Tui aims to further bolster its finances by at least €350 million through a bond offering as the Covid pandemic continues to impact travel.

Europe’s largest travel group said the volume of bonds issued could rise to €400 million.

The bonds will be convertible into new and/or existing ordinary registered shares in the company.

The group said: “Tui intends to use the proceeds from the offering to further improve its liquidity position as the Covid-19 crisis continues and subsequently for the repayment of existing financing instruments.”

Tui has made a series of fund raising efforts including three German state aid packages worth almost €4 billion.

A €500 million shares issue was also proposed in January at an extraordinary general meeting.

The operator last month revealed a reduction in capacity for this summer from 80% to 75% of 2019 levels.

Meanwhile, Heathrow has placed a €500 million bond maturing in 2030, with funds to be used for general corporate purposes “and ensure the airport retains sufficient liquidity for the next 18-24 months”.