For example, the junk bond yield at just 2% in Europe is now below that of the "risk-free" US treasury bond owing solely to the depredations of the ECB.
Indeed, madman Draghi has purchased $2.6 trillion of securities since launching QE in March 2015, and during the interim has actually bought more government debt than was issued by all the socialist governments of the EU-19 combined!
Outrunning Europe's deficit-addicted welfare states is quite a feat in itself, but that wasn't the half of it. The ECB's printing press became so parched for government debt to buy that it has ended up owning more than $120 billion of corporate bonds. In some recent cases, the ECB has actually taking down 20% or more of new corporate issues---an action that surely leaves the fastidious founders of its Bundesbank prodecessor turning in their graves.