January is invariably one of the busiest months in the capital markets calendar for new issuance as borrowers race to get ahead of their funding plans, and those of their rivals. So far this year, it has been no different with huge volumes of bond funding raised across different markets. But underlying the buoyant conditions is a sense of unease that they might not last forever.This week, we looked at what is causing that unease — from the spectre of rising interest rates and the tightening of central bank monetary policy, to inflation, to protests in Kazakhstan and what risks they pose to other parts of the emerging markets — and how that will affect borrowers looking to issue debt this year.We also delve into the latest controversial iteration of Europe’s Taxonomy for sustainable activities and how this might affect the sustainable finance market.