Lured by low borrowing costs in Europe, a handful of Chinese companies have raised euro-denominated debt - but analysts warn that issuers' interest in such bonds may not last long.

Quantitative easing in Europe has driven rates to zero and below and weakened the euro. But it has also allowed companies to borrow more cheaply to finance buyout deals or refinance debt.

The Chinese borrowers have been State-owned enterprises. For example, Beijing Infrastructure Investment Co Ltd, which builds the capital's subways, was able to raise 500 million euros ($547 million) at a yield as low as 1 percent.