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Marking a shift in trends since the financial crisis, the growth of U.S.-dollar loans to foreign borrowers outpaced debt securities issuance in 2019, according to the latest data from the Bank for International Settlements (BIS).

The BIS reported that U.S. dollar credit to foreign non-bank borrowers grew by 5% from the previous year to US$12.1 trillion for the year ended Sept. 30, 2019.

Bank loans rose by 6% and debt issuance was up by 4% year over year.

“This represents a notable reversal of the pattern observed during most of the post-great financial crisis period,” the BIS said.

At the same time, the growth of Euro-denominated credit outside the euro area rose by 9% to €3.5 trillion.

Both U.S. dollar and euro credit to emerging market and developing economies (EMDEs) also rose during the year, the BIS reported.

U.S. dollar credit to emerging markets rose by 3% to US$3.8 trillion, and euro credit expanded by 9% to €0.7 trillion, both driven by international debt issuance.