Want 8% yield? Buy 'fallen angels' in the U.S. bond market, BNP Paribas says

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Its global CIO says such bonds have a much lower default risk than typical high-yield bonds. Here are some top-rated funds and ETFs, according to Morningstar.

The bond bear market is the worst in more than 200 years, according to BNP Paribas' global chief investment officer. Yields on the 10-year Treasury shot up to the 5% mark — a 16-year high on Oct. 19 , before dropping back down. It was last around 4.58% on Wednesday. Yields move opposite to prices. But the overall picture doesn't change, BNP's Edmund Shing told CNBC's " Squawk Box Europe " on Monday. "Let's be honest, financial conditions in the U.S.

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