Daimler has completed its refinancing for 2009 and has started procuring cash for the coming year as well with a recent bond issue, the company’s chief financial officer told German newspaper Boersen-Zeitung.

Bodo Uebber said in an interview the company has begun covering its liquidity needs for 2010, indicating that Daimler will not need to tap debt markets again during the remainder of this year.

Uebber added that the EUR13.4bn (US$19.2bn) in gross industrial cash held at the end of June was more than sufficient, since Daimler only needed about half of this keep its operations running. The company could even maintain its positive free cash flow for the full year, he said.

In a further sign that credit markets have eased up, the Daimler CFO said the cost for debt capital has declined, with the company currently paying 4.5% interest on a five-year bond. By comparison, at the height of the credit and auto market crisis, Daimler was forced to pay a coupon of 9% to borrow EUR1bn (US$1.4bn) for just three years.