European debt markets have suddenly become more appealing to some big American corporations again, spurred in part by monetary policy changes.

Several American household names have recently crossed the pond to issue debt in Europe. Companies such as Altria Group Inc., Coca-Cola Co., Ford Motor Credit Co., and International Business Machines Corp., among others, together have sold almost 18 billion euros (US$20.2 billion) in so-called reverse Yankee bonds this year.

“We have shifted from what was a buyers' market, to the extent that there was buying back in December and November, to very much an issuers' market now,” says Morgan Stanley strategist Srikanth Sankaran. He points out that investors who had moved to the sidelines have now re-entered the market, allowing for “surprisingly strong” liquidity in European credit markets.