Management at UK foreign exchange group Travelex told investors that it could finance nearly all of its £440m (€730m) Thomas Cook acquisition in cash and equity, alleviating high yield market fears of a large new bond.

Travelex unveiled the purcahse of Thomas Cook's financial services arm Wednesday. High yield analysts and sales officials expected that most of the financing would be in debt. The bond market is starting to recover but too much new issuance too quickly would not be welcome.