The second Mexico multi-cat securitization was launched at the end of 2012 to provide reinsurance for the Fund for Natural Disasters (FONDEN) – established by the Mexican federal government as a disaster fund for the poor, which also finances disaster-damaged infrastructure. This three-year bond had a series of tranches covering earthquake or hurricane, each to be triggered by parametric “cat-in-a-box” structures. For one hurricane tranche, this was based on the central pressure of a storm passing into a large “box” drawn around the Pacific coasts of Mexico and Baja California, with the length of the box spanning well over a thousand miles. With a “U.S. National Hurricane Center (NHC) ratified” hurricane central pressure in the box of 920 millibars (mb) or lower there would be a 100 percent payout or $100 million; for a central pressure of 932 mb to 920 mb a 50 percent payout of $50 million.