Here are some numbers: the core of the massive distortion is in govt debt. This was in Fall of 2014 where half of govt debt yields less than 1%, it's actually gotten worse since.

http://www.bloomberg.com/news/articles/2014-09-04/almost-hal...

Negative(?!) yield 10-years.

http://www.reuters.com/article/2015/04/08/swiss-treasury-idU...

Anyone would be hard-pressed to say that this is a well functioning market.