Indeed, markets expect 10 year bond rates to remain much lower than in the past for a long period of time. 6 / 20  BIS central bankers' speeches  Yield and spreads of euro area countries’ sovereign debt have remained stable or even dropped with no signs of turbulence (Figure 6).
When stock prices are low, we have moved into a different region of probabilities: the underlying source of volatility of CDS and subordinated debt spreads is what needs to be analyzed and it is the credit analyst that comes to the fore.