I compile and run my program inside Emacs (M-x compile) with gcc 5.0.0 20150112 using `-fsanitize=bounds'. Although this Emacs buffer is technically a tty, but it is `dumb' and does not handle colors properly.
The gcc info concerning `-fsanitize=address' hints that there is a parameter ASAN_OPTIONS and the referenced wiki of address-sanitizer says that this environment variable can be used to disable the colors. Unfortunately and very confusingly, this hint does not help with `-fsanitize=bounds', since it uses UBSAN_OPTIONS instead. I guess the gcc info should be updated to mention UBSAN_OPTIONS. It would be nice to port the terminal color capability detection code from gcc to sanitizer, since gcc itself colorizes the error messages properly: by default the colors are on in `xterm', and off in `dumb'. -- Regards, ASK