Santiago Leal Singer


Senior Strategist, Fixed Income and FX @ Banorte

Santiago Leal has more than 6 years of experience at Grupo Financiero Banorte and is currently appointed as Fixed-Income and FX Senior Strategist in the Economic Research division. He specializes in government debt, foreign exchange, and commodities markets. Prior to these responsibilities, he was part of the New Business Development team in Government Banking. He is an active speaker in economic and market related conferences, he is frequently cited in local and international media, and he wrote a monthly column in El Financiero Bloomberg. Santiago is an Industrial Engineer from Universidad Iberoamericana.

Santiago Leal Singer
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Latest from Santiago Leal Singer

November inflation – Annual rate reaches 7.4%, highest since 2001

With inflation much higher than expectations and the Fed signaling a faster tapering, we expect Banxico to hike by 50bps on December 16th, to 5.50%. This is the highest for the same month since 1998 (see chart on the right). As already known, electri...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 9 December 2021

Mexico: S&P maintains Mexico’s rating at ‘BBB’, with a negative outlook

S&P Global Ratings ratifies Mexico's rating. Its latest announcement was in June, also ratifying them. S&P assessed recent developments, among them Mexico’s fiscal prudence in the pandemic (positive relative to peers), mid-term elections, trade agree...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 8 December 2021

Banxico –We now see a faster hiking pace in the next two meetings

Decisions will remain difficult and likely without unanimity. Also, Bostic and Daly have reiterated that it may be appropriate to reduce purchases at a faster pace. Upward inflation surprises in Mexico… In this backdrop, our estimate for inflation in...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 3 December 2021

Mexico: Banxico QR - No surprises, with lower growth but high inflation

Banxico published today its 3Q21 Quarterly Report (QR). Despite of the downward revision to 2021 GDP, employment forecasts were higher for both this year and next. In turn, the forecast for 2022 stands at 3.2%, slightly higher on a more benign base e...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 2 December 2021

Mexico: Banxico Minutes – Debating whether to accelerate the hiking pace

In our opinion, the document maintains a hawkish tone. In this sense, a member noted that “…it cannot be assumed that the divergence between short- and long-term expectations will be maintained, given the continuation of the current bubble and the di...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 25 November 2021

Mexico: 1H-Nov inflation – Seasonal factors and food items behind most pressures

Inflation at 0.69% 2w/2w in 1H-November, above its 5-year average. In contrast, agricultural goods extended higher (2,2%), mostly in fresh fruits and vegetables (3.5%), with reports of adverse weather (e.g. rain and cold weather) impacting crops. Adj...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 24 November 2021

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