Thomas Cook Group Plc, the 172-year- old U.K. tour operator, started marketing a sale of 525 million euros ($676 million) of bonds as part of a package to refinance the equivalent of $2.4 billion of debt.
The cost of credit-default swaps insuring debt of Xstrata Plc is slumping amid speculation the contracts won’t cover new debt now the mining company has completed its merger with Glencore International Plc.
Hellenic Petroleum SA increased the size of its debut bond while Greek refrigerator equipment supplier Frigoglass SA is also planning its first note sale, as investors seeking riskier assets boost demand for securities from Europe’s most indebted nation.
Goldman Sachs Group Inc. is telling investors to buy European bank stocks for the first time in more than 16 months. Bond buyers are taking the opposite view on concern that policy makers will fail to staunch the debt crisis.
The cost of insuring against losses on European government bonds fell on speculation pressure from euro-region central bankers will force Ireland to accept an international bailout that would calm markets.