Good work on this article. My personal experience is most bonds if not all are not easily sellable. For ex. Samman capital, Muthoot etc. Especially if selling for profit or at same price. Usually they get very low quote. Can this be called liquid? OBPP managers themselves accepted that bonds are not that easily traded and for profit like equities. Also, even equities are not easily tradeable always, some times there wont be any buyers at all! Also, bonds with monthly payment will not give good returns % for they will assume you reinvest the amount etc. But can you reinvest such a small amount and at that rate really? Thats the question.