“There is a clear limit to how far bond yields can rise based on perceived monetary policy shifts,” James Lord at Morgan Stanley said, according to the Financial Times. “The move higher in yields may not be sustainable, as nominal yields should be a reflection of real economic growth and inflation expectations.”

Lord also pointed to the macro resilience in the emerging markets and noted the more attractive valuations even after the recent rally.

SEE MORE: Emerging Market Bond ETFs are Still Alluring

Investors interested in emerging market bond exposure may consider U.S. dollar-denominated EM debt ETFs, such as the iShares J.P. Morgan USD Emerging Markets Bond ETF (NYSEArca: EMB), PowerShares Emerging Markets Sovereign Debt Portfolio (NYSEArca: PCY) and VanEck Vectors Emerging Markets Aggregate Bond ETF (NYSEArca: EMAG). EMB has a 4.49% 30-day SEC yield, PCY has a 4.82% 30-day SEC yield and EMAG has a 3.96% 30-day SEC yield.

Additionally, with the dollar weakening and emerging currencies rebounding, investors may also take a look at local currency-denominated ETFs, or emerging market bond ETFs that are issued in their local currencies, including the VanEck Vectors Emerging Markets Local Currency Bond ETF (NYSEArca: EMLC) and the WisdomTree Emerging Markets Local Debt Fund (NYSEArca: ELD). EMLC has a 5.47% 30-day SEC yield and ELD has a 5.37% 30-day SEC yield.

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