US bond investors are buying risky European government bonds in the wake of a new European Central Bank bond-buying plan to ease financial tensions in struggling eurozone countries. Spanish and Italian bond yields, which move inversely to prices, are down more than 20% since late July.

Funds that primarily buy European bonds took in $289 million in the week ending September 5, the biggest inflow since early June, reversing two weeks of outflows, according to fund tracker EPFR Global.