The relief in Paul Hollingworth's voice is tangible. The chief financial officer of Thomas Cook is explaining the timing of the UK travel company's successful inaugural bond issue to The Banker. The dual currency euro/sterling deal closed in mid-April, only weeks before the Greek fiscal crisis hit its nadir, sending shockwaves through European debt markets, and just ahead of the UK's inconclusive general election.
Such an uncertain set of economic and political fundamentals would not have been the ideal backdrop for an unrated UK travel company to pull off an inaugural dual euro/sterling bond deal. "We were unknown [to the debt markets], unrated and there were no [price] comparables," says Mr Hollingworth.
