US non-financial companies have sold more than €60 billion in euro-denominated bonds in 2026, establishing a new record. Morgan Stanley predicts that hyperscalers may issue an additional €50 billion in euros before the end of the year.
September 9, 2026, marked the highest number of US bond issuers entering European markets in a single day. On this date, Uber made its first euro bond appearance, and Amazon debuted its first sterling bonds.
In March, Amazon executed a eight-part euro bond deal worth €14.5 billion, which is the largest corporate euro bond offering ever recorded.
Five major hyperscalers—Alphabet, Amazon, Meta, Microsoft, and Oracle—currently hold approximately €40 billion in outstanding euro-denominated bonds. This amount accounts for nearly 10% of all new euro non-financial corporate issuance.
AI-related capital expenditures are estimated between $650 billion and $725 billion for 2026, with total spending projected to exceed $1 trillion by 2028.
The European Central Bank has expressed concerns that this surge in US corporate issuance could crowd out European borrowers and potentially increase yields across the European corporate bond market.
