There are key drivers for the reverse Yankee market Globalization and currency volatility are compelling many US companies to find new ways of better matching their revenue streams with costs, and issuing euro denominated debt is one way of helping them to do so Other reasons for the growing presence of reverse Yankees include (Match the definition with the right reason) Column A 1 Corporate yields in the eurodenominated market remain low due to loose European Central Bank (ECB) policies in response to low inflation and growth concerns in recent years The low, and in many cases negative, core government yields have pulled down corporate yields, meaning that average corporate funding rates in the euro market remain meaningfully lower than in the U S In short, U S companies can issue debt with lower coupons than they could by staying at home in the dollar market Corporate yields in the eurodenominated market remain low due to loose European Central Bank (ECB) policies in response to low inflation and growth concerns in recent years The low, and in many cases negative, core government yields have pulled down corporate yields, meaning that average corporate funding rates in the euro market remain meaningfully lower than in the U S In short, U S companies can issue debt with lower coupons than they could by staying at home in the dollar market 2 The presence of the ECBs monthly quantitative easing bond purchases increases overall demand in the market relative to supply This has squeezed corporate spreads, boosting the euro markets appeal for foreign issuers Additionally, many U S companies are able to issue via their European subsidiaries, meaning their bonds are eligible for inclusion in the ECBs corporate sector purchase program (CSPP), which restarted again as part of the ECBs monthly quantitative easing purchases The presence of the ECBs monthly quantitative easing bond purchases increases overall demand in the market relative to supply This has squeezed corporate spreads, boosting the euro markets appeal for foreign issuers Additionally, many U S companies are able to issue via their European subsidiaries, meaning their bonds are eligible for inclusion in the ECBs corporate sector purchase program (CSPP), which restarted again as part of the ECBs monthly quantitative easing purchases 3 Crosscurrency basis swaps are financial instruments that companies can use to convert the proceeds from a bond sale in one currency into another The rate that companies can swap euros back into dollars cheapened in 2019, which adds to the attractiveness of accessing the low rates in the euro market, particularly for companies not necessarily requiring euro funding Crosscurrency basis swaps are financial instruments that companies can use to convert the proceeds from a bond sale in one currency into another The rate that companies can swap euros back into dollars cheapened in 2019, which adds to the attractiveness of accessing the low rates in the euro market, particularly for companies not necessarily requiring euro funding Column B a Cheaper cross currency basis swaps b Low yields c Tighter spreads

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There are key drivers for the reverse Yankee market: Globalization and currency volatility are compelling many US companies to find new ways of better matching

There are key drivers for the reverse Yankee market: Globalization and currency volatility are compelling many US companies to find new ways of better matching their revenue streams with costs, and issuing euro-denominated debt is one way of helping them to do so. Other reasons for the growing presence of reverse Yankees include (Match the definition with the right reason) :

Column A
1.	Corporate yields in the eurodenominated market remain low due to loose European Central Bank (ECB) policies in response to low inflation and growth concerns in recent years. The low, and in many cases negative, core government yields have pulled down corporate yields, meaning that average corporate funding rates in the euro market remain meaningfully lower than in the U.S. In short, U.S. companies can issue debt with lower coupons than they could by staying at home in the dollar market:	Corporate yields in the eurodenominated market remain low due to loose European Central Bank (ECB) policies in response to low inflation and growth concerns in recent years. The low, and in many cases negative, core government yields have pulled down corporate yields, meaning that average corporate funding rates in the euro market remain meaningfully lower than in the U.S. In short, U.S. companies can issue debt with lower coupons than they could by staying at home in the dollar market
2.	The presence of the ECBs monthly quantitative easing bond purchases increases overall demand in the market relative to supply. This has squeezed corporate spreads, boosting the euro markets appeal for foreign issuers. Additionally, many U.S. companies are able to issue via their European subsidiaries, meaning their bonds are eligible for inclusion in the ECBs corporate sector purchase program (CSPP), which restarted again as part of the ECBs monthly quantitative easing purchases.:	The presence of the ECBs monthly quantitative easing bond purchases increases overall demand in the market relative to supply. This has squeezed corporate spreads, boosting the euro markets appeal for foreign issuers. Additionally, many U.S. companies are able to issue via their European subsidiaries, meaning their bonds are eligible for inclusion in the ECBs corporate sector purchase program (CSPP), which restarted again as part of the ECBs monthly quantitative easing purchases.
3.	Crosscurrency basis swaps are financial instruments that companies can use to convert the proceeds from a bond sale in one currency into another. The rate that companies can swap euros back into dollars cheapened in 2019, which adds to the attractiveness of accessing the low rates in the euro market, particularly for companies not necessarily requiring euro funding.:	Crosscurrency basis swaps are financial instruments that companies can use to convert the proceeds from a bond sale in one currency into another. The rate that companies can swap euros back into dollars cheapened in 2019, which adds to the attractiveness of accessing the low rates in the euro market, particularly for companies not necessarily requiring euro funding.