Generating another risk for financial markets, Bond funds might depend on investors who can take their money out at any time. Potentially causing big losses for investors in funds, if lots of bondholders want to sell at the same time. Another problem with a greater scope for hefty redemptions by fund investors to elicit such market chaos.
For a deeper look into this rising concern: http://www.wsj.com/article_email/bond-funds-liquidity-presents-market-concern-heard-on-the-street-1427389105-lMyQjAxMTI1MTI3ODgyNzg5Wj