Jorge Juantorena

Cleary represents Mexico in $7.5bn bond offering

Cleary Gottlieb has represented the United Mexican States (Mexico) in a multi-tranche registered offering totaling $7.5 billion comprised of $1 billion principal amount of 5.000% global bonds due 2029, $4 billion principal amount of 6.000% global bonds due 2036, and $2.5 billion principal amount of 6.400% global bonds due 2054.

The offering was launched and priced on 2 January, and closed on 8 January 2024. Mexico intends to use the net proceeds from the sale of the bonds for its general financing purposes.

Barclays Capital, BofA Securities, J.P. Morgan Securities, Morgan Stanley & Co, and Santander US Capital Markets acted as underwriters; these entities were advised in Mexico by Ritch Mueller, and internationally by Sullivan & Cromwell. The offering is Mexico’s largest issuance to date.

Ritch Mueller’s team was led by partner Luis A. Nicolau Gutiérrez, with support from lawyers Ernesto Talamás Velázquez and Tatiana Canales Cantú.

Cleary’s team included partner Jorge Juantorena (pictured), associates Ignacio Lagos, Olivia Wittels, Martin Sasson, and Rebecca Niederberger Martinez, and international lawyer Stephanie Plata. Partner Matthew Brigham and associates Michael Sims and Joseph Roy advised on New York tax matters. All lawyers are based in New York except Joseph Roy, who is based in San Francisco.

L Giselle Estrada