Bond Plays Outside the U.S.: Pro

The best bond opportunities lie outside the United States, Eaton Vance Vice President and Co-Head of Global Fixed Income Eric Stein said Wednesday.

"We're looking for the best opportunities on both long and short side in global markets," he said.

On CNBC's "Fast Money," Stein, who has $17.5 billion in assets under management, called out currencies on which he was focusing.

"I'd say on the long side, the Philippine peso is a currency that we like," he said. "It's certainly gotten hurt along with other emerging market currencies in the sell-off over the past couple of months, but they had 7.8 percent GDP growth in the first quarter, current account surplus, good reform story."

Stein was also long long Sri Lankan T-bills.

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On the short side, Stein said that the Japanese yen presented opportunity, adding, "The verdict is still out on Abenomics."

Stein noted the Bank of Japan was trying to weaken its currency while expanding its balance sheet as the Federal Reserve was the subject to talk of tapering but not actually implementing it.

"So, you have central banks going in opposite directions," he said. "That's usually a pretty indicator of where currency exchange rates will go."

Stein said that it would take an important shift for the situation to change stateside.

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"I think once we get some stabilization in the Treasury market, which I think we will – I don't think the U.S. economy is fundamentally strong enough to have significantly higher yields from here – then I think we'll see value come back in the market and particularly places that are slowing, where their central banks are actually easing policy, you should see yields contained in those countries," he said.