Emerging-market distressed debt had its worst month in more than a year in August amid banking turmoil in South Africa and Turkey, a coal-industry rout and the conflict in Ukraine. The bonds tumbled 5 percent, the biggest decline since a 6.54 percent loss in June 2013, according to Bank of America Merrill Lynch’s Distressed Emerging Markets Corporate Plus index. That leaves the gauge, which was little changed in July, poised for its first quarterly retreat since the April-to-June period last year. African Bank Investments Ltd., South Africa’s biggest provider of unsecured loans, was rescued by the central bank on ... (full story)