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Albert Essien has brought much-needed calm to a bank that, just a few months ago, was in crisis. Ecobank’s African network remains intact. It now has two powerful, strategic shareholders. But can the bank avoid repeating the mistakes of the past?

The country’s banks will not be able to shoulder the debt burden of its planned infrastructure programme. But palatable alternatives that don’t involve government guarantees aren’t yet ready, so for the foreseeable future, debt refinancing of projects is confined to after construction.

Politicians have promised that reform is on the way. International investors are apparently ready to step in if the conflict calms. But will it be in time to rescue an economy bedevilled by fighting, corruption and currency shortages? Banks are struggling to survive, hamstrung by lack of funding and capital. On the eve of parliamentary elections, Euromoney visited Kiev to canvass the views of policymakers, bankers and international sponsors. Is there light at the end of the tunnel?

With volatility returning to bond markets, investors are fretting once more about illiquidity. Policymakers too worry that it might turn a bond market meltdown systemic. A new project for a shared messaging language to improve the flow of information connecting holders of inventory sounds unglamorous next to all-to-all trading platforms and central limit order books. But the rush of support from both buy-side and sell-side suggests Project Neptune could make a vital contribution.

Stock exchange consolidation is back in focus in emerging Europe after the appointment of a new head for the Warsaw bourse. Further tie-ups across the region could yet prove politically problematic.

Backed by its robust trading relationship with China, the east Asian nation is the latest fledgling offshore renminbi hub. Market participants shed light on South Korea’s renminbi bid as internationalization of the Chinese currency gathers pace.

Deutsche Bank’s explicit admission in its third-quarter results that higher regulatory costs are hitting the profitability of its global transaction banking business will come as blow to the bank and a warning to others.

Mexico has continued to find favour among risk experts in recent years and the country’s image as an investment destination is much improved, particularly since its risk rating surpassed Brazil’s last year. On a score of 62 points and lying 37th on Euromoney’s global risk rankings, the sovereign is closing in on tier-2 status, pointing to a future upgrade of its triple-B credit rating. At the heart of Mexico’s improving risk profile is a more stable and consensus-seeking political approach that is encouraging risk experts to raise their scores for government stability, as well as the regulatory and policymaking environment under the presidency of Enrique Peña Nieta, who has been working congenially with opposition parties to pass legislation since 2012. All five of Mexico’s economic risk indicators have enjoyed a rising score trend on the back of an expanding middle class driving a consumer boom, as well as improvements in educational standards and structural reforms boosting cost efficiencies. Removing entry barriers to private investment in oil, gas, electricity and telecoms sectors has bolstered Mexico’s global competitiveness, alongside the benefits of its highly productive maquiladora manufacturing base enjoying duty free access to the US market and solid economic growth.

The time when international fund managers saw Latin America as a homogenous investment call is gone. The days of differentiation are here. And as many of the region’s leading countries look to make the difficult transition from developing to developed economies, their finance ministers are fully aware of the need to create, and tell, their individual investment cases.

One of the most striking performers in Euromoney’s survey, Uruguay has seen its risk score increase by more than any other Latin American sovereign over three years, taking the sovereign to 48th out of 189 countries in the global rankings. Much of that is down to politics, with all six indicators, ranging from non-payment/non-repatriation risk, to policymaking and government stability, on improved score trends. The predominantly agricultural economy faces risks from weakened FDI from Argentina and interrupted capital flows resulting from US liquidity withdrawal. The country’s road network and port facilities remain challenging, too, hindering logistics and preventing its infrastructure scores from rising much above five out of 10. But the economy is still performing admirably, growing by 3.7% year on year during the second quarter after a 4.4% expansion last year. Inflation, likely to exceed 8% in 2014, is a little high for comfort. However, the fiscal and current account deficits (scratching up 3% and 5% of GDP respectively this year) should improve in 2015 in response to a tourism drive and the start-up of export-oriented production from the Montes del Plata industrial complex, a huge wood-pulp investment in Punta Pereira, Colonia.

Paraguay’s claims for an investment-grade rating have been bolstered by a five-place jump in Euromoney’s risk survey this year, taking the sovereign to 80th in the global rankings. Economists are more confident of prospects since the election as president last year of the right-wing Colorado Party candidate Horacio Cartes, a reform-minded businessman, and the emergence of a more dynamic, investment-led economy. Cartes is enduring considerable opposition to the workforce dislocation that comes from reforms. The economy is vulnerable, moreover, to a reliance on cash crops – hence the still comparatively low risk score. Yet having long suffered from corruption, poor transparency, weak institutional underpinnings and inadequate policymaking, the shift in political ethos back to the right following six years of left-wing government has spawned optimism the country will shake off its economic and social challenges. A focus on transport and energy projects has seen Paraguay’s score for its hard infrastructure improve, while low inflation and debt, a current account close to balance and solid reserves epitomise the rewards of a policy approach shining in the shadow of Brazil’s failings.

The darling of Latin America’s bond issuers for many years, Chile remains by far the safest sovereign in the region. Commanding a first-rate score of 77 points out of 100, the business-friendly nation is comparable with safe havens such as New Zealand, Hong Kong and even the US. However, Chile’s macroeconomic scores have slipped since last year. Economic headwinds include reduced demand from China weighing on copper prices – its principal export – and on the peso’s exchange rate, boosting inflation. Investment is also contracting slightly. Yet although economic activity has slowed, 3% growth is still expected for 2014, the current account deficit is narrowing and FX reserves exceed five months of import coverage. Chile’s survey score for government finances remains rock solid and less risky than any of its other economic sub-factors. A strong starting point and a manageable debt profile allow for a small fiscal deficit to arise in 2014/15 without derailing sovereign creditworthiness. Political risk is lower too than any other country in the region, with investors facing limited threats from non-repayment, opaque fiscal accounting or weak institutions.