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Guy Powdrill has joined CB Richard Ellis from Goldman Sachs.

President Correa of Ecuador stated that he would not pay a $30.6 million coupon on the sovereign’s 2012 bonds that were due on December 15. This move means that holders of the 2012 notes will seek an acceleration of full payments of the $510 million in bonds, and also triggered cross default clauses on its 2015 and 2030 notes. This brings the total amount of technical default to $3.8 billion.

India’s largest corporates, desperate to shore up working capital or pay the interest on overpriced flagship acquisitions, are trying every trick in the book to raise cash from investors, banks and non-bank financial institutions.

One month after the Kuwaiti stock exchange reached its lowest point for more than three years, there has been a turnaround. On November 17, the market had lost almost half its value since the beginning of the year and fallen by about a third in just one month. One month later, however, it had recovered almost half the previous month’s loss. Why?

According to a statement released after the Latin American Shadow Financial Regulatory Committee (Claaf) meeting in December, Latin American governments could have very limited access to credit in 2009. The committee, which includes former finance ministers and central bank governors in the region, fear that Latin American borrowers could get crowded out of the credit markets as the US attempts to fund its fiscal deficit of more than $1 trillion. As large volumes of US treasury bonds are issued so the Latin governments, which face financing needs in excess of $250 billion next year, will have to develop "powerful and innovative" new mechanisms to direct money back to the region, warned the Claaf committee.

At the start of 2008, Paul Day, deputy head of research at MIG Investments, predicted that sterling would be the dog of the FX market in 2008. He reckoned that it would plunge to parity against the euro – a prediction that many thought singled him out as being barking mad.

Hybrid capital issuance threat from Deutsche Bank’s non-call.

When it comes to retaining clients, hedge funds can’t win at the moment.

Investment bankers out of a job might do well to consider a career in alternative investments in 2009.

The European Commission has launched a public consultation into the adequacy and supervision and regulation of hedge funds and private equity funds. For private equity, the focus will be on corporate governance, transparency and reporting. Issues of transparency, oversight, risk management, capital and short-selling are to be looked at as far as hedge funds are concerned.

Asia has proved less immune to the global downturn than was once thought.

The Latin American hedge fund index compiled by HFR was down 25.41% at end of November as the Brazilian real was hit, but compared with Russia/eastern Europe and Asia ex-Japan, which were down 53.95% and 35.61%, respectively, the region is the safer of the emerging markets.