Never have so many international companies borrowed so much for so long in Europe, and the continent's bond market may never be the same.

The region, which up until now had catered primarily to domestic borrowers, became a prime target for foreign firms looking to raise funds this year, witnessing a record 157 billion euros (US$174 billion) of bonds. Banks and investors are now devoting more resources to meet the demand.

"The euro market has become more globally relevant over the last six months. The U.S. market doesn't always have to be the focus for corporates looking for sizable financings." --Vis Raghavan, JPMorgan ChaseEurope now lures globally recognized firms such as Time Warner Inc. as well as others scarcely known in the region, and from as far as China and Brazil. They're attracted by borrowing costs suppressed by European Central Bank (ECB) president Mario Draghi's unprecedented 1.1 trillion-euro stimulus program.

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