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That's because Mexico has $28 billion in dollar-denominated Treasury notes -- the so-called tesobonos -- coming due this year.
And to make matters worse, Mexico owed $23 billion in tesobonos, short-term debt securities that the government had sold to get quick access to capital.
Robert Citrone, who helped Fidelity become probably the largest holder of tesobonos -- the company won't reveal its total holdings -- is all of 30 years old.
Instead, U.S. money managers pumped $14 billion into short-term dollar notes -- tesobonos -- that were safe from devaluation.
But yes, on the tesobonos and bonds, the big boys get bailed out.
Wall Street investors, stuffed with tesobonos, smiled.