Bonds barely trade on the secondary markets. When you invest into a fund that buys bond, it's pretty much 100% primary market (i.e. new issuances).
If the paint in my personal home starts peeling, my incentive to fix it is higher - I don't want to walk down the hall and see peeling paint.
If the paint in a corporate-owned tenement starts leaking, what incentive does the corporation have to repair it? They will do the bare minimum to prevent me suing them for breach of contract. A tenant is unlikely to sue over peeling paint. And they actively discouraged from re-painting, as they will likely lose their security deposit should they paint in any color other than generic off-white.
> If the paint in a corporate-owned tenement starts leaking
LOL. It's the opposite effect. If I own the place, and The paint is peeling, and I have to fix it... then maybe I'll just live with it until it gets worse, or I plan to sell. If it was a rental, then I complain to the landlord to fix.
What incentive does the landlord have to fix minor problems? It costs you more to move/sue than it costs him to sit on the problem.
As a landlord I want my current and future tenants to respect the valuable asset I have entrusted to them and maintain a good relationship. Fixing the little things is important in a "broken windows theory" way.
"the cobbler's children have no shoes"