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August 7, 2025

Willkie acted as structuring counsel to the initial purchasers in an offering of $12 billion of an innovative structure of pre-capitalized securities (P-Caps) by a Luxembourg special purpose vehicle as part of a series of measures by the United Mexican States (Mexico) to provide support to Petróleos Mexicanos (PEMEX) in the management and improvement of its balance sheet. The offering represents the first-ever P-Caps transaction involving a sovereign and one of the largest single tranche sovereign offerings ever conducted. It priced on July 28.

The Willkie team was led by partners Don Macbean, Eddie Best, Susan Rabinowitz and Chris Peters and included counsel Catherine Harrington, and associates Nicholas Hawks, Henri Simonet, Marissa Dressor, Chelsea Zheng  and Gray Ingram.