◆ Records smashed in primary markets but what's driving it? ◆ Why order books are so swollen ◆ Rampant demand but companies want to cut hybrid debtIssuers and investors may agree that this is not a perfect market by any means, but that is not stopping them from getting deals done while they can.Investors are piling into asset classes that they haven't bought for some time and issuers are happy to take advantage even though pricing might not be the tightest it has ever been. We look at how this fear of missing out in the first weeks of the new year is helping issuers smash records in the bond market and what might threaten it.One asset class issuers are less keen to strap on more of is hybrid debt — for investment grade companies at any rate. A new issue this week flew out of the door, which would usually be a signal for other companies to launch their own deals. But if anything, companies want less of this debt on their books. We explain why.Don't forget to #AskGC about anything that features on the show or that you're curious about from elsewhere in the capital markets. Email your questions to podcast@globalcapital.com and we will endeavour to answer the best questions on the show.