Say, do you remember printing in September?

Earth Wind and Fire’s September, a nostalgic paean to the joys of the first month of autumn, might strike a chord with those involved in the business of raising bonds for companies and banks this year.

Traditionally — along with January — one of the busiest months in the primary market calendar, most Septembers offer a bumper harvest of bond issuance as investors return form their summer holidays refreshed and with new piles of cash to deploy for the final quarter of the year.

But this year, things are very different. With no central bank buying to prop the market and a whole host of economic horrors facing it from soaring energy costs, inflation and the prospect of a global recession, issuers will face a far tougher time persuading debt investors to part with their money.

We examine the perils facing banks and companies for what will be one of the trickiest months of the year to see which issuers are the most vulnerable, what kind of market they will face and how they can navigate it to raise vital funding.