support—Bank Supervision Policy” in the 2019 Form 18-K.

On September 29, 2020, Banco de México decided to extend until February 28, 2021 the term of the facilities that it announced on April 21, 2020. The facilities were intended to: (i) promote the orderly development of the financial markets, (ii) strengthen credit-granting channels and (iii) provide liquidity for the healthy development of the financial system. Banco de México and CNBV also agreed to extend until March 1, 2021 the period of exceptions to the liquidity provisions for instituciones de banca múltiple (multiple banking institutions) first announced by the Comité de Regulación de Liquidez Bancaria (Banking Liquidity Regulation Committee, or CRLB) on April 8, 2020.

Securities Markets

On November 12, 2020, the Índice de Precios y Cotizaciones (Stock Market Index, or the IPC), which is calculated based on a group of the thirty-five most actively traded shares, stood at 40,336 points, representing a 7.4% decrease from the level at December 31, 2019.

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FOREIGN TRADE AND BALANCE OF PAYMENTS

Foreign Trade

Foreign Trade Performance

The following table provides information about the value of Mexico’s merchandise exports and imports (excluding tourism) for the periods indicated.

Table No. 8 – Exports and Imports


		First nine months
		2019⁽¹⁾		2020⁽¹⁾
		(in millions of dollars, except average price of the Mexican crude oil mix )
Merchandise exports (f.o.b.)
Oil and oil products		U.S.$	19,849.9	U.S.$	12,621.4
Crude oil			17,320.6		10,492.8
Other			2,529.3		2,128.7
Non-oil products			323,884.0		281,620.6
Agricultural			13,160.9		13,862.0
Mining			4,557.8		5,089.4
Manufactured goods⁽²⁾			306,165.3		262,669.2

Total merchandise exports			343,733.9		294,242.0

Merchandise imports (f.o.b.)
Consumer goods			44,659.3		31,961.3
Intermediate goods⁽²⁾			266,036.7		218,187.9
Capital goods			30,842.7		25,134.7

Total merchandise imports			341,538.7		275,283.8

Trade balance		U.S.$	2,195.2	U.S.$	18,958.2

Average price of Mexican oil mix⁽³⁾		U.S.$	55.10	U.S.$	38.06
	��

Note: Numbers may not total due to rounding.

(1)	Preliminary figures.

(2)	Includes the in-bond industry.

(3)	In U.S. dollars per barrel.

Source: Banco de México/PEMEX.

The global economic slowdown and disruptions in global supply chains, especially with respect to manufactured goods, attributable to the COVID-19 pandemic are likely to have a material adverse effect on Mexico’s foreign trade performance.

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Balance of Payments and International Reserves

International Reserves and Assets

The following table sets forth Banco de México’s international reserves and net international assets at the end of each period indicated.

Table No. 9 – International Reserves and Net International Assets⁽¹⁾


	End-of-Period International Reserves⁽²⁾⁽³⁾		End-of-Period Net International Assets
	(in billions of U.S dollars)
2018		174.6		176.1
2019⁽⁴⁾		180.7		184.2
2020⁽⁴⁾
January		182.8		189.2
February		184.2		188.4
March		185.5		189.3
April		186.7		196.2
May		187.3		197.4
June		188.9		197.1
July		192.6		197.9
August		193.3		198.6
September		193.9		199.9
October		194.4		198.7

(1)

“Net international assets” are defined as: (a) gross international reserves, plus (b) assets with maturities greater than six months derived from credit agreements with central banks, less (x) liabilities outstanding to the International Monetary Fund (IMF) and (y) liabilities with maturities of less than six months derived from credit agreements with central banks.

(2)	Includes gold, Special Drawing Rights (international reserve assets created by the IMF) and foreign exchange holdings.

(3)	“International reserves” are equivalent to: (a) gross international reserves, minus (b) international liabilities of Banco de México with maturities of less than six months.

(4)	Preliminary figures.

Source: Banco de México.

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PUBLIC FINANCE

General

On November 6, 2020, reforms to various laws were published in the Diario Oficial de la Federación (Official Gazette) terminating 109 public trusts and modifying certain other public trusts in order to make the use of the resources by those trusts more efficient and transparent. The different responsible units of the Government will carry out the corresponding actions to submit to the Tesorería de la Federación (Treasury of the Federation) all federal public resources that are part of the trusts, mandates and similar public instruments, as provided for in the reforms.

The Budget

On September 8, 2020, the Ministry of Finance and Public Credit submitted the proposed Ley de Ingresos de la Federación para el Ejercicio Fiscal de 2021 (Federal Revenue Law for 2021, or the 2021 Revenue Law) and the proposed Presupuesto de Egresos de la Federación para el Ejercicio Fiscal de 2021 (Federal Expenditure Budget for 2021, or the 2021 Expenditure Budget) to the Congreso de la Unión (Congress) for its approval. The 2021 Revenue Law was approved by the Cámara de Diputados (Chamber of Deputies) on October 21, 2020 and by the Senado de la República (Senate) on October 29, 2020. On November 13, 2020, the 2021 Expenditure Budget was approved by the Chamber of Deputies and sent to the executive in order to become effective.

Selected estimated budget expenditures and preliminary results are set forth in the table below.

Table No. 10 – Selected Budgetary Expenditures; 2020 and 2021 Expenditure Budgets (In Billions of Pesos)


	Actual
	2018⁽¹⁾		2019⁽¹⁾		First nine months of 2020⁽¹⁾		2020 Budget⁽²⁾		2021 Budget⁽²⁾⁽³⁾
Health	Ps.	122.2	Ps.	122.6	Ps.	92.0	Ps.	128.8	Ps.	145.4
Education		310.4		331.6		233.3		326.3		338.0
Housing and community development		21.3		18.0		10.1		10.9		16.6
Government debt servicing		467.1		525.6		354.2		538.3		541.1
CFE and PEMEX debt servicing		147.9		140.9		133.0		145.7		171.6
PEMEX debt servicing		122.1		115.8		114.2		113.7		141.8
CFE debt servicing		25.9		25.0		18.9		32.0		29.8

(1)	Preliminary figures.

(2)

2020 and 2021 Budget figures represent budgetary estimates, based on the economic assumptions contained in the General Economic Policy Guidelines and in the Economic Program for 2020 and 2021. These figures do not reflect actual results for the year or updated estimates of Mexico’s 2020 and 2021economic results.

(3)	The effectiveness of the 2021 Expenditure Budget is pending.

Source: Ministry of Finance and Public Credit.

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The table below sets forth the budgetary results for the periods indicated. It also sets forth certain assumptions and targets from Mexico’s 2020 Budget and 2021 Budget.

Table No. 11 – Budgetary Results; 2020 and 2021 Budget Assumptions and Targets


	Actual
	2018⁽¹⁾		2019⁽¹⁾		First nine months of 2020⁽²⁾		2020 Budget⁽²⁾		2021 Budget⁽²⁾⁽³⁾
Real GDP growth (%)		2.2%		(0.3)%		(10.1)%⁽⁴⁾		(10.0) – (7.0)%		3.6 – 5.6%
Increase in the national consumer price index (%)		4.8%		2.8%		4.1%		3.5%		3.0%
Average export price of Mexican oil mix (U.S.$/barrel)⁽⁵⁾		61.59		55.55		33.90		35.00		42.00
Average exchange rate (Ps./$1.00)		19.2		19.3		21.8		22.0		22.1
Average rate on 28-day Cetes (%)		7.6%		7.8%		5.7%		5.3%		4.0%
Public sector balance as % of GDP⁽⁶⁾		(2.1)%		(1.6)%		(1.3)%⁽⁴⁾		(0.1)%		(0.7)%
Primary balance as % of GDP⁽⁶⁾		0.6%		1.1%		0.3%⁽⁴⁾		0.8%		0.0%
Current account deficit as % of GDP		(2.1)%		(0.4)%		(0.4)%⁽⁴⁾		(0.6)%		(2.0)%

(1)	Preliminary figures.

(2)

(3)	The effectiveness of the 2021 Expenditure Budget is pending.

(4)	Figures for first six months of 2020.

(5)

The Government entered into hedging agreements to mitigate the effects of a change in oil prices with respect to the level that was assumed in the 2020 and 2021 Revenue Law. Therefore, the approved expenditures level should not be affected if the weighted average price of crude oil exported by PEMEX for the year falls below the price assumed in the 2020 Budget and 2021 Budget.

(6)

Includes the effect of expenditures related to the issuance of bonds pursuant to reforms to the Ley del Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado (Law of the Institute for Social Security and Social Services of Government Workers, or ISSSTE Law) and the recognition as public sector debt of certain long-term infrastructure-related projects (PIDIREGAS) obligations, as discussed under “Public Finance—Revenues and Expenditures—General” in the 2019 Form 18-K.

Source: Ministry of Finance and Public Credit.

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Revenues and Expenditures

The following table presents the composition of public sector budgetary revenues for the periods indicated in billions of pesos. It also sets forth certain assumptions and targets from Mexico’s 2020 Budget and 2021 Budget.

Table No. 12 – Public Sector Budgetary Revenues

(In Billions of Pesos)⁽¹⁾


	Actual
	First nine months of 2019⁽²⁾		First nine months of 2020⁽²⁾		2020 Budget⁽³⁾		2021 Budget⁽³⁾⁽⁴⁾
Budgetary revenues		3,976.3		3,889.3		5,523.3		5,538.9
Federal Government		2,978.5		3,040.5		4,084.1		4,080.2
Taxes		2,445.5		2,505.2		3,505.8		3,533.0
Income tax		1,298.1		1,343.1		1,852.6		1,908.2
Value-added tax		710.8		719.9		1,007.5		978.9
Excise taxes		344.7		343.1		515.7		510.7
Import duties		49.1		42.9		71.0		61.6
Tax on the exploration and exploitation of hydrocarbons		4.4		5.3		6.9		6.9
Export duties		0.0		0.0		—		—
Luxury goods and services		n.a.		n.a.		n.a.		n.a.
Other		38.4		50.9		52.1		66.7
Non-tax revenue		533.0		535.3		578.3		547.2
Fees and tolls		66.9		60.0		51.7		42.3
Transfers from the Mexican Petroleum Fund for Stabilization and Development		329.5		163.6		412.8		343.0
Fines and surcharges		128.1		304.7		103.7		152.5
Other		0.1		0.0		0.0		0.1
Public enterprises and agencies		997.7		848.8		1,439.2		1,458.7
PEMEX		377.8		233.3		574.5		593.7
Others		619.9		615.6		864.6		865.1

Note: Numbers may not total due to rounding.

n.a. = Not available.

(1)	Nominal pesos.

(2)	Preliminary figures.

(3)

(4)	The effectiveness of the 2021 Expenditure Budget is pending.

Source: Ministry of Finance and Public Credit.

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PUBLIC DEBT

Internal Debt

Internal Public Sector Debt

The following table summarizes the gross and net internal debt of the public sector at each of the dates indicated.

Table No. 13 – Gross and Net Internal Debt of the Public Sector


	At September 30,
	2019			2020
	(in billions of pesos)
Gross Debt	Ps.	7,404.3		Ps.	7,891.5
By Term
Long-term		6,851.5			7,275.7
Short-term		552.8			615.9
By User
Federal Government		6,794.1			7,344.2
State Productive Enterprises (PEMEX and CFE)		368.2			338.6
Development Banks		242.0			208.7
Financial Assets		357.6			545.1
Total Net Debt	Ps.	7,046.7		Ps.	7,346.4
Gross Internal Debt/GDP⁽¹⁾		29.7	%		35.3	%
Net Internal Debt/GDP⁽¹⁾⁽²⁾		29.3	%		33.6	%

(1)	Figures at June 30, 2019 and June 30, 2020.

(2)

“Net internal debt” represents the internal debt directly incurred by the Government as of the date indicated, including Banco de México’s General Account Balance and the assets of the Retirement Savings System Fund. It does not include the debt of budget-controlled and administratively-controlled agencies or any debt guaranteed by the Government. In addition, “net internal debt” is comprised of Cetes and other securities sold to the public in auctions for new issuances (primary auctions), but does not include any debt allocated to Banco de México for its use in Regulación Monetaria. This is because Banco de México’s sales of debt pursuant to Regulación Monetaria do not increase the Government’s overall level of internal debt. Banco de México must reimburse the Government for any allocated debt that Banco de México sells in the secondary market and that is presented to the Government for payment. However, if Banco de México carries out a high volume of sales of allocated debt in the secondary market, this can result in the Government’s outstanding internal debt being higher than its outstanding net internal debt.

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Internal Government Debt

As of November 13, 2020, no debt issued by states and municipalities has been guaranteed by the Government.

The following table summarizes the gross and net internal debt of the Government at each of the dates indicated.

Table No. 14 – Gross and Net Internal Debt of the Government⁽¹⁾


	At September 30,
	2019⁽²⁾					2020⁽²⁾
	(in billions of pesos, except percentages)
Gross Debt
Government Securities	Ps.	6,242.4		91.9	%	Ps.	6,789.0		92.4	%
Cetes		677.2		10.0			946.8		12.9
Floating Rate Bonds		628.7		9.3			699.9		9.5
Inflation-Linked Bonds		1,648.0		24.3			1,882.5		25.6
Fixed Rate Bonds		3,280.6		48.3			3,251.6		44.3
STRIPS of Udibonos		7.9		0.1			8.2		0.1
Other⁽³⁾		551.7		8.1			555.2		7.6

Total Gross Debt	Ps.	6,794.1		100.0	%	Ps.	7,344.2		100.0	%

Net Debt
Financial Assets⁽⁴⁾		424.6					514.4

Total Net Debt	Ps.	6,369.5				Ps.	6,829.8

Gross Internal Debt/GDP⁽⁵⁾		27.2	%				32.7	%
Net Internal Debt/GDP⁽⁵⁾		26.4	%				31.2	%

Note: Numbers may not total due to rounding.

(1)

Internal debt figures do not include securities sold by Banco de México in open-market operations to manage liquidity levels pursuant to Regulación Monetaria. This is because this does not increase the Government’s overall level of internal debt. Banco de México must reimburse the Government for any allocated debt that Banco de México sells into the secondary market and that is presented to the Government for payment. If Banco de México undertakes extensive sales of allocated debt in the secondary market, however, this can result in an elevated level of outstanding internal debt as compared to the Government’s figure for net internal debt.

(2)	Preliminary figures.

(3)	Includes Ps. 132.6 billion at September 30, 2019 and Ps. 126.1 billion at September 30, 2020 in liabilities associated with social security under the ISSSTE Law.

(4)	Includes the net balance (denominated in pesos) of the General Account of the Tesorería de la Federación (Treasury of the Federation) in Banco de México.

(5)	Figures at June 30, 2019 and June 30, 2020.

Source: Ministry of Finance and Public Credit.

External Debt

External Public Sector Debt

According to preliminary figures, as of September 30, 2020, outstanding gross external public sector debt totaled U.S.$224.4 billion, an approximate U.S.$19.7 billion increase from the U.S.$204.7 billion outstanding on December 31, 2019. Of this amount, U.S.$215.6 billion represented long-term debt and U.S.$8.7 billion represented short-term debt. Net external indebtedness increased by U.S.$16.0 billion during the first nine months of 2020.

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The following tables set forth a summary of Mexico’s external public sector debt, including a breakdown of such debt by type, a breakdown of such debt by currency and net external public sector debt at the dates indicated.

Table No. 15 – Summary of External Public Sector Debt by Type⁽¹⁾


	September 30, 2019⁽³⁾		September 30, 2020⁽³⁾
	(in millions of U.S. dollars)
Long-Term Direct Debt of the Government	U.S.$	101,691.2	U.S.$	111,206.1
Long-Term Debt of Budget Controlled Agencies		92,223.8		96,675.3
Other Long-Term Public Debt⁽²⁾		8,117.9		7,744.0

Total Long-Term Debt	U.S.$	202,032.9	U.S.$	215,625.4

Total Short-Term Debt		2,647.6		8,734.9

Total Long- and Short-Term Debt	U.S.$	204,680.5	U.S.$	224,360.3

Table No. 16 – Summary of External Public Sector Debt by Currency


	September 30, 2019⁽³⁾				September 30, 2020⁽³⁾
	(in millions of U.S. dollars, except for percentages)
U.S. Dollars	U.S.$	149,060.0	72.8	%	U.S.$	164,329.3	73.2	%
Japanese Yen		11,179.0	5.5			9,420.5	4.2
Swiss Francs		1,122.0	0.5			3,266.4	1.5
Pounds Sterling		2,806.0	1.4			2,943.5	1.3
Euros		38,147.0	18.6			42,539.0	19.0
Others		2,367.0	1.2			1,861.6	0.8

Total	U.S.$	204,681.0	100.0	%	U.S.$	224,360.3	100.0	%

Table No. 17 – Net External Debt of the Public Sector


	September 30, 2019⁽³⁾			September 20, 2020⁽³⁾
	(in millions of U.S. dollars, except for percentages)
Total Net Debt	U.S.$	203,148.6		U.S.$	219,751.2
Gross External Debt/GDP⁽⁴⁾		16.1	%		21.7	%
Net External Debt/GDP⁽⁴⁾		15.6	%		21.1	%

Note: Numbers may not total due to rounding.

(1)

External debt denominated in foreign currencies other than U.S. dollars has been translated into U.S. dollars at exchange rates as of each of the dates indicated. External public debt does not include (a) repurchase obligations of Banco de México with the IMF (none of which was outstanding as of September 30, 2020) or (b) loans from the Commodity Credit Corporation to public sector Mexican banks. External debt is presented herein on a “gross” basis and includes external obligations of the public sector at their full outstanding face or principal amount. For certain informational and statistical purposes, Mexico sometimes reports its external public sector debt on a “net” basis, which is calculated as the gross debt net of certain financial assets held abroad. These financial assets include Mexican public sector external debt that is held by public sector entities but that has not been cancelled.

(2)	Includes debt of development banks and other administratively-controlled agencies whose finances are consolidated with those of the Government.

(3)	Adjusted to reflect the effect of currency swaps.

(4)	Figures at June 30, 2019 and June 30, 2020.

Source: Ministry of Finance and Public Credit.

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External Government Debt

The following tables set forth a summary of Mexico’s external Government debt, including the gross external Government debt, net external Government debt and net Government debt at the dates indicated.

Table No. 18 – Gross External Debt of the Government by Currency


	September 30, 2019⁽¹⁾				September 30, 2020⁽¹⁾
	(in millions of U.S. dollars, except for percentages)
U.S. Dollars	U.S.$	68,490.0	67.4	%	U.S.$	73,860.3	66.4	%
Japanese Yen		8,987.0	8.8			7,788.8	7.0
Swiss Francs		—	—			2,052.7	1.8
Pounds Sterling		1,820.0	1.8			1,909.1	1.7
Euros		22,378.0	22.0			25,580.4	23.0
Others		16.0	0.0			14.8	0.0

Total	U.S.$	101,691.0	100.0	%	U.S.$	111,206.1	100.0	%

Table No. 19 – Net External Debt of the Government


	September 30, 2019			September 30, 2020
	(in millions of U.S. dollars, except for percentages)
Total Net Debt	U.S.$	101,035.9		U.S.$	107,876.7
Gross External Debt/GDP⁽²⁾		7.8	%		10.8	%
Net External Debt/GDP⁽²⁾		7.4	%		10.3	%

Table No. 20 – Net Debt of the Government


	September 30, 2019			September 30, 2020
Internal Debt		76.2	%		73.8	%
External Debt⁽³⁾		23.8	%		26.2	%

Note: Numbers may not total due to rounding.

(1)	Adjusted to reflect the effect of currency swaps.

(2)	Figures at June 30, 2019 and June 30, 2020.

(3)

Source: Ministry of Finance and Public Credit.

External Securities Offerings and Liability Management Transactions During 2020

On September 14, 2020, Mexico issued €750 million of its 1.350% Global Notes due 2027, the first sovereign bond linked to the United Nations’ sustainable development goals (SDGs).

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PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)

The underwriters severally have agreed to purchase, and Mexico has agreed to sell to them, the principal amount of the notes listed opposite their names below. The terms agreement, dated as of November , 2020, between Mexico and the underwriters provides the terms and conditions that govern this purchase.


Underwriters	Principal Amount of the 2031 Notes	Principal Amount of the 2061 Notes
BBVA Securities Inc.	U.S. $	U.S. $
Goldman Sachs & Co. LLC	U.S. $	U.S. $
Mizuho Securities USA LLC	U.S. $	U.S. $

Total	U.S. $	U.S. $

BBVA Securities Inc., Goldman Sachs & Co. LLC and Mizuho Securities USA LLC are acting as joint lead underwriters in connection with the offering of the notes.

The underwriters plan to offer the notes to the public at the respective public offering prices set forth for the 2031 notes and the 2061 notes on the cover page of this prospectus supplement. After the initial offering of the notes, the underwriters may vary the offering prices and other selling terms. The underwriters may offer and sell the notes through certain of their respective affiliates.

The underwriters are purchasing and offering the notes, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of the validity of the notes by counsel and other conditions contained in the terms agreement, such as the receipt by the underwriters of certificates of officials and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders, in whole or in part.

The underwriters are acting as joint dealer managers and Goldman Sachs & Co. LLC is acting as the billing and delivering bank (the “B&D Bank”) for Mexico’s Tender Offer on the terms and subject to the conditions set forth in the Offer to Purchase, dated November , 2020. Pursuant to the terms of the Offer to Purchase, purchasers of the notes offered hereby who tender outstanding notes in the Tender Offer may benefit from preferential acceptance of their tenders, subject to certain conditions.

It is anticipated that Goldman Sachs & Co. LLC, as the B&D Bank for the Tender Offer, will purchase the tendered notes pursuant to the Offer to Purchase on November , 2020, three business days prior to settlement of the notes. On the settlement date of the notes, the B&D Bank will be entitled to offset a portion of the net proceeds of this offering against the full amount due to the B&D Bank by Mexico for the tendered notes purchased by the B&D Bank for delivery to Mexico, and the B&D Bank will pay the balance of the net proceeds of the notes to Mexico.

Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with Mexico or its affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

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In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of Mexico or its affiliates. If any of the underwriters or their affiliates has a lending relationship with us, certain of those underwriters or their affiliates routinely hedge, and certain other of those underwriters or their affiliates may hedge, their credit exposure to us consistent with their customary risk management policies. Typically, these underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially the notes offered hereby. Any such credit default swaps or short positions could adversely affect future trading prices of the notes offered hereby. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

In order to facilitate the offering of the notes, the underwriters and their affiliates may engage in transactions that stabilize, maintain or affect the price of the notes. In particular, the underwriters or their affiliates may:

•

over-allot in connection with the offering (i.e., apportion to dealers more of the notes than the underwriters have), creating a short position in the notes for their own accounts;

•

bid for and purchase notes in the open market to cover over-allotments or to stabilize the price of the notes; or

•

if the underwriters or their affiliates repurchase previously distributed notes, reclaim selling concessions which they gave to dealers when they sold the notes.

Any of these activities may stabilize or maintain the market price of the notes above independent market levels. The underwriters or their affiliates are not required to engage in these activities, but, if they do, they may discontinue them at any time.

Any stabilization action may begin on or after the date on which adequate public disclosure of the final terms of the offer of the notes is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of the notes and 60 days after the date of the allotment of the notes. Any stabilization action or over-allotment must be conducted by the underwriters, or any person acting on behalf of the underwriters, in accordance with all applicable laws and rules. This supplements the stabilization provision in the prospectus dated June 9, 2020 issued by Mexico.

Certain of the underwriters and their affiliates have engaged in and may in the future engage in other transactions with and perform services for Mexico. These transactions and services are carried out in the ordinary course of business.

As described in “Use of Proceeds,” some of the net proceeds of this offering may be used to fund our purchase of certain outstanding notes of Mexico from time to time. An affiliate of Goldman Sachs & Co. LLC may be a holder of certain of the outstanding notes of Mexico as set forth in the Offer to Purchase and may receive 5% or more of the proceeds from this offering. Because of the manner in which the net proceeds are being used, this offering will be conducted in accordance with Financial Industry Regulatory Authority (“FINRA”) Rule 5121.

It is expected that delivery of the notes will be made against payment therefor on the sixth day following the date hereof (such settlement cycle being referred to herein as “T+6”). Trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the date hereof or the next four business days will be required, by virtue of the fact that the notes initially will settle in T+6, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes on the date hereof or the next four succeeding business days should consult their own advisors.

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The underwriters have agreed to pay for certain expenses of Mexico in connection with the offering of the notes.

Mexico has agreed to indemnify the several underwriters against certain liabilities, including liabilities under the U.S. Securities Act of 1933, as amended.

Selling Restrictions

The notes are being offered for sale in jurisdictions where it is legal to make such offers. The notes will not be sold or offered in any place without compliance with the applicable laws and regulations of that place. There will not be any distribution or publication of any document or information relating to the notes in any place without compliance with the applicable laws and regulations of that place. If you receive this prospectus supplement and the related prospectus, then you must comply with the applicable laws and regulations of the place where you (a) purchase, offer, sell or deliver the notes or (b) possess, distribute or publish any offering material relating to the notes. Your compliance with these laws and regulations will be at your own expense.

In particular, there are restrictions on the distribution of this prospectus supplement and the offer or sale of notes in Belgium, Canada, Chile, Colombia, the European Economic Area, France, Germany, Hong Kong, Italy, Japan, Luxembourg, Mexico, the Netherlands, Peru, Singapore, Spain, Switzerland, the United Kingdom and Uruguay. See below and “Plan of Distribution” in the prospectus for further details on the restrictions on the offer and sale of the notes.

The terms relating to non-U.S. offerings that appear under “Plan of Distribution” in the prospectus do not apply to the offer and sale of the notes under the registration statement.

The terms related to the offer or sales of notes in Chile, the European Economic Area, Italy, Luxembourg, Singapore and the United Kingdom that appear under “Plan of Distribution” in the prospectus are amended and restated as follows:

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Chile

Notice to Chilean Investors

Pursuant to the Securities Market Law of Chile and Norma de Carácter General (Rule) No. 336, dated June 27, 2012, issued by the Financial Market Commission of Chile (Comisión para el Mercado Financiero, or “CMF”) (“Rule 336”), the notes may be privately offered to certain qualified investors identified as such by Rule 336 (which in turn are further described in Rule No. 216, dated June 12, 2008, and rule 410 dated July 27, 2016, both of the CMF).

Rule 336 requires the following information to be made to prospective investors in Chile:

Date of commencement of the offer: (November , 2020). The offer of the notes is subject to Rule 336;

The subject matter of this offer are securities not registered in the securities registry (Registro de Valores) of the CMF, nor in the foreign securities registry (Registro de Valores Extranjeros) of the CMF; hence, the notes are not subject to the oversight of the CMF;

Since the notes are not registered in Chile there is no obligation by the issuer to deliver public information about the notes in Chile; and

The notes shall not be subject to public offering in Chile unless registered in the relevant securities registry of the CMF.

Información a los Inversionistas Chilenos

De conformidad con la Ley N° 18.045, de Mercado de Valores y la Norma de Carácter General N° 336 (la “NCG 336”), de 27 de junio de 2012, de la Comisión para el Mercado Financiero de Chile (la “CMF”), los bonos pueden ser ofrecidos privadamente a ciertos “Inversionistas Calificados”, a los que se refiere la NCG 336 y que se definen como tales en la Norma de Carácter General N° 216, de 12 de junio de 2008 y en la Norma de Carácter General Nº 410, de 27 de julio de 2016, ambas de la CMF.

La siguiente información se proporciona a potenciales inversionistas de conformidad con la NCG 336:

La oferta de los bonos comienza el de noviembre de 2020, y se encuentra acogida a la NCG 336;

La oferta versa sobre valores no inscritos en el Registro de Valores o en el Registro de Valores Extranjeros que lleva la CMF, por lo que tales valores no están sujetos a la fiscalización de la CMF;

Por tratarse de valores no inscritos en Chile no existe la obligación por parte del emisor de entregar en Chile información pública sobre estos valores; y

Los bonos no podrán ser objeto de oferta pública en Chile mientras no sean inscritos en el Registro de Valores correspondiente de la CMF.

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Prohibition of Sales to European Economic Area and United Kingdom Retail Investors

Each underwriter has represented and agreed with Mexico, severally and not jointly, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any notes which are the subject of the offering contemplated by this prospectus supplement in relation thereto to any retail investor in the EEA or in the UK. For the purposes of this provision:

(a)

the expression “retail investor” means a person who is one (or more) of the following:

(i)

a retail client as defined in point (11) of Article 4(1) of MiFID II; or

(ii)

a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; and

(b)

the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe the notes.

Italy

The offering of the notes has not been registered pursuant to Italian securities legislation and, accordingly, no notes may be offered, sold or delivered, nor may copies of the prospectus, the prospectus supplement nor any other document relating to any bonds be distributed in the Republic of Italy, except, in accordance with all Italian securities, tax and exchange control and other applicable laws and regulations.

The offering of the notes is being carried out in the Republic of Italy as an exempted offer pursuant to article 1, paragraph 4, letter c), of Regulation (EU) 2017/1129.

The notes will not be offered, sold or delivered nor any copies of the prospectus, the prospectus supplement and/or any other document relating to the notes will be distributed in the Republic of Italy except in circumstances which are exempted from the rules on public offerings, as provided under Regulation (EU) 2017/1129, the Legislative Decree No. 58 of 24 February 1998 (the “Consolidated Financial Act”) and the Commissione Nazionale per le Società e la Borsa (“CONSOB”) Regulation No. 11971 of 14 May 1999 (the “Issuer Regulation”).

Any offer, sale or delivery of the notes or distribution of copies of the prospectus, the prospectus supplement or any other document relating to the notes in the Republic of Italy must be:

(a)

made by an investment firm, bank or financial intermediary permitted to conduct such activities in the Republic of Italy in accordance with Regulation (EU) 2017/1129, the Consolidated Financial Act, Regulation No. 20307, Legislative Decree No. 385 of 1 September 1993 (the “Banking Act”) (in each case, as amended) and any other applicable laws or regulation;

(b)

in compliance with Article 129 of the Banking Act, and the implementing guidelines of the Bank of Italy, as amended from time to time; and

(c)

in compliance with any other applicable laws and regulations or requirement imposed by CONSOB or the Bank of Italy or other competent authority.

Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the bonds or the relevant offering.

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Luxembourg

The notes may not be offered to the public in Luxembourg, except in the following circumstances:

in the period beginning on the date of publication of a prospectus in relation to those notes which have been approved by the Commission de surveillance du secteur financier (CSSF) in Luxembourg or, where appropriate, approved in another relevant European Union Member State and notified to ESMA and the CSSF, all in accordance with Regulation (EU) 2017/1129 of the European Parliament and of the Council on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market (the “Prospectus Regulation”) and ending on the date which is 12 months after the date of such publication (hereafter a “Public offer”);

at any time to qualified investors, which, pursuant to the Prospectus Regulation, means persons or entities that are listed in points (1) to (4) of Section I of Annex II to Directive 2014/65/EU, and persons or entities who are, on request, treated as professional clients in accordance with Section II of that Annex, or recognised as eligible counterparties in accordance with Article 30 of Directive 2014/65/EU unless they have entered into an agreement to be treated as non-professional clients in accordance with the fourth paragraph of Section I of that Annex. For the purposes of applying the first sentence of this point, investment firms and credit institutions shall, upon request from the issuer, communicate the classification of their clients to the issuer subject to compliance with the relevant laws on data protection;

an offer of securities addressed to fewer than 150 natural or legal persons per Member State, other than qualified investors; and/or

at any time in any other circumstances which do not require the publication by the issuer of a prospectus pursuant to Article 1 (4) of the Prospectus Regulation.

The applicability of the selling restrictions provided by Luxembourg law will depend on whether the invitation is to be treated as a public offer or whether it can be made under one of the exemptions of Article 1 (4) of the Prospectus Regulation (a “private placement”).

For the purposes of this provision, the expression an offer of notes to the public in relation to any notes in Luxembourg means the communication in any form and by any means of sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase the notes, as defined in the Prospectus Regulation or any variation thereof or amendment thereto.

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Singapore

This prospectus supplement and the accompanying prospectus have not been, and will not be, registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the notes may not be circulated or distributed, nor may the notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018 of Singapore or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the global bonds are subscribed or purchased in reliance on an exemption under Sections 274 or 275 of the SFA, the global bonds shall not be sold within the period of six months from the date of the initial acquisition of the global bonds, except to any of the following persons:

(i)

an institutional investor (as defined in Section 4A of the SFA);

(ii)

a relevant person (as defined in Section 275(2) of the SFA); or

(iii)

any person pursuant to an offer referred to in Section 275(1A) of the SFA,

unless expressly specified otherwise in Section 276(7) of the SFA or Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018 of Singapore.

Where the notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

securities or securities-based derivatives contracts (each as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the notes pursuant to an offer made under Section 275 of the SFA except:

to an institutional investor or to a relevant person as defined in Section 275(2) of the SFA, or (in the case of such corporation) where the transfer arises from an offer referred to in Section 276(3)(i)(B) of the SFA or (in the case of such trust) where the transfer arises from an offer referred to in Section 276(4)(i)(B) of the SFA;

where no consideration is or will be given for the transfer;

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where the transfer is by operation of law;

pursuant to Section 276(7) of the SFA; or

as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities based Derivatives Contracts) Regulations 2018 of Singapore.

Any reference to the SFA is a reference to the Securities and Futures Act, Chapter 289 of Singapore, and a reference to any term as defined in the SFA or any provision in the SFA is a reference to that term as modified or amended from time to time including by such of its subsidiary legislation as may be applicable at the relevant time.

United Kingdom

This document 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 entities, 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 will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the 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.

Each underwriter has, severally and not jointly, represented, warranted and agreed, and each further underwriter appointed under this offering will, severally and not jointly, represent, warrant and agree that:

•

it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the United Kingdom Financial Services and Markets Act 2000 (the “FSMA”)) received by it in connection with the issue or sale of the notes in circumstances in which Section 21(1) of the FSMA does not apply to the issuer; and

•

it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the notes in, from or otherwise involving the United Kingdom.

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UNITED MEXICAN STATES

Secretaría de Hacienda y Crédito Público

Insurgentes Sur 1971

Torre III, Piso 7

Colonia Guadalupe Inn

Ciudad de México 01020

TRUSTEE, REGISTRAR, TRANSFER AGENT AND PRINCIPAL PAYING AGENT

Deutsche Bank Trust Company Americas

60 Wall Street, 24^th Floor

Mailstop NYC60-2405

New York, New York 10005

LUXEMBOURG LISTING AGENT

Banque Internationale à Luxembourg S.A.

69 route d’Esch

L - 2953 Luxembourg

Grand Duchy of Luxembourg

LEGAL ADVISORS TO MEXICO

As to United States Law

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, New York 10006

As to Mexican Law

Deputy Federal Fiscal Attorney for Financial Affairs

Ministry of Finance and Public Credit

Insurgentes Sur 795
Piso 12
Colonia Nápoles

Ciudad de México 03810

LEGAL ADVISORS TO THE UNDERWRITERS

As to United States Law

Sullivan & Cromwell LLP

125 Broad Street

New York, New York 10004

As to Mexican Law

Ritch, Mueller, Heather y Nicolau, S.C.

Av. Pedregal No. 24, Piso 10

Molino del Rey,

Ciudad de México 11040

United Mexican States 424B2Prospectus for primary offering