The prices of emerging-market bonds, which had fallen earlier in the week, moved slightly higher as the yield, moving in the opposite direction, declined.

At that time, only $1 billion in new emerging-market bonds were priced, Ms. Chang said.

As this view takes hold, emerging-market bonds may come under even more intense pressure.

Argentina's announcement of a bond swap last week may improve the outlook for emerging-market bonds.

Argentina's debt represents 25 percent of all emerging-market bonds.

And while fixed-income spreads between emerging-market bonds and Treasuries have narrowed, we think they could narrow further.

Other Latin American stocks markets fell, too, and emerging-market bonds declined.

More important, interest rates on emerging-market bonds dropped sharply in comparison with rates on United States Treasury securities.

Corporate junk is closely linked to the business cycle, but the fortunes of emerging-market bonds are tied more directly to interest rates.

By the same token, emerging-market and high-yield bonds have similarly soared.