Bankers and borrowers are bracing themselves for a difficultyear selling eurobonds now that the days of easy money are comingto an end.

January's often the busiest month of the year for new bondsales, but as credit markets lose their biggest backer andpolitical threats loom—including Brexit, Italian fiscal angst, and trade woes—companies must wise up to 2019'sprimary-market challenges. In vogue: opportunism, front-loadedissuance, and higher borrowing costs.

“The year as a whole will be window-driven, but many will try toaccess the market in January,” says Duane Elgey, a debt syndicatedirector at Societe Generale SA. “Once it is accepted that spreadsare not returning to early-2018 levels, there will be a number ofdeals coming back to market.”