Europe’s Borrowers Brace for Death of Easy Money in 2019

Europe’s Borrowers Brace for Death of Easy Money in 2019
A baner displaying the European flag adorns the facade of the European Commission in Brussels on Nov. 14, 2018. (Photo by Emmanuel DUNAND / AFP) Photo credit should read EMMANUEL DUNAND/AFP/Getty Images
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Bankers and borrowers are bracing themselves for a difficult year selling eurobonds now that the days of easy money are coming to an end.

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.