Mexican central bank hikes rates by 50 bps to 10.50%

Pity anyone who has to borrow in Mexican pesos. That's a prohibitive number.

The central bank indicated that more hikes are coming too.

If you're tempted to wade into the choppy waters of the emerging market debt ocean, here's what you're looking at for Mexico.

Combine that with a currency that's held up well this year against the US dollar and some capital inflows for 'friendshoring' and there's value there for the right kind of investor.