Hi,
I have already repeated fixed-income chapter twice and I still cannot understand one, I guess, basic thing.
Why do market liquidity risk is higher when there is less debt outstanding (publicly traded)?
Generally, the less debt outstanding, the less frequent debt is traded amongst market participants, and thus the higher the liquidity risk. Less frequent trading implies that if you would want to sell your bonds immediately, it would be at a discount to the current market price since there are a limited number of people in the market willing to purchase your bonds at the market price.
Thank you @Moonborne 
now I understand
Before it was counterintuitive for me, because I thought that less bonds outstanding = more potential investors interested in my debt, but now I understand Thank you