After investors’ latest attack of emerging market nerves, Turkey faced down its critics in the most eloquent way possible. Not only did it launch a super-long bond but, to underscore its confidence, it made the issue its longest ever.

Emerging market debt has been in favour since the crisis, thanks to its yield pick-up over developed world issues and broadly improving fundamentals. But it remains vulnerable to the whiff of crisis. It stumbled last May, when QE tapering became a firm prospect. Fears for Chinese growth triggered another bout of the jitters in late January.