Low interest rates for more than ten years have made it possible for companies to refinance their borrowing at very cheap rates and, if central banks continue on their current trajectory, it is likely that will continue to be the case.  However, the ability to borrow is not only dependent on the cost but also the willingness of investors to continue funding the debt.  In this article, we reflect on how liquidity issues and an erosion of confidence could jeopardise this demand and present a challenging environment for bond investors.