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With the historically low yields and increased default risk being seen in Treasurys and other bonds, there are other options for diversified investors seeking income. Many more mature companies with solid prospects for stable earnings growth can now be found at bargain prices after the recent sell-off in the equities markets. The companies that I am going to discuss today all pay a dividend yield over 3% and have P/E ratios under 10. These firms pay a dividend that easily beats the 10-year Treasury Bond yield and provides a great opportunity for potential gains in the share price.

Intel (NASDAQ:INTC) is a dominant leader in producing semi-conductors for the PC and server markets. The company has struggled in the mobile phone and tablet markets, but offers a growth area if it's able to improve and put out a better product in these areas requiring less power consumption. Currently, the stock offers a healthy dividend yield of 4.3% and a PE ratio of 9.0. Intel has been very consistent with raising its dividend and has a healthy balance sheet with a debt-to-equity ratio of 0.3. Intel in its current state is a value play that should continue to produce income with low downside risk. If it is able to successfully expand into the fast-growing tablet and smart-phone market segments, the stock offers the chance for strong capital appreciation as well.

Statoil ASA (NYSE:STO) is an integrated oil and natural gas company headquartered in Norway that has operations or business interests in 34 countries worldwide. The company has a PE ratio of 5.9 and a dividend yield of 4.2%. Because Statoil is not a United States-based company, it's able to partner with countries that U.S. economic regulations and political pressure prevent other oil and gas companies from entering, including Cuba, Iran, Iraq, and certain deep water drilling locations.

Aircastle Limited (NYSE:AYR) participates in the purchase, lease, and sale of commercial jet aircraft to both passenger and cargo airlines. At the end of 2010, its lease portfolio consisted of 136 aircrafts. Aircastle has a dividend yield of 4.8% and has a PE ratio of 8.7. Airlines continue to suffer losses due to the rise in oil prices, but Aircastle is mostly insulated against this risk due to the long-term lease of the aircraft to the operating airlines. If the cost of jet fuel stays high, it could potentially limit the firm’s growth prospects, but there will still be a need for both cargo and passenger flights. Also, many airlines will be updating their fleets in the coming years with new single-aisle fuel-saving offerings by both Boeing (NYSE:BA) and Airbus, in addition to new long-haul aircraft.

BHP Billiton (NYSE:BBL) is an extremely diversified basic materials company that operates in the exploration and production of petroleum, the mining of copper, silver, gold, diamond, iron ore and many other metals and minerals, and the development of potash products. The firm has a P/E ratio of 7.3 and a dividend yield of 3.6%. Most of the commodities that BHP Billiton produces have seen a much greater market price increase than the increase in extraction costs, resulting in a greater bottom line. BHP Billiton also recently completed the acquisition of Petrohawk Energy Corporation, which should, according to CEO J. Michael Yeager, provide “compound annual growth in production volumes for the remainder of the decade.” The stock offers a lower entry-point after its August pull-back.

Telecom Argentina SA (NYSE:TEO) provides both fixed and wireless telephone services as well as internet to customers in Argentina. The firm serves approximately 4.1 million fixed line subscribers, 1.4 million internet subscribers, and 18.2 million mobile phone subscribers. Telecom Argentina SA is sporting a P/E ratio of 7.8 and a large dividend yield of 10.9%.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.