The Treasury market’s big bang came on a day that few traders could have seen coming. And that’s bad news for bond bulls in the days, weeks, and perhaps even months ahead.

The rout that took emerging-market debt spreads to a 16-month high is provoking very different reactions from two financial titans.

Vietnam won a sovereign rating upgrade from Fitch Ratings on rising foreign-exchange reserves and strong economic growth, putting the nation closer to investment grade. Bonds and stocks rose.

U.S. stocks ended the day little changed in light trading, while the 10-year Treasury yield topped 3 percent as investors assess the outlook for trade relations and tensions in the Middle East. Crude oil rose.

A stronger dollar, rising U.S. yields and geopolitical tensions have sent plenty of investors bolting from emerging markets. Then there’s Aberdeen Standard Investments and Goldman Sachs Asset Management.

A trio of financial markets heavyweights are creating an alternative method for hedging corporate debt.