As of Sept. 9, US corporates and financials have issued €149bn of bonds in
European currencies this year, the second-highest on record; not all issuance is
tech- or AI-related. Amazon launched its first sterling bond, raising £4.25bn
across four tranches with an orderbook of £10.65bn. Uber has filed with the SEC
for a five-tranche euro bond. ECB data show US big-tech firms have about €40bn
of outstanding euro debt, roughly 10% of euro-area non-financial corporate new
issuance YTD. AI-driven funding demand has not eased global credit supply
pressure but is shifting competition from the crowded dollar market into euro,
sterling and Swiss franc markets.
