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> You will if you try to trade bonds in the conventional way, which is a huge pain in the ass.

And that's a bunch of horsecrap. Do you buy stocks in your name too? No. Ordinary investors hold securities in street name with a brokerage.

I've bought corporates through Vanguard Brokerage Services, which actually doesn't have a great reputation for being friendly to buying individual securities. It's a click of the mouse and $2 per $1K face or half that if you have a large account. You can also call up the fixed income desk and do it over the phone. No problems.