US companies are borrowing at a rapid pace in Europe: US corporates have raised €149 billion, or $173 billion, in European bonds so far in 2026, the 2nd-highest annual total on record. This is also double the full-year amount seen in 2022 and 2023. At this pace, US firms are set to borrow a record €225 billion, or $261 billion, this year. This comes as heavy AI-related borrowing from Big Tech has crowded the US Dollar bond market, leaving other issuers facing worse pricing and less room to raise debt domestically. Euro-denominated debt is also cheaper to service for high-grade borrowers than US Dollar debt, a key advantage for global companies earning revenue in Euros. US firms are increasingly looking abroad for financing as the US market can no longer easily absorb the debt wave.(The Kobeissi Letter)