When the New Zealand Rugby Union was working with the country's government to secure its bid for the 2011 rugby world cup, it turned to the New Zealand Debt Management Office (NZDMO) for help. The country's treasury guidelines stipulate that government departments should hedge foreign exchange exposures as soon as they become reasonably clear. So, when the tournament management vehicle expected to make a number of payments to the International Rugby Board in UK sterling, the NZDMO and its
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