U.S. companies raise record $100 billion in euro bond sales, driven by Alphabet and Visa.

U.S. companies have raised a record $100 billion in euro-denominated bonds this year, up from $78 billion in 2024. Alphabet and Visa led the way with 7 billion euros and 3.5 billion euros in May, respectively. Non-financial issuers have accounted for about 50 billion euros in debt, a 32% increase from last year. Analysts expect issuance to continue as long as the euro remains weak and European financial conditions remain favorable.

U.S. companies have raised a record $100 billion in euro-denominated bonds this year, marking a significant increase from the $78 billion recorded in 2024. This surge in issuance is driven by attractive borrowing costs and a growing preference for euro debt among global issuers and investors.

Companies such as Alphabet, Visa, PepsiCo, Fiserv, and Verizon have led the way in this offshore fundraising, which is often referred to as "reverse Yankees." Alphabet raised nearly $7 billion in May, while Visa sold $3.5 billion in bonds during the same month. Non-financial issuers have accounted for about $50 billion in debt, a 32% increase from last year.

The trend is seen as positive for the euro, given the dollar's 10% drop this year due to concerns about erratic U.S. trade policy. European Central Bank chief Christine Lagarde has urged a "global euro moment," further boosting the appeal of the euro as a funding currency.

Analysts expect the issuance to continue as long as the euro remains weak and European financial conditions remain favorable. Matteo Benedetto, EMEA co-head of investment grade syndicate at Morgan Stanley, noted that there is a "wall of currency ready to be deployed into European credit." The cost of issuing bonds in euros after swapping the funds back to dollars is often better or comparable to issuing in dollars for U.S. companies.

ING reported that fund flows indicate an increasing preference for euro-denominated debt among global issuers. The weight of U.S. corporate issuers in the iShares Core Euro Corporate Bond ETF has increased to nearly 19% by the end of August, up from about 18% at the end of 2024 and making it the second largest after France.

This increased issuance has pushed up the U.S. weight in traditional debt indices, making such issuance harder to ignore. Giulio Baratta, global co-head of investment grade finance at BNP Paribas, noted that U.S. firms have been able to tap debt maturities of up to 20 years in euros, moving past the traditional 5-to-12 year bucket.

The euro remains the second-most used currency in international debt markets after the dollar, with a roughly 39% share according to ING. This, along with central bank reserve holdings and trade invoicing, is in focus for signs of a shift away from the dollar.

From Alphabet to Visa, US giants drive euro-denominated ...^[1] Reuters, "Alphabet, Visa, U.S. giants drive euro-denominated bond surge," September 16, 2025, [https://www.reuters.com/business/finance/alphabet-visa-us-giants-drive-euro-denominated-bond-surge-2025-09-16/](https://www.reuters.com/business/finance/alphabet-visa-us-giants-drive-euro-denominated-bond-surge-2025-09-16/)

Gjensidige Forsikring ASA: Successful issuance of Restricted Tier 1 capital^[2] Reuters, "Gjensidige Forsikring ASA successfully issues NOK 1,200 million Restricted Tier 1 bond," September 10, 2025, [https://www.reuters.com/business/finance/gjensidige-forsikring-asa-successful-issuance-of-restricted-tier-1-capital-2025-09-10/](https://www.reuters.com/business/finance/gjensidige-forsikring-asa-successful-issuance-of-restricted-tier-1-capital-2025-09-10/)

Alphabet (GOOGL)’s Google Cloud Computing Division Has Upto $106 billion in Commitments, Reports Bloomberg^[3] Bloomberg, "Alphabet Inc. (GOOGL) Google Cloud Computing Division Has Up to $106 Billion in Commitments," September 9, 2025, [https://finance.yahoo.com/news/alphabet-googl-google-cloud-computing-105034453.html](https://finance.yahoo.com/news/alphabet-googl-google-cloud-computing-105034453.html)

Hong Kong’s dim sum bond market is on track for record year of issuances^[4] SCMP, "Hong Kong’s offshore yuan bond market on track for record-breaking year," September 11, 2025, [https://www.scmp.com/business/china-business/article/3325568/hong-kongs-dim-sum-bond-market-track-record-year-issuances?module=top_story&pgtype=homepage](https://www.scmp.com/business/china-business/article/3325568/hong-kongs-dim-sum-bond-market-track-record-year-issuances?module=top_story&pgtype=homepage)