In the first quarter emerging debt markets were predominated by uncertain atmosphere. January 2014 was the most productive month in the history of EM Eurobond issues worth of $65bn. In February, in light of the funds outflow from Emerging Markets, issuers’ activity in the primary market fell by three times compared with the January level. In March, Eurobond placements mostly from Latin America and Asia continued, on the background of the growing political crisis between Russia and the West because of the situation in Ukraine and further annexation of Crimea to Russia. As a result, the volume of issues in Q1 reached 122.6 billion dollars, which is 3 billion dollars lower than the results of the comparable period last year. By Konstantin Lysenko, head of International Projects, Cbonds Group. 

Faced with perpetually tight margins (and even tighter regulations) banks have grown less tolerant of services that may prove more problematic than profitable—thus in 2013 several notables simultaneously bid adieu to all or most of their transition management programs. What are the implications of this shrinking field of TM players? Which surviving firms stand the best chance of securing the business of those who were suddenly severed? From Boston, Dave Simons reports.

Emerging markets have come under renewed pressure of late: not least Turkey, where the cost of sovereign ten year debt has risen to 10.45%, the highest for three years and where the central bank was forced to push up interest rates (raising all three main policy rates by between 425 and 550 basis points) to shore the lira at the end of January. Does the central bank move mark a watershed in Turkey’s outlook in 2014? Istanbulbased lawyer Mehmet Gün, founder and senior partner of Mehmet Gün & Partners, thinks so. He makes the case.