One thing that I've repeatedly noted about the recent stock-market crash is that it hasn't really spread to bonds, which to the casual observer looks like a reason to doubt worries about bond market liquidity. But bond market liquidity is a worry for all seasons. You can always find someone to worry about it. Bloomberg found Carsten Stendevad, who runs Denmark's $100 billion ATP pension fund:
Now in some ways this is a weird thing to say. Traditionally, what we talk about when we talk about "liquidity" is something like "a market's ability to facilitate the purchase/sale of an asset without causing a change in the asset's price." If bond prices aren't changing much, despite all the sound and fury in the equity markets, then that seems like a sign that liquidity is unusually good.
