It's the second week into the World Cup and Europe has gone soccer mad, but it's done little to alleviate the problems facing future soccer securitizations, said market participants.

Even the recent completion of Fiordilatte (see ASR 5/13 p. 24), the Italian-based public market deal, was not enough to quell the growing apprehension surrounding the future of these transactions. Market participants said that the success of the Italian deal relied largely on its insurance wrap; for many of the deals - particularly the private U.K. transactions - an insurance wrap may not be a viable option.

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