Now that every body says that the situation is much better than in the 2012 the Yield (as you can see in brown, remember that the price of Bund is inverse to it's yield) is even lower. Why?
The mail reason is the demand that is expected from March due the announced by the ECB.
This expectancy of scarcity of bunds is pushing the price of the bund upper (or the yield lower) so now by this ECB we can not use the Bund as a measure of fear so plain as we did in the past.
The main evidence of it is the behavior of the DAX , the Equity is still rising (not as happened in the last peek of Bund price)
Any Way the rise in Bund still very good correlation with the EUR.