(Bloomberg) -- Concern that funds could trigger the next financial crisis if mass redemptions force them to dump bonds at once are based on unjustified conclusions regulators have drawn from a subset of the market, BlackRock said in a study of bond-market liquidity.

Open-end mutual funds hold about $5 trillion of the $39 trillion of debt securities outstanding, the world’s biggest asset manager said, citing data compiled by the Federal Reserve. The rest is owned by various investor classes with diverse objectives and priorities, and some of them would step in to buy “high quality” bonds if prices fell in a sell-off, according to the paper, written by BlackRock executives led by Vice Chairman Barbara Novick.

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