There is no doubt that bond markets are becoming tougher places from which to raise money. Even in the public sector bond markets, where issuers flock in times of trouble, what are typically issuers prized for their rarity are now enjoying less demand because investors have come to value highly the ability to sell out of positions easily given the volatility.But at least borrowers are getting their funding done there. In the emerging markets, which so often bear the brunt of capital markets and economic turmoil, there is a rather different problem. Here, issuers are having to come to terms with rising yields, widening bond spreads and no end in sight to the volatility as they face the prospect of recession, a strong dollar and rampant inflation; all of which makes life tough for them in the capital markets. On the podcast this week we question why more of them aren’t trying to do more to issue bonds before the situation grows even worse.Elsewhere, travel and tourism sector companies have been making the most of rising passenger numbers and fewer restrictions to raise equity capital to pay down debts. But they too face risks to their recovery from the pandemic. We investigate what they are and whether their capital markets revival will be short lived.