Shearman & Sterling represented BNP Paribas Securities, Citigroup Global Markets, Merrill Lynch, Pierce, Fenner & Smith Incorporated and SMBC Nikko Securities America as managers in connection with the Petróleos Mexicanos’ (Pemex) offering of $4.0 billion of securities issued in two separate tranches, a $2.5 billion issuance of 5.350% due 2028 and a $1.5 billion issuance of 6.350% due 2048. The offering was launched concurrently with Pemex’s five-day exchange offers to exchange any and all of certain series of its existing debt securities for about $1.8 billion additional bonds due 2048 and related cash tender offers for retail investors, the commencement of offers to purchase certain series of its existing debt securities and the commencement of offers to purchase for cash up to $900 million of certain series of its existing debt securities, in which Shearman & Sterling represented Citigroup Global Markets and Merrill Lynch, Pierce, Fenner & Smith Incorporated as dealer managers.

The Team