Andy Hill discusses ICMA’s 3rd study exploring developments in the liquidity, functioning, and structure of Europe’s investment grade corporate bond market. Since its publication on 4 March, global credit markets have come under the most intense pressure since the Great Financial Crisis of 2007-08. If there was ever a time to test the reliance of the market, the effects of a decade of regulatory reform, and participants’ concerns about diminished market liquidity, it is surely now.