Leslie Thalia Orozco Velez


Strategist, Fixed Income and FX @ Banorte

Leslie Orozco joined Banorte in September 2018 as Fixed-Income and FX Strategist in the Economic Research division. She analyzes government debt, foreign exchange and commodities. Before joining Banorte, Leslie earned experience covering financial markets, corporate finance, private equity, and financial planning in other private institutions. Leslie received a double major in Finance and Accounting from Instituto Tecnológico Autónomo de México (ITAM). She is currently participating in the CFA certification program (Level 1 passed).

Leslie Thalia Orozco Velez
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Latest from Leslie Thalia Orozco Velez

Mexico: Fitch affirms Mexico ‘BBB-’ rating, with a stable outlook

With this action, the revision cycle begins for this year, awaiting announcements from the two other big agencies soon. Fitch Ratings ratifies Mexico's sovereign rating at ‘BBB-’. The last time they made an announcement was very similar, back in Nove...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 17 May 2022

Mexico: Banxico – 50bps hike, while not ruling out an even faster pace ahead

In our view, the tone of the statement was more hawkish than in the previous decision. Specifically, we expect the reference rate at 9.00% by year-end (previous: 8.25%), with three more 50bps hikes each (June, August, September), followed by another ...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 12 May 2022

Mexico: April CPI – Pressures remain, especially in foods items

Inflation at 0.54% m/m in April, slightly below consensus. Despite a moderation in tourism in the 2nd half, earlier adjustments and the influence of higher costs in remaining categories still weighed. LP gas rose 0.8%, influenced by a negative base e...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 9 May 2022

Mexico: 1H-April CPI – Pressures continue despite seasonal discounts in energy

Inflation at 0.16% 2w/2w in 1H-April, surprising to the upside. The non-core fell for the first time this year, benefitted by energy (-2.4%) due to the start of summer discounts to electricity tariffs (-12.3%). Annual core inflation above 7% for the ...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 22 April 2022

Mexico: Banxico Minutes – Will keep hiking, with pace mostly up to the Fed

In addition, we perceived different positions about the potential response from the central bank to a more restrictive policy from the Fed. Gerardo Esquivel: “…interest rate levels anticipated by both private sector analysts and market traders are to...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 7 April 2022

Mexico: March CPI – Rebound in annual rate, with the core still trending up

Inflation at 0.99% m/m in March, above consensus. We highlight LP gas (7.5%) given adjustments higher to price ceilings, as well as low-grade gasoline (2.0%) despite stimuli to smooth out upward pressures. Agricultural goods also climbed (1.2%), main...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 7 April 2022

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Manuel Jimenez Zaldivar
Leslie Thalia Orozco Velez
Fixed Income - Sovereign
Juan Carlos Alderete Macal
Alejandro Padilla Santana
Francisco Jose Flores Serrano