New framework needed for trading corporate bonds

[yeokiwi]

I think it might be possible to (for example) have 20-30 people put up some money.

There are quite a few scenarios that can derail this arrangement.
1. Bankruptcy. Should the entire bond investment be liquidated if any of the members is declared bankrupt?
2. Fund from illegal sources. The state may want to seize the fund that is put up by the member who had obtained the money illegally.
3. Death. This is less of an issue since the clause of no early redemption can be written into the contract but nevertheless, the kins of the death may want to get the money back.

I suppose it is possible to build in some flexibility into the framework to handle the above scenarios but it will, at the same time, increase the cost of administrating such framework.

And, the yields for such bond issues are already not that high currently to justify having an elaborate arrangement between 20-30 persons.