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Liquidity Trap Hitting AAA Bonds Has ATP CEO Sounding Alarm

Carsten Stendevad, chief executive officer of Denmark’s biggest pension fund, says some of the world’s biggest bond markets are becoming dangerously illiquid.

Overseeing $130 billion in assets, the 41-year-old former Citigroup Inc. banker is urging policy makers to take seriously evidence that even the safest assets are getting harder to offload amid tighter regulatory requirements. He says ATP struggled to find buyers for about 7 billion euros ($9.7 billion) in German government bonds at the end of last year.