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The first ever asset securitization transaction exclusively referencing Brazilian loans has been closed by ABN Amro. The deal could be the start of several other synthetic deals to come out of Latin America this year.

Inflation, far from being a thing of the past, is back in the forefront of investors’ and issuers’ minds. The increased use of innovations such as liability-driven investment means a rise in demand for inflation-linked products. How are the markets responding?

China’s ICBC, the world’s biggest bank by market capitalization, has been granted a licence to operate in the Qatar Financial Centre. This is ICBC’s first outlet in the Gulf, although in September 2007 the bank’s president indicated that a branch was planned for Dubai. Activities at the Qatar branch will include wholesale and investment banking, as well as asset management, consulting and trust services.

LATIN AMERICA ONLINE EXTRA: Mexico’s structured finance market continues to grow on the back of its housing boom.

Hugo Chávez is trying to commit Venezuela to 21st century socialism. In the meantime, private financial services are booming. Buoyed by the oil price, Chávez’s policies keep pumping out money. But can left-wing policies and capitalism work an economic miracle in the long term?

Just as Thailand has entered a period of rare political calm and optimism with a new prime minister, one of its most sickly banks has been given a new lease of life with a landmark recapitalization. But, just as the jury is out on whether Thailand’s government can build on its new foundation, it remains to be seen whether TMB Bank can turn the corner after years of underperformance. TMB Bank was created in September 2004 from the merger of Thai Military Bank, DBS Thai Danu Bank and Industrial Finance Corporation. The merger created what was then the fifth-largest bank in Thailand. It now has 471 branches and 5 million deposit accounts but has struggled to generate performance to tally with its scale. It recorded a full-year loss of Bt43.7 billion ($1.39 billion) in 2007, three and a half times worse than the previous year, and has non-performing loans equivalent to 15% of lending as of the start of the year, having set aside Bt31 billion in provisions last year for loan-loss reserve requirements and increasing bad debt.

The US is in danger of dropping out of the top 10 in our semi-annual country risk survey as fears of an economic downturn and an uncertain political future dent analysts’ confidence.

ANZ has made three hires to its London-based markets team. Greg Wakelin has been appointed head of markets, Europe & America. He was previously executive director, structured credit at ANZ Sydney. Christian Hains has joined as an FX spot trader from JP Morgan Chase and Tony Whale joins as senior manager, investor sales. He was previously at Commerzbank.

As readers know, ‘no comment’ doesn’t kill a story.

Joe Coley has left Bank of America, where he was an FX options trader, and headed off across Canary Wharf in London to Barclays Capital. Sources say he has had a change of career and that he will trade oil options in his new job.

Susan Scott has resigned from her senior role in eFX sales at Barclays Capital in London. Sources say that she wants to spend more time in her new house and prepare for her wedding to Barclays colleague Dave Cooney, one of the guru’s behind Barx’s risk management.

JPMorgan has hired Gabriel de Kock in New York as senior G-10 strategist. De Kock, who reports to John Normand, head of global FX strategy, joins from Citi, where he was chief currency economist. Before this, he worked in the Federal Reserve Bank of New York’s international research department.