US-Denominated bonds issued by Europeans

Which yield curve is it exposed to, US or european? How about other factors such as sector/quality spread, etc? TIA

it will be primarily exposed to changes in US yield curve. i.e. currency in which the bond is denominated but there is the concept of country beta which measures the change in domestic yield (European) given a change in foreign (US) intrest rates.

Make sense. How about sector spread, quality, liquidity spread, are they more exposed to US market as well?

sector spread, quality spread and others will all be measured with respect to the bond’s domestic currency. and to account for the foreign component, we have the country beta that will account for that.