Europeans may have become disenchanted with many things about the US during 2003, but one thing they did not lose was their ardour for US corporate bonds. It was part of a broader love affair. According to Federal Reserve data, offshore holders now own nearly one-fifth of outstanding US corporate debt and are second only to the US insurance industry in their holdings.
Nowhere has the increase in demand been more noticeable than in continental Europe. Between 1995 and 2000, the annual volumes rang