However, Fidelity warned against Asian debt, notably Chinese bonds as the economy is at risk of a boom-to-bust housing market.

“We see Europe at a mid-cycle. If the ECB steps in with more stimulus measures, that will create more opportunities,” Young said. “We’re less constructive on Asia, China and Japan. Our biggest concern is that growth in China is credit-driven as opposed to being productivity-driven. That type of growth typically doesn’t survive.”

The WisdomTree Asia Local Debt Fund (NYSEArca: ALD), which tracks Asian bonds denominated in their local currencies, has gained 2.4% year-to-date. Additionally, the PowerShares Chinese Yuan Dim Sum Bond Portfolio (NYSEArca: DSUM), which tracks Chinese yuan-denominated debt issued by international corporations or entities, and the similar Market Vectors Renminbi Bond ETF (NYSEArca: CHLC) are up 0.2% and 0.9% year-to-date, respectively.

For more information on the fixed-income market, visit our bond ETFs category.

Max Chen contributed to this article.