From Coca-Cola to China’s State Grid Corporation, companies worldwide are engaged in a euro borrowing binge as the cost of financing in Europe slides to a record low.

So far this year US companies have offered $28bn of bonds in euros, data from Dealogic show, putting sales at a new high.

US debt markets remain the most popular place for companies to raise money via bond sales. But more are being lured by cheaper financing overseas as eurozone yields drop and the euro depreciates. Coca-Cola set a record in February by selling €8.5bn of bonds, the biggest euro sale by a US issuer. It attracted demand of more than €20bn, despite yields of 1.65 per cent on debt that will mature in 20 years. Since the European Central Bank announced plans to buy bonds to accelerate inflation and boost confidence, prices for bonds in the eurozone have jumped, sending yields to record lows and in some cases below zero.