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Larisa Mora-Aguila, Mexico's deputy director of public debt office, said that four members of Latin American trade bloc Pacific Alliance plan to issue a catastrophe bond with assistance from The World Bank Group, Artemis.bm reported citing LatinFinance. Juan Manuel Santos, president of Columbia, said that by issuing cat bonds, the Pacific Alliance members could benefit from a replacement for insurance, as well as disaster relief financing. The cat bond could be issued by January 2018, Mr. Santos said.