Interesting paper that explains the new main characteristic of fixed income markets is the lack of liquidity.
I think that one consequence of this lower liquidity is on capital mobility. And it will be mainly damaging for emerging countries which are already in crisis. It means that capital outflows observed since mid-April will not be reversed. No investors will take the risk of liquidity. This will be a persistent negative shock for emerging markets. Rules for emerging markets have dramatically(see here) changed but in the wrong direction
Read here. www.wsj.com/articles/prolonged-slump-in-bond-liquidity-rattles-markets-1532257201