The Bank for International Settlements points out in its most recent quarterly review that euro-denominated debt issuance is continuing vigorously. This trend in global funding markets may be here to stay. Euro-denominated securities issued in the second quarter of 2019 exceeded $75bn – higher than total dollar issuance over the same period – adding to the more than $85bn issued in the first quarter. This was concentrated overwhelmingly in non-bank financial institutions and non-financial corporations; banks have mostly shied away from euro issuance. Among banks more than among other institutions, dollar-denominated ... (full story)