A swap which is similar to a tesobono swap, but with the collateral being the federal Treasury certificates/ Los Certificados de la Tesorería de la Federación (cetes). In contrast with a tesobono swap, this swap is associated with much greater currency risk. Therefore, it featured a much greater spread between cetes and LIBOR interest rates.

For example, a cetes swap may require a payment of LIBOR plus 350 basis points to the dollar lender, while cetes might yield 20 percent with an anticipated currency depreciation of 3.5 percent, for a spread to a Mexican counterparty bank of 9 percent (based on LIBOR of 5.5 percent). In view of the high currency risk involves, margin requirements were higher for cetes swaps than for tesobono swaps, and as such the peso (MXN) devaluation and substantial increases in cetes interest rates triggered large margin calls.