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The United Mexican States (Mexico) has announced a new global offering of U.S. dollar-denominated global notes: the “2032 New Notes” maturing in 2032 and the “2038 New Notes” maturing in 2038.
Key Details of the New Notes Offering:
* Issuers: The United Mexican States (“Mexico”).
* Denomination: U.S. dollars.
* Maturity Dates:
* 2032 New Notes: Due 2032.
* 2038 New Notes: Due 2038.
* Joint Lead Underwriters: Barclays Capital Inc., BBVA Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, and Morgan Stanley & Co. LLC.
* Offering Mechanism: The offering is being made through a preliminary prospectus supplement and an accompanying base prospectus.
* Listing: Application will be made for the New Notes to be listed on the Luxembourg Stock Exchange and admitted to trading on its Euro MTF Market.
What are Global Notes?
Global notes are debt securities issued as a single, large note representing a portion of a larger bond offering. They are particularly used in international finance to sell bonds to a wide range of investors across different countries. They streamline the issuance, trading, and settlement of large bond issues by centralizing ownership records, reducing paperwork and transaction costs.
What is the Euro MTF Market?
The Euro MTF is a Multilateral Trading Facility (MTF) operated by the Luxembourg Stock Exchange (LuxSE). Established in 2005, it was one of the first MTFs in Europe and is regulated entirely by the LuxSE. It provides a more flexible and streamlined listing process compared to the main regulated market, making it attractive for international issuers seeking European listing and admission to trading without the full “European passport” benefits of a regulated market. It is recognized as an efficient marketplace for a variety of financial instruments, including bonds.
Mexico’s Credit Rating Context:
As of recent reports (April 2025), Fitch Ratings has affirmed Mexico’s “BBB-” sovereign credit rating with a stable outlook, which is considered investment grade. S&P Global Ratings also affirmed its ‘BBB’ long-term foreign currency and ‘BBB+’ long-term local currency sovereign credit ratings with a stable outlook in December 2024. These ratings reflect Mexico’s prudent macroeconomic policy framework, robust external finances, and diversified economy, though concerns remain regarding fiscal pressures from PEMEX (the state oil company) and weak long-term economic growth. An investment-grade rating generally helps a country access international financial markets favorably.

Video courtesy of Thinking Crypto

Video courtesy of Thinking Crypto