US Loses Financing Edge as Asia Borrows in Euros: Credit Weekly

Asian economies aren’t just shifting their trading ties to fight against US tariffs, they’re also increasingly moving their borrowing to other markets, underscoring how President Donald Trump’s policies risk eroding American dominance of financing.

Asia Pacific borrowers increased euro‑denominated issuance to a record 23% of the total across that currency and the dollar this year, up six percentage points from 2024, according to Bloomberg-compiled data. Euro note sales by companies and governments rose 75% in 2025 to €86.4 billion ($100.7 billion).