The funds also include a heavy tilt toward European bonds. For instance, PICB holds 23.1% U.K., 18.8 France, 8.9% Germany, 6.9% Italy, 6.2% Netherlands, 4.7% Spain, 3.5% Switzerland and 2.7% Sweden.

IBND includes 15.0% France, 12.6% U.K., 10.9% Germany, 7.7% Netherlands, 7.2% Italy, 5.3% Spain, 5.0% Switzerland, 3.0% Sweden, 2.2% Belgium, 0.6% Denmark, 0.6% Norway and 0.2% Portugal.

Additionally, with yields falling, Eurozone investors may turn to riskier speculative-grade debt to meet their income needs, bolstering the high-yield market. U.S. investors can also gain exposure to speculative-grade European corporate debt through international ETF options as well.

Related: High-Yield International Bond ETFs Attractive in Global Low-Rate Environment

For instance, the VanEck Vectors International High Yield Bond ETF (NYSEArca: IHY) includes a 15.6% exposure to U.K., 9.0% Italy, 6.0% Germany, 6.7% France, 3.8% Luxembourg, 2.4% Spain, 1.4% Liechtenstein, 1.4% Switzerland and 1.9% Netherlands.

The SPDR Barclays International High Yield Bond ETF (NYSEArca: IJNK) top European country weights include U.K. 16.5%, Italy 13.6%, France 9.9%, Germany 8.9%, Luxembourg 8.3% and Netherlands 4.1%.

Top country holdings in the iShares International High Yield Bond ETF (NYSEArca: HYXU) include Italy 22.5%, Germany 13.6%, U.K. 15.9%, France 9.8%, Luxembourg 5.3% and Spain 5.2%.

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