Mexican bonds are another investment strategists like. They are trading around their lowest levels in nearly decade.

The 10-year Mexican yield broke above 9 percent for the very first time since the financial crisis in late November. On Tuesday, the benchmark yield traded around 8.5 percent.

“Mexican bonds are under-loved as well as also pricing inside worst-case scenario,” said Amr Abdel Khalek, emerging markets strategist at MRB Partners. “We don’t see peso bonds as the strongest outperformer in a universe of EM local-currency denominated bonds, however the combination of peso undervaluation as well as also the relatively rich yields mean in which they can outperform the benchmark on a 6-12 month basis.”

Investors are fretting over some of President Andres Manuel Lopez Obrador’s fiscal measures, including pulling the plug on a partially built $13 billion fresh airport in Mexico City. Lopez Obrador, better known by his initials AMLO, also said last week he would likely announce measures supportive of Pemex, a giant state-run oil company.

AMLO did not provide specifics in his comments by last Tuesday, however, leaving investors worried about how sweeping his proposals could actually be. AMLO’s comments came after ratings agency Fitch cut Pemex’s rating to BBB-, the lowest investment-grade rating, by BBB+.

Still, Pictet Asset Management’s Paolini thinks Mexican bonds remain attractive given their valuations. “If you’re looking at Mexican bonds, unless you’re expecting something bad happening on the political front, there can be some real value there.”