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Europe’s borrowers brace for death of easy money as 2019 looms

Bankers and borrowers are bracing themselves for a difficult year selling eurobonds now that the days of easy money are coming to an end.

Photo: Colourbox

January’s often the busiest month of the year for new bond sales but as credit markets lose their biggest backer and political threats loom -- Brexit, Italian fiscal angst and trade woes -- companies must wise up to 2019’s primary-market challenges. In vogue: opportunism, front-loaded issuance and higher borrowing costs.

“The year as a whole will be window driven, but many will try to access the market in January,” said Duane Elgey, a debt syndicate director at Societe Generale SA. “Once it is accepted that spreads are not returning to early 2018 levels there will be a number of deals coming back to market.”

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