欧洲公司日益被迫转向美元市场筹资，因为信贷紧缩使它们实际上不可能在以欧元计价的市场上发行债券。

European companies are increasingly being forced to turn to the dollar markets to raise funding as the credit crunch¹ leaves it virtually impossible for them to launch deals in the euro-denominated market.

据Dealogic称，这两个市场形成了前所未有的鲜明反差，1月份，美国投资级别的债券发行达到了创纪录高点，欧洲却下滑至创纪录低点。

The contrast between the two markets could not be more dramatic with US investment grade issuance hitting a record high for a January, while Europe slumped² to a record low, according to Dealogic.

这一趋势引人注目，因为它表明信贷紧缩已开始影响公司的融资计划，不只是高杠杆领域，也影响到主流投资级别领域。这种趋势也让人对欧洲公司债券市场挑战美国的能力重新产生了怀疑。

The trend is striking since it shows that the credit crunch is starting to affect the financing plans of companies, not just in the highly leveraged³ sector⁴ but in the mainstream⁵ investment grade arena⁶ as well. It also casts fresh doubt on the ability of the European corporate⁷ bond market to ever challenge the US.

英国《金融时报》迈克尔?麦肯兹(Michael Mackenzie)纽约补充报道

Additional reporting by Michael Mackenzie in New York