But, in that case, the mutual funds and ETFs have to sell those corporate bonds. It is not clear who the buyers will be, especially since the 2010 Dodd-Frank financial-reform legislation restricted what banks can do and increased their capital requirements, which has raised the cost of holding bonds.
此外，低利率还制造了新问题：流动性错配。有利的借贷成本促使公司债券发行量猛增，其中有许多持有于债券共同基金和交易所交易基金（ETF）。这些基金的投资者——正确地——认为它们具有完美流动性。他们只需要提前一天通知就可以套现。但是，接到套现通知后，共同基金和ETF必须出售这些公司债券。谁来当买家无法清楚地知道，特别是自2010年多德-弗兰克（Dodd- Frank）金融改革立法限制银行行为、增加资本要求从而提高了持有债券的成本之后。