Giant US companies such as Alphabet, Visa, PepsiCo, Verizon and Fiserv broke records in euro-denominated bond sales this year. The $100 billion in euro bonds issued in the first months of 2025 has already surpassed last year’s total.
This trend is known in the markets as the reverse Yankee and shows that American companies are moving away from the dollar and taking advantage of the lower borrowing costs in Europe.
Google’s parent company, Alphabet, raised approximately €7 billion in May, while Verizon raised €2 billion in July. Analysts say this momentum will continue due to low interest rates, a weakening dollar, and investors turning to euro assets. In particular, European Central Bank President Christine Lagarde’s emphasis on a “global euro moment” is accelerating companies’ shift towards the euro. The increase in bond sales also presents an attractive opportunity for diversification of investment funds. According to iShares Core Euro Corporate Bond ETF data, the weighting of US companies has risen to 19%, placing them second only to France.As a result, for US giants, euro bonds are becoming not just an alternative, but a strategic source of financing.
