Your Research Department concludes that Banxico, the Central Bank of Mexico, will cut its policy interest rate by 100bps at its next meeting this month. In addition, Standard and Poor's gave a negative outlook for Mexico, with a view to downgrade the sovereign external debt by two notches to BB+ from BBB soon. Please indicate the ONLY CORRECT trade to capture these macro views from Research.

	a.	Receive short-term 1-months interest rates (TIIE)
	b.	Buy hard currency debt (UMS USD bonds) with long duration (a 30 year bond)
	c.	Pay short-term 1-months interest rates (TIIE)
	d.	Buy USD puts in the Mexican exchange MexDer with expiration in 6 months