The study looked at how credit default swaps (CDS) and bond markets in emerging markets are connected. They found that CDS and bond markets are linked, with CDS often reacting first to new information about credit risk. Bonds also play a role in price discovery. The level of financial integration in a country is related to how much influence bond markets have. Global factors have a big impact on changes in credit risk and bond yields, while country-specific factors are less important.