US Corporates Flood Euro IG - Hiring Priorities for Credit Desks
US Corporates have raised more than €40bn in eurobonds so far this year and are already the largest borrower block in Europe’s IG market, highlighting a 2025 comeback of the “Reverse Yankee.”
Alphabet, Pfizer and T-Mobile are among the names printing size, and with US Corporates having already issued c. 30% of euro supply year to date, this could surpass the pre-Covid record of €88bn by December '25.
Portfolio impact
• Valuation work needs two curves. Euro spreads on US names move with both Bund-Treasury gaps and cross-currency swaps, however teams that add the euro–dollar hedge cost after pricing the bond will miscalculate the true all-in spread.
• Benchmarks will tilt. As large corporates such as Alphabet, Pfizer and T-Mobile add size, euro IG indices will carry more US exposure, altering sector weights and duration.
• Issuance windows tighten. Typically when US names flood Europe, local issuers face tougher timing decisions and wider concessions.
Talent signals
The CIOs and Heads of Credit Research in our network are hunting for PMs and Analysts who are able to price funding choices across dollars and euros and can explain the trade-offs to investment committees.
Comp is rising fastest for PMs and analysts who already run cross-currency supply trades and can show how new euro issuance affects USD borrowers’ overall funding profile.
If you are planning to hire – or need to benchmark pay on your team – for senior credit talent with this skillset, get in touch with us Laz Partners: we can help secure a-players who keep portfolios on target, when funding patterns change.
