30 minutes dedicated to fixed income, this is "bloomberg real yield." ♪ jonathan: coming up, a shakeup brewing in the european bond market. political risks spreading from italy to spain. treasuries catching a big bid. 30 year yields trading where 10 year yields were a week ago. the central bank finally stepping in, desperately trying to regain some credibility. we begin with a big issue, political risk in europe making a comeback. >> italy is the toughest call tactically here. i think, in general, six to 24 months down the road is going to be -- >> if you are long, i think not just because of the level, but because of the speed with which these assets have re-priced. >> you don't have that vast pool of money coming in backstopping the bond market and keeping peripheral spreads from widening. >> the spreads widening with italy relative to bunds, and that is having a contagion