Robust emerging markets swat away crisis fear after rout

Despite emergency rate hikes by India, Turkey and South Africa aimed at stopping the rot that tore through emerging market credit and currencies this week, senior bankers and traders insisted that this was not the beginning of a full blown EM crisis. And with the rise in credit spreads far from catastrophic, a blowout deal for Kuwait Projects Company and a healthy pipeline to look forward to, the evidence seemed to stack up in their favour, at least for now.