The top emerging market bond rally took place in Deja Vu

The best rally in emerging markets this year hinges on the popularity of Daniel Noboa. Noboa, the 36-year-old heir to a banana fortune, is a popular figure in Ecuador. Heir to be Ecuador's president, Noboa has been in office for less than six months.

Ecuador's dollar bonds jumped, leading gains among developing nations on signs a new financing deal with the IMF is imminent. Ecuador bonds jump as new IMF deal is imminent, leading emerging-market gains among emerging markets. New deal is expected to be signed by the International Monetary Fund this week.