You're the treasurer of a U.S. company and you have $1 billion of junk bonds to sell. But buyers are getting a bit sniffy. What do you do?

Go to Europe, of course. There you can fund at almost the same rate as the U.S. government. Demand will be such that you may even have to turn buyers away.

Falling swap costs, low yields and the deep pockets of Mario Draghi's ECB have come together to create a banner year for reverse Yankees from American companies borrowing in the single European currency.

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