U.S. Treasury bonds are often considered the safest investment in the world. But right now fixed-income investors may find better bargains abroad.

Since the start of September, interest rates on U.S. Treasuries have spiraled higher, sending prices lower. And considering the pick-up in inflation this fall as reflected in the CPI, as well as the Fed's hiking agenda, it is getting harder to know when there will be a turnaround for Uncle Sam's IOUs.

Instead of waiting around for Treasuries to become cheap, Don Quigley, portfolio manager for the $214 million ( BJBGX) Julius Baer Total Return Bond fund, says investors may want to check out German bonds because he expects the European Central Bank, unlike the Fed, to be on hold for the next few months. He also advises checking out Mexican bonds, which boast high yields and are not as risky as people may think.

TheStreet.com's mutual fund reporter, Gregg Greenberg, spent some time spanning the globe with Quigley to find the best places to buy bonds. Click here to watch the full interview.