Emerging corporate bond markets valued at about $1 trillion are expected to swell in defaults if company revenue in gradually decaying currencies such as roubles or pesos fail to equate with dollar-based debt reimbursements.

Emerging currencies have dwindled down to its deepest levels against the dollar. This path is disadvantageous for corporate debt, which has seen change after being considered as an asset class rather than just a subordinate of the sovereign fund market.

Previous records proved that a dollar on the rise spells disaster for emerging markets with the soon-to-follow rise in debt service costs. Bankruptcy is an after-effect of corporate defaults, as well as lowered share price, lay offs, and sovereign stress.

Currently, investors have been exiting the Mexican peso market seeing that many companies in the country, especially real estate firms, struggle.

"Corporates are like popcorn - once one starts to pop the others are going to join," said Sergio Trigo Paz, BlackRock's head of emerging debt. "This is happening, as we speak, with Mexican homebuilders."