US companies are flocking to Europe’s bond markets as an uptick in cross-border mergers and acquisitions and a rethink on the path of interest rates draw issuers towards lower borrowing costs on the continent.
A rally in European debt markets has enticed US companies to borrow about €30bn in so-called reverse Yankee deals — in which US companies raise money in the euro-denominated bond market — this year, according to Bank of America data. Johnson & Johnson and Booking Holdings are among the companies pursuing multibillion-euro deals.
If this rate of issuance persists, supply of such bonds could reach about €85bn, close to the record of €88bn reached in 2019, according to the BofA data.
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