As of September 9th, US companies and financial institutions had issued €149 billion in bonds in Eurodenominates this year, the second highest on record; this figure does not entirely represent technology or AI financing. Amazon issued its first sterling bond offering, raising a total of £4.25 billion across four tranches, with demand reaching £10.65 billion; Uber also submitted documents to the SEC for five Eurobond offerings.
According to the European Central Bank, large US technology companies have approximately €40 billion in outstanding Eurobonds, accounting for nearly 10% of new bond issuances by non-financial companies in the Eurozone this year.
AI investment has not alleviated global credit supply pressure; it has merely shifted competition from the crowded dollar bond market to the Euro, sterling, and Swiss franc markets.
