With much lower interest rates in EUR than in USD it should be meaningful to borrow the former instead of the latter. Indeed, as reported by various sources (Bloomberg and Reuters for example), EUR-denominated debt is increasingly more popular than the one denominated in USD. But why are investors borrowing in USD at all?
The only point that seems to partially address this point is about liquidity. But the extremely high liquidity of the EURvsUSD makes the objection unconvincing; indeed, why not borrow EUR, change it to USD, and purchase oil/steel/candies with the latter?
Another point might be to avoid exposure to an "unconvincing" carry trade?
Apologies if the question does not fit the scope of the website.
Thank you for your time!