Turning Heads

Turning Heads

Mexico

Mexico has come a very long way since its last currency devaluation and ensuing "Tequila Crisis" in the mid-1990s. Showing its market reach, in 2003 Mexico became one of the first countries in the developing world to issue 20-year bonds. Last year it topped that with 30-year paper. Mexico continues to blaze trails this year as it converts foreign-currency debt into pesos and offers bonds to US mom-and-pop investors in the US. The logic goes like so: If Californians are scooping up oceanfront condos and villas in Mexico, why wouldn't they be open to buying the country's bonds, too? "There's a lot of credibility surrounding Mexico," says Arijit Dutta, an analyst with Morningstar. "Only a sma

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