Holiday Operator Rethinks Oil Hedging Strategy

Kuoni Travel Holding is considering reducing its use of option collars to hedge its exposure to oil prices for the coming holiday season.

  • 08 Apr 2005
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Kuoni Travel Holding is considering reducing its use of option collars to hedge its exposure to oil prices for the coming holiday season. Marcus Bieri, head of the treasury competence centre in Geneva, said the collars, in which Kuoni sells puts to finance long call positions on oil, limit the corporate's gain if oil prices fall so it is considering other strategies. The group has also used swaps to manage its exposure to fuel prices. Kuoni owns two airlines.

Bieri noted the group will wait until the end of the month before making its decision because he hopes oil prices will drop by the end of the month. "Everyone's in the same boat," he noted, adding Kuoni was not in a hurry to adopt a new strategy.

  • 08 Apr 2005

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