NEW YORK ( TheStreet) -- John Bellows, a portfolio manager at Legg Mason's (LM) - Get Report Western Asset unit, said his firm is finding good value in select corporate bonds.

He told TheStreet TV's Gregg Greenberg on Thursday that macroeconomic conditions are good for corporate bonds and that with a "bottom-up" approach, investors can find some good picks. He likes bonds in the financial-services and energy industries. He said that despite the low price of oil, some energy companies have a solid balance sheet that will allow them to adapt. He noted that investors can find value with some corporate bonds yielding 10%.

Overseas, Bellows likes emerging-market bonds, citing low inflation and central banks' easy-money policies.

In the U.S., Bellows said there are still some "downside risks" to the economy, which makes it likely that the Federal Reserve will delay raising interest rates until later this year.

- Written by Mark Nacinovich in New York