It is no secret that bond market liquidity is horrendous: this is a topic we have been discussing since early 2013, and which gained major prominence most recently when Denmarkâs biggest pension fund, ATP, said “the burden of regulatory restrictions designed to rein in risky trades has now led it to abandon its reliance on the longest-dated bonds.” As Bloomberg reported, “the fund, based north of Copenhagen, said earlier this week it was shortening inte