Five years ago, ECB President Mario Draghi promised to do "whatever it takes" to save the Euro. In the midst of a sovereign debt crisis that roiled global financial markets, ECB action lived up to the rhetoric. Fueled by an extensive quantitative easing program, European bond prices surged and yields plunged into negative territory. However, in 2017 European growth and inflation finally started to accelerate higher, after years of anemic economic activity. In an era of uncomfortably high financial asset valuations - European bonds take the cake. Trillions of EUR denominated bonds trade at negative yields - investors pay borrowers to lend them money. These negative yielding bonds are not just government bonds but the debt obligations of corporations too. A few weeks ago, Veolia - a BBB rated water and waste treatment provider issued a 500mm EUR 3 year senior unsecured zero coupon bond priced to yield a negative interest rate at issuance! The European junk bond index yields l...