"From a credit perspective, emerging market bonds continue to remain the most interesting long-term opportunity. Our expectation is that they will ultimately reveal their embedded value proposition once oil prices and many commodity - centric foreign economies stabilize."FMD-Jan-2015-Advisor-MemoSome EM Bond Funds:
FNMIX
PREMX
TGEIX
Also, an interesting China bond fund:
Guinness Atkinson Renminbi Yuan & Bond GARBX
"If you agree with many economists who believe that China’s currency would appreciate against the US dollar if it were allowed to trade freely, you may wish to invest in our Renminbi Yuan & Bond Fund. A stronger yuan would be consistent with China’s need to reduce inflation internally and the United State’s need to battle deflation."
gafunds.com/our-funds/renminbi-yuan-bond-fund/