报告追踪最新一周欧洲注册基金及全球新兴市场债券基金的资金流向。欧洲投资级（IG）基金连续第三周、近六周内第五周录得流出，规模25.68亿美元；短久期与中久期IG基金承压，但长久期IG基金仍获流入。高收益（HY）基金在连续五周流出后转为流入3.78亿美元，全球与欧元区HY基金吸金，美国HY基金小幅流出，HY ETF连续第二周流入。政府债券基金连续第三周流入19.86亿美元，货币市场基金小幅流出，全球新兴市场债券基金连续第11周流入；整体固定收益基金转为净流入，股票基金则出现流出。报告认为，利率波动率高于70个基点仍抑制信用基金资金流入，预计在波动率进一步回落前IG流出或将持续；当前环境下，追求收益的资金更偏好较长久期公司债。
BofA's weekly Follow The Flow tracks European-domiciled fund flows and global EM debt flows. European IG funds posted a third consecutive weekly outflow (-$2.57bn) and their fifth in six weeks, with short- and mid-term IG funds losing assets while long-term IG funds attracted inflows. HY funds reversed five weeks of outflows with a $378mn inflow, led by global and euro-focused HY funds; US-focused HY funds saw marginal outflows, and HY ETFs took in money for a second week. Government bond funds recorded a third straight inflow ($1.99bn), money market funds a modest outflow, global EM debt funds an 11th consecutive inflow, and total fixed income flows turned positive while equity funds saw outflows. The team argues that rates volatility above 70bp remains a headwind and expects IG outflows to persist until volatility subsides, with longer-dated corporate bonds favored by yield-seeking investors.