joining us as robin marshall, director of fixed income at smith and williamson. to have you with us. low, low, low. stunning collapse in yields in spain and italy. does this turnaround next year? periphery.n the that is one of the surprises. there were some of us in the more bullish camp year ago. but generally, people were forecasting higher rates and high yields this year in the g3. the surprising thing is given the deflation in europe people an not linking that to existential risk of break up in the eurozone. the debt deflation burden, the burden of carrying this debt in gdp growth environment, could be crippling. in the end, they will write a lot of that debt off as they have done in greece. the ecb will try anhdd prop them up. >> robin, went to be get this term? right now you have a bond market that is looking at the klein a. that is enough to drive it lower. an ecb talking about buying sovereign debt. when does the bond market start to behave like credit again? >> if you look all the way through q.e., it is the anticipation of q.e. that is helped yields dec