We examine the microstructure of liquidity provision in the COVID-19 corporate bond liquidity crisis. During the two … and stabilized trading conditions. Most of the impact of SMCCF on bond liquidity seems to have materialized following its …-primary dealers, shifted from buying to selling, causing dealers' inventories to plummet. Liquidity provisions in electronic customer …

We examine impediments to liquidity provision by mutual funds to insurance companies during corporate bond fire sales … significant returns from liquidity provision and demonstrate superior overall skills in corporate bond investments …. We find that financial regulation and limited capital capacity significantly affect liquidity provision. Mutual funds …

Price-based liquidity metrics are better in 2013-2014 for small trades and large high-yield bond trades, but not for …-crisis liquidity could be low when markets are stressed. We consider three stress events: extreme VIX increases, extreme bond yield … large investment grade bond trades, relative to before the crisis, and are better for all bond types and trade sizes …