Bonds
Giant US Companies Are Rushing to Europe to Borrow Money
A record number of so-called reverse Yankee deals have been sold this year, an early sign of a possible lasting shift in the US-dominated corporate debt market.
Google raised debt much more cheaply in Europe.
Photographer: David Paul Morris/BloombergThe giants of corporate America from Pfizer Inc. to Alphabet Inc. are borrowing in euros like never before as the anxiety triggered by President Donald Trump’s tariff threats pushes them to hunt for alternative funding avenues in case their home market freezes up.
A record number of these so-called reverse Yankee deals have been sold this year at a total value of more than €83 billion ($94 billion), up 35% on 2024, according to data compiled by Bloomberg. That’s nearly 14% of overall euro corporate issuance, the data shows.