*Something rather notable appears to have changed in Europe in the last week*. Since the global financial crisis exploded five years ago, each significant risk-flare has seen money flow rapidly into Swiss short-dated bonds (the so-called safe-haven trade) and has often driven these rates significantly negative. However, the current debacle is exhibiting a very different picture. Whether it is concern (as we noted here) that Switzerland will be next for a 'wealth tax' or simply a market's recognition of where the 'only' safe-haven truly exists in Europe, *investors have surged into short-dated German Bunds (and not Swiss)* - driving the yield on these bonds below Swiss 2Y.Swiss 2Y Yield is -0.2bps, German 2Y Yield is -2bps!
Chart: Bloomberg Reported by Zero Hedge 10 hours ago.