Out of interest the version on your 'Latin Hits' CD have them singing in English or Spanish? Because there is a Spanish version out there.

I did find this short article about the song:

Literate lyrics aren't necessarily the first thing that comes to mind when many listeners think of Abba, but it is interesting to note that the lyrics of Abba songwriters Bjorn Ulvaeus and Benny Andersson became more complex and literate as their career progressed. They also began to tackle more unusual subject matter. An early example of the latter trend is "Fernando," a track that originally appeared on a Frida Lyngstad solo album but was revived in 1976 for a non-album ABBA single. This lush ballad features a lyric that deals with Mexican freedom fighters, an unexpected subject for a European pure pop outfit. Like many ABBA hits, "Fernando" takes the form of a first-person narrative; in this case, a woman reminisces about the days when she and her friend "fought for freedom in this land" and "the fateful night we crossed the Rio Grande." Although the lyric avoids an overt political message, its expression of sympathy for those fighting oppression struck a chord with many listeners around the world. The song supports this lyric with a hypnotic melody that matches languid yet heroic verses with a strong singalong chorus that tugs at the heartstrings. The resulting combination of musical craftsmanship and topical lyrics made the song a major international hit. "Fernando" also widened the group's fan base in Spanish-speaking countries thanks to a Spanish-language version specially recorded for these countries. The song has been covered over the years, but Abba's recording remains the favored version for many listeners, thanks to its careful production — keyboards and woodwinds are carefully layered to create a heavenly intro and the chorus is gently nudged along by a subtle drumming and acoustic guitars. The song remains a favorite, and its blend of unusual subject matter and sumptuous melodicism makes it one of the most memorable Abba songs. — Donald A. Guarisco

Frida Lyngstad also known as Anni-Frid Lyngstad was one of the female singers in Abba. you can read a bit about here here

Allie