Jaime Merino

Director, Fixed Income
S&P Dow Jones Indices

Jaime Merino is Director, Fixed Income Indices, at S&P Dow Jones Indices (S&P DJI), and is responsible for the launch and management of fixed income products in Latin America. Jaime interfaces with clients and prospective clients in order to identify and communicate client-driven needs throughout Latin America. He implements and coordinates the tasks needed to ensure the smooth and timely launch of new S&P DJI fixed income indices in the region, and supports the indices by providing oversight of content used in marketing materials.

Prior to joining S&P Dow Jones Indices, Jaime worked for six years in Ixe Grupo Finaciero’s risk management department, specializing in liquidity and market risk. Jaime also served as head of quantitative analysis for mutual funds, specializing in fixed income for two years, after Ixe Grupo Financiero and Grupo Financiero Banorte merged.

Jaime has a bachelor’s degree in actuarial science from Universidad Anahuac and a master’s degree in financial mathematics awarded jointly by Heriot-Watt University and the University of Edinburgh.

Author Archives: Jaime Merino

A View of Central Banks in Latin America

On June 22, 2017, Mexico’s Central Bank (Banxico) made another hike in its policy rate, saying that it was consistent with the efficient convergence process of the 3% inflation objective.  For Banxico, this is the fourth adjustment of the year, and the 19th since Banxico started a rising rates cycle in late 2015.  With all Read more […]

Is Mexico Still Attractive to Foreigners?

In an environment of increasing rates, Mexico has not been left behind.  As seen in my last blog, since December 2015, Mexico’s Central Bank (Banxico) has increased the reference rate by 375 bps, with the last 25 bps being a surprise for analysts and the market on May 19, 2017.  I remember the days when Read more […]

100 Days Later in Mexico

100 days…is it a milestone?  Is it a key number?  I’m not sure, but everybody looks like they love to write about it, so I will too.  What I know is in Mexico we have a saying that goes, “If the U.S. sneezes, Mexico gets a cold.”  Following Dennis Badlyans’s post “Does the Outperformance of Read more […]

How the Brexit Affected Rates and Currencies in LatAm

After Brexit polls said that the referendum would end with a stay in the European Union (EU), all markets reacted as if that would be the outcome on voting day.  After the announcement that the U.K. would no longer be part of the EU, all markets were shocked, and the emerging markets of Latin America Read more […]

The Sun is Shining, Even on Fixed Income Indices in Mexico

When analyzing Mexican fixed income indices during the summer (June 20 to September 20), we have seen trends over the past 15 years. We know that through the years, economic and momentum factors are not the same, and what happened in Mexico last year can’t be compared with what happened 10 years ago.  Instead, let’s Read more […]

What Is Driving the Mexican Peso?

A few weeks ago, Dennis Badlyans wrote about Mexico’s Fixed Income Markets and made a performance comparison of the different currencies of emerging markets, which illustrated how the Mexican peso has been the worst performer among its peers in 2016.  The question is, what is driving the depreciation of the currency? The answer in the Read more […]

Mexican Government Issues Two More International Bonds

In spite of the complex and volatile global markets, the Mexican government issued bonds in the international market for the second time this year.  In January 2016, it issued USD 2.25 billion in bonds with a coupon of 4.125%, and on Feb. 16, 2016, it issued two other types of bonds denominated in euros, totaling Read more […]

What About the Debt of PEMEX?

Since 1938, the state has been doing all the work. PEMEX was the only company managing the exploration, exploitation, and commercialization of oil but with the energy reform, things will change. PEMEX is the biggest company in Mexico, with sales over USD 123 billion and total assets over USD 156 billion as of 2013. Mexico Read more […]

Outside Influencers Have Been Driving Bond Markets

Having announced that the European Central Bank will stimulate its economy though additional purchases, bonds had seen demand recently. Now all eyes are on the U.S. employment data. The markets were quiet going into the release of the employment number as investors waited with some anticipation for direction. Activity did pick up as the U.S. Read more […]

Global Factors Have Been Driving the Mexican Bond Market

There is a Mexican saying about the weather, “Febrero loco, Marzo otro poco,” which means, “February is crazy and March is even more”.  I didn’t think about applying this to financial markets until now, with the European Central Bank (ECB) announcement, economic data in the U.S., inflation in Mexico, and last but not the least, Read more […]