This month, European sovereign debt denominated in US dollars reached a record $21.1bn (€17bn) for the year so far. Governments across Europe are seeking to appeal to a new set of investors amid an abundance of supply and a large pipeline of issuance still to be completed.

This year's record issuance was up on the previous year-to-date high of $19.8bn last year, according to data provider Dealogic. US dollar-denominated debt accounts for 10.7% of total European sovereign debt volume, up from 8.8% during the same period in 2009 and volumes are likely to continue to rise.