Ben chabot(@chabot_ben):All macro traders think of themselves as bond vigilantes, but did they ever threaten to hire a ship to shell the ports of the offending issuers? Mexico issued a sovereign bond in 1843 that promising to use custom duties to secure payment. When the bond defaulted a group of private British bondholders tried to buy canons and ships and wrote to the British Foreign Secretary to see if he would “raise no objection or place no bar to the bondholders fitting out armed vessels to make reprisals on the Mexican Government”! The Foreign Secretary did in fact object in no uncertain terms

2026.08.21 22:45

All macro traders think of themselves as bond vigilantes, but did they ever threaten to hire a ship to shell the ports of the offending issuers? Mexico issued a sovereign bond in 1843 that promising to use custom duties to secure payment. When the bond defaulted a group of private British bondholders tried to buy canons and ships and wrote to the British Foreign Secretary to see if he would “raise no objection or place no bar to the bondholders fitting out armed vessels to make reprisals on the Mexican Government”! The Foreign Secretary did in fact object in no uncertain terms