Europe's credit market no longer make any sense

European credit markets no longer makes any sense  The European Central Bank’s extended quantitative easing programme attracted criticism from the start as many analysts believed such a QE bazooka would distort bond markets. It has become apparent over the past few weeks that this is exactly what is happening. ECB QE means that 47% of the European area government bond market trades at a negative yield and nearly 25% of the European corporate investment grade credit market trades at a negative yield thanks to the ECB’s Corporate Sector Purchase Programme. These negative yields are playing havoc with fixed income investors. [drizzle]The…