The investment decline in the UK that has followed after the recent crisis is hardly a surprise. What is baffling is that at the same time, corporate bond issuance has remained strong. This column discusses this puzzling pattern and provides possible explanations for it. Heterogeneity among companies is one possible argument, where firms with capital market access invest, and those without – do not. However, evidence from 2012 shows that investment across companies with capital fell as well. Thus, other factors – such as the increased financial uncertainty – could play a role in the investment decisions of companies.