While European credit markets have been a roller-coaster today - returning back to their wides now - there is one thing that has remained constant. The inexorable flood of money into Switzerland. Rather shockingly 2Y Swiss interest rates have dropped to -26bps (yes, no typo - you pay 26bps to allow the Swiss government to borrow your money). These are obviously record lows and suggest that events are unfolding extremely rapidly (and those bets on the unsustainability of the SNB peg may be gathering pace).
2Y Swiss Government interest rates are accelerating lower...
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and intraday it looks even more incredible...
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Today saw the single-biggest drop in 2Y swiss interest rates ever as safety flows are clearly increasing very rapidly...
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Chart: Bloomberg