Let's say that I have a totally illiquid 30Y bond that I want to hedge with short-dated bonds and that the market is liquid up to 10Y bonds.
After 20 years, my 30Y bond will become a 10Y bond so I'll be able to hedge it easily, right?
But how do I hedge it from 30Y to 10Y? In which risk am I exposed to? How can I quantify these risks?
It's an open question, all ideas are welcome, thanks.