{ "story_id": "66af6f11ed04b583fd0a78e80d231b5a", "desk": "drm3", "revision": 1, "published_at": "2026-09-05T10:30:00.000Z", "content_hash": "cb85ca160c1710c5b5c6f767d82e838b1bb80c993467a198c1439e10b9198412", "hash_basis": "sha256 over `headline\\ndek\\nprose`, plus `\\n` + the canonical citations JSON when any source is placed, plus `\\n#blog` for blogs", "basis": { "headline": "US Hyperscalers' Euro Borrowing May Crowd Out European Firms", "dek": "US tech giants' massive euro bond issuance could raise borrowing costs for European governments and firms.", "prose": "European Central Bank researchers warned that sustained high-volume borrowing by US hyperscalers in euros could crowd out European firms and governments from their domestic bond market. [^1]\n\nYields on government bonds across major economies are trading at levels not seen in years or even decades due to high debt levels and tepid demand. [^2]\n\nThe European Commission adopted the Savings and Investments Union strategy on March 19, 2025, targeting approximately €10 trillion in EU household savings held in bank deposits. [^3]\n\nThe column says a borrower's loan should be sized so that it can endure a loan interest rate above 4% for one to two years before a rate decision is made. [^4]\n\nThe Finnish finance column advises mortgage holders not to panic and to avoid buying expensive interest-rate protection while rates are already rising and house prices are falling. [^5]\n\nExcluding financial companies, US Big Tech now represents almost 10% of gross new issuance of euro-denominated bonds, led by Amazon and Alphabet. [^6]\n\nThe European Central Bank cautioned that if debt raising by US hyperscalers continues at the current pace, it could test investor appetite and raise borrowing costs for issuers in unrelated industries. [^7]\n\nUS hyperscalers have issued approximately €40 billion in euro-denominated bonds over the past year, accounting for just over 1% of the main euro corporate bond indexes. [^8]\n\nDebt as a share of economic output is at or above 100% across the G7, except Germany. [^9]\n\nFrance's public budget deficit stood at 5.1% of GDP in 2025, while its debt-to-GDP ratios hit 115%, making it the Eurozone's biggest sovereign debt risk. [^10]\n\nThe UK's 30-year bond yield hit its highest level since 1998, and Japan's 10-year yield broke through the 3% mark for the first time in three decades. [^11]\n\nEuropean Central Bank analysis cited by the Commission suggests that if EU households aligned their deposit-to-financial-assets ratio with that of US households, up to €8 trillion could be redirected into market-based investments. 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