Russia's credit rating has been cut to junk status by ratings agency Standard & Poor's for the first time in a decade.
Warren Hyland, lead portfolio manager of the Muzinich Emerging Market Short Duration fund, analyses the performance of emerging market debt and prospects for 2015.
Nick Gartside, co-manager of the JPM Strategic Bond Fund, has said that a divergence in central bank policies could lead to more diverse returns for fixed income investors in future.
First State Investments' head of emerging markets debt Helene Williamson argues EM debt valuations have moved away from other fixed income markets, leaving it looking attractive.
Argentina defaulted on its debt payments late last month after talks between a group of bondholders and the country collapsed, but it is not the only emerging market which looks vulnerable to a financial shock.
Asian markets still face three key hurdles on their path to recovery, according to Schroders' head of Asian fixed income, Rajeev De Mello.