No Liquidity, No Cash, No Fun

No Liquidity, No Cash, No Fun

How many times have I said it?: Watch your ass in the cash market for corporate bonds. And I don't mean because both IG and HY are absurdly rich. Or because we're (probably) near the end of the cycle. Or because IG and HY issuers are sitting on near record leverage. I mean because in a pinch, you (or in most investors' case, a fund manager) might not be able to sell the damn bonds in a pinch because there's no liquidity in the secondary market. I strongly encourage you to familiarize your
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