Investors can participate in currency gains by owning sovereign debt issued in the local currency of each government. WisdomTree Emerging Markets Local Debt owns sovereigns denominated in 15 local currencies.

For higher quality sovereign exposure, the Legg Mason BW Global Opportunities Bond Fund invests primarily in sovereigns with a credit rating of A or better. The fund currently overweights fundamentally sound countries including Australia, Mexico, Poland, Malaysia and South Korea. The quality focus has enabled it to beat 97 percent of its world, bond-fund peers over the last three years while delivering a current yield of 3.5 percent.

Recent actions of the European Central Bank , including a series of long-term refinancing operations offered for the region’s banks, has supported a sovereign recovery in Italy and Spain, among others.

The increased liquidity provided to banks gives them the cash to reinvest in sovereign bonds, but analysts say it’s too early to take on bullish position in Europe’s largest issuers — especially when much better bond stories exist elsewhere.

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