In mid-March, there was great uncertainty on the financial markets, resulting in increasing credit and liquidity costs. The Danish mortgage bond market was also affected, and mortgage rates rose sharply in the course of a few days. This analysis describes the development in the market liquidity on the Danish mortgage bond market in mid-March 2020 with specific focus on the primary issuance market. The analysis shows that mortgage credit institutions were still able to issue and sell bonds on the market, but that market liquidity was significantly reduced during the days with greatest uncertainty