(Bloomberg) -- European bond sales have already hit a record this week at more than €108 billion ($118 billion), and there’s still two days of issuance to go.

More than half of this week’s sales in the primary market, equivalent to €65 billion, have come from public sector borrowers — known as SSAs — with bumper offerings from Spain, Italy and the European Financial Stability Facility, according to data compiled by Bloomberg. Financial firms have raised €31 billion and other companies nearly €12 billion.

Borrowers are rushing to take advantage of supportive market conditions and strong investor demand, resulting in record order books for government debt. Mandates have continued to trickle in for further sales that are likely to surface on Thursday and Friday, including a €3 billion deal from the Republic of Ireland.

Read more: Europe Debt Demand Smashes Records in Busiest Day of Sales

“The reality is rate cuts possibly won’t happen as fast as people expect and in the mean time, issuers just need to start taking care of their funding programs for the year,” said Marco Baldini, global head of investment-grade syndicate at Barclays Plc.

The previous record was set in the equivalent week last year with almost €100.85 billion, according to data compiled by Bloomberg. Borrowers often come to the market in early January to get a head start on new annual funding plans, while investors have money to spend that’s built up over the quiet end of the previous year.

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