Mexico’s $3 Billion Bond Offering

Cleary Gottlieb Steen & Hamilton, Lee and Li represented the United Mexican States in the offering. Sullivan & Cromwell and Ritch, Mueller, Heather y Nicolau advised the underwriters

United Mexican States (Mexico) executed a registered offering of $3 billion 3.750% global bonds due 2071. The offering launch on January 3, 2021 and priced on January 4, 2021.

The bonds are listed on the Taipei Exchange, and the transaction marked Mexico’s debut in the Taiwanese bond market. With this issuance, Mexico secured its lowest coupon ever for a bond with a tenor longer than 30 years.

Deutsche Bank AG, Taipei Branch, Goldman Sachs (Asia) L.L.C., Taipei Branch, HSBC Bank (Taiwan) Limited and Morgan Stanley Taiwan Limited acted as underwriters for the bond offering.

The Cleary team included partners Nick Grabar (Picture) and Jorge Juantorena and associates Stephanie Fontana, Olivia Wittels and Eric Finkelberg. Partner Jason Factor, senior attorney David Stewart Fisher, and associates Benjamin Hanson and Michael Sims advised on New York tax matters. All lawyers are based in New York.

In Taiwan, Lee and Li advised The Republic of Mexico with  Patricia Lin, Sammi Lai and Andrew Mai.

Sullivan & Cromwell advised Deutsche Bank AG, Taipei Branch; Goldman Sachs (Asia), Taipei Branch; HSBC Bank (Taiwan) and Morgan Stanley Taiwan with Christopher L. Mann, Jeffrey D. Hochberg, Patrick S. Brown, Catherine M. Clarkin, Robert S. Risoleo, Paul J. McElroy and Joaquín Pérez Alati.

In Mexico, Ritch, Mueller, Heather y Nicolau advised Deutsche Bank AG, Taipei Branch; Goldman Sachs (Asia), Taipei Branch; HSBC Bank (Taiwan) and Morgan Stanley Taiwan with Carlos F. Obregón Rojo, Luis Nicolau Gutiérrez and Luis Suárez del Real Tostado.

Involved fees earner: Jason Factor – Cleary Gottlieb Steen & Hamilton; Eric Finkelberg – Cleary Gottlieb Steen & Hamilton; Stephanie Fontana – Cleary Gottlieb Steen & Hamilton; Nicolás Grabar – Cleary Gottlieb Steen & Hamilton; Benjamin Hanson – Cleary Gottlieb Steen & Hamilton; Jorge Juantorena – Cleary Gottlieb Steen & Hamilton; Michael Sims – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Olivia Wittels – Cleary Gottlieb Steen & Hamilton; Sammi Lai – Lee and Li; Patricia Lin – Lee and Li; Andrew Mai – Lee and Li; Luis Nicolau Gutiérrez – Ritch, Mueller, Heather y Nicolau, SC; Carlos Obregón Rojo – Ritch, Mueller, Heather y Nicolau, SC; Luis Alonso Suárez del Real Tostado – Ritch, Mueller, Heather y Nicolau, SC; Patrick Brown – Sullivan & Cromwell; Catherine M. Clarkin – Sullivan & Cromwell; Jeffrey Hochberg – Sullivan & Cromwell; Christopher Mann – Sullivan & Cromwell; Paul McElroy – Sullivan & Cromwell; Joaquin Perez Alati – Sullivan & Cromwell; Robert Risoleo – Sullivan & Cromwell;

Law Firms: Cleary Gottlieb Steen & Hamilton; Lee and Li; Ritch, Mueller, Heather y Nicolau, SC; Sullivan & Cromwell;

Clients: Deutsche Bank (Taipei Branch); Goldman Sachs (Asia) L.L.C.; HSBC Bank (Taiwan) Limited; Morgan Stanley; United States of Mexico;

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Author: Ambrogio Visconti