October 11, 2017 / 5:17 PM / 10 months ago

UPDATE 1-Mexico to get payout from World Bank catastrophe bond in mid-Nov

(Adds World Bank comment)

MEXICO CITY, Oct 10 (Reuters) - Mexico will receive a $150 million payout from a catastrophe bond in mid-November after the devastating Sept. 7 earthquake, the World bank said on Wednesday.

The bank said in a statement that the quake met parameters for magnitude, location and depth, confirming an announcement by Mexico’s finance ministry late Tuesday.

Reuters reported on Oct. 4 that the government expected to receive the funds and that it was looking at placing a new issue.

The World Bank noted that Mexico’s national fund for disaster management would receive the payout.

Mexico was hit by two devastating quakes last month. A Sept. 19 tremor hit Mexico City hard after the more powerful Sept. 7 earthquake struck the country’s south.

Reporting by Michael O'Boyle and Stefanie Eschenbacher; Editing by Christine Murray and Richard Chang

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