As you could remember during the last Greek crisis the Bund Yield fell even to negative territory, this was due the haven factor in the biggest economy in EZ
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 QE 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 QE 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.