Could the Core EGB space be any more boring

Looking at core EGB 10Y yields they look boring. Even though historically they have been low beta and relatively stable in the past, spreads have blow up (e.g. 2011/2012). What seems interesting is that given the slow down in EU economy and the pace of incoming QE spreads feel cheap. As always using Germany as the index I seeing resistance around -25 (bp) however between -40 and -45 are interesting levels. I think the trend seems strong but still feels like these levels are cheap.