Perniciously low interest rates are driving investors into ever further corners in the search for yield, but it isn't clear if that should include the beaten down markets behind what used to be the Iron Curtain.
"One market that looks certainly very cheap, even cheaper than in 2008, is Russia, the biggest market [in Eastern Europe,]" Tim Umberger, a senior advisor at East Capital, told CNBC. "We can find companies in the consumer sector that have a very high growth of between 20-30 percent and they're trading at more than 5 percent dividend yield and in some cases even double-digit dividend yields."
Among other former Soviet satellites, Umberger noted some Romanian utilities offer around 10 percent yields amid gas and electricity price liberalization and some Balkan markets remain around 60-80 percent off their peaks.
But while the yields may appear juicy, it isn't clear how the risks will play out. "It's a high risk part of the world," said Richard Jerram, chief economist at the Bank of Singapore. "You've got to ask why the dividend yields are high."