"The key driver of the global capital market is the heightened geopolitical risks ahead of the weekend," said Marc Chandler, the head of currency strategy at BBH, in a note.
Global equity markets have declined in sync with high-yield bonds. This week's $20.1 billion outflow from developed market equity funds was the biggest in six months, according to BofA.
Standard Bank's Demetrios Efstathiou said the exodus from developed market high-yield would "inevitably" hit emerging-market credit, but forecast that the latter would outperform relatively speaking.
"The re-awaking of markets to credit risk, would lead to greater credit differentiation. Investors are also better off with shorter duration assets, as geopolitical risks rise," he wrote in a note on Friday.