Evergreen tweet but: read Matt Levine today on bond market liquidity, specifically, how the existence of bond ETFs have softened the blow for firms attempting to sell bonds to raise cash in times of crisis, where the primary market is illiquid.https://www.bloomberg.com/opinion/articles/2020-03-12/the-bull-market-caught-a-virus …
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Those ETFs ($BND,
$AGG, etc) are now trading at the largest discount to NAV since 2008. So we’ll see what the story is. ETF arbitrageurs like Jane Street don’t like to hold a lot of risk...Thanks. Twitter will use this to make your timeline better. UndoUndo
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