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FIFA taps capital markets to cover cancellation risks for 2006 World Cup event.(International)(Federation Internationale de Football Assn.)
Business Insurance, September, 2003
Byline: SARAH VEYSEY ZURICH, Switzerland-The Federation Internationale de Football Assn. plans to turn to the capital markets-rather than traditional insurance companies-to cover the risk of cancellation of the 2006 World Cup tournament. Zurich-based FIFA announced that it will issue bonds worth 350 million Swiss francs ($250 million) to investors this month.
Funds raised in the bond issue would be used only to protect against any losses stemming from the cancellation of the next World Cup, which kicks off in Germany in June 2006, FIFA said in a statement. Once the tournament has been completed, funds will be repaid to investors, noted the governing body of world soccer. FIFA declined to provide additional detail on the structure of the bonds. FIFA said...
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