After a brief hiatus in bond land driven by sharp stock market volatility, which saw a 40-day stretch without a single junk bond price in the primary market and a move wider in peripheral bonds, credit investors are again feeling the FOMO squeeze and expressed it vividly this morning in the form of record demand for sovereign bond offerings from Spain, following a similar scramble for debt sold by Spain and Portugal.

According to Bloomberg, sovereign bond offerings from Italy, Spain and Portugal in January have drawn “unprecedented” bid-side demand, for a total of €106 billion euros ($120 billion), up 14 percent from a year ago, helping a slide in peripheral euro-area yields in the past two weeks even as the ECB’s QE quietly fades away.