A plunging peso has forced investors out of Philippine equities and debt despite the country’s bright long-term prospects, sending yields on bonds due November 2037 to the highest levels since February. Still historically low, yields on Philippine 10-years are up almost 40 basis points in the past month, according to Trading Economics.

Turkey is another regrettable story. Anti-government protests have cast a dark cloud over the country many outsiders viewed as the most economically advanced in the Arab world. Yields on Turkish 10-years have surged about 100 basis points in a week.

Not surprisingly, EMHY is down 5.5% over the same time. EMHY is an ETF with “bounce” potential, but calling a near-term bottom is the difficult part.

iShares Emerging Markets High Yield Bond Fund

ETF Trends editorial team contributed to this report.