Is INTR always mandatory?

Almost always. The usual flag is MAND with one CASH option. When the issuer lets holders choose the payment currency, the event is sent as CHOS with a cash option per currency and a response deadline; without an instruction the default currency is paid.

What is the difference between INTR, PINK and PRII?

INTR pays interest in cash. PINK pays interest in kind, usually as additional bonds. PRII combined an interest payment with a principal repayment on pool-factor securities in one event; it is no longer in the ISO 20022 seev.031 code list, and the two parts are announced as INTR and PRED.

Where do I see the tax deducted on a coupon?

In the MT566 confirmation, sequence D2: :19B::TAXR is the withholding tax amount and :19B::NETT the net cash. The rate applied is in sequence D, :92a::TAXR. In ISO 20022 the same figures come in the cash movement details of seev.036.

Corporate action events

INTR: Interest Payment

Written and maintained by ZagTrader. Last reviewed 21 October 2026. How this page is sourced and checked

INTR announces an interest (coupon) payment to holders of an interest-bearing security. It is mandatory: holders receive cash on the payment date, unless the issuer offers a choice of currency, in which case the event is sent as CHOS.

Code: INTR
Usually announced as: MAND (CHOS when a currency option is offered)

What INTR means

INTR is the most frequent debt event. The issuer pays interest for an interest period, and each holder on the record date receives the eligible nominal multiplied by the interest rate used for payment. The notification gives the annual rate (:92a::INTR), the rate actually used for this payment (:92a::INTP) and the interest period (:69a::INPE).

The flag is normally MAND with a single CASH option. When holders may choose the currency in which they are paid, the event becomes CHOS with one CASH option per currency, and the instruction deadline matters (ASX ISO 20022 manual, ECB SCoRE rulebook).

INTR also carries negative interest. Under the European SCoRE standards, a negative coupon is processed under INTR as a cash flow from the investor to the issuer.

When you see it

In an MT564 some days before the payment date, often first as a preliminary notice and then replaced when the rate is fixed (floating-rate notes). Key dates are the record date (:98a::RDTE) and the payment date (:98a::PAYD).
Compared with PINK: PINK pays interest in securities instead of cash. Compared with PRII: PRII combined interest with a principal repayment on pool-factor securities; most markets now announce the two parts as INTR and PRED. Compared with CAPI: CAPI adds unpaid interest to the principal instead of paying it.
On the final coupon, INTR is usually announced alongside the redemption event (REDM, MCAL) as a separate event with its own reference.

What to do next

For MAND, no instruction is needed. Check that the eligible balance on the record date matches your books, including bonds on loan or in pending settlement, which may give rise to market claims.
For CHOS with a currency choice, send an MT565 before the response deadline (:98a::RDDT), otherwise the default option applies.
On the MT566, reconcile the posting amount (:19B::PSTA) with gross interest (:19B::GRSS or :19B::INTR), withholding tax (:19B::TAXR) and net amount (:19B::NETT). A difference usually means a wrong rate, a day-count difference or a tax rate that does not match the holder’s status.
Check the withholding tax rate against the beneficial owner’s tax status before the payment date; reclaiming later means a separate TREC process.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT564 sequence A (GENL), :22F::CAEV//INTR with :22F::CAMV//MAND or :22F::CAMV//CHOS
MT564 sequence D, :92a::INTR (interest rate) and :69a::INPE (interest period); sequence E, :92a::INTP (rate used for payment)
MT566 sequence A, :22F::CAEV//INTR; sequence D2, :19B::PSTA, :19B::INTR, :19B::TAXR, :19B::NETT

MX (ISO 20022)

seev.031 CorpActnGnlInf/EvtTp/Cd = INTR (checked in seev.031.001.15), with the flag in CorpActnGnlInf/MndtryVlntryEvtTp/Cd
The same CorpActnGnlInf/EvtTp/Cd = INTR appears in seev.033 (instruction) and seev.036 (movement confirmation)

Questions

Is INTR always mandatory?: Almost always. The usual flag is MAND with one CASH option. When the issuer lets holders choose the payment currency, the event is sent as CHOS with a cash option per currency and a response deadline; without an instruction the default currency is paid.
What is the difference between INTR, PINK and PRII?: INTR pays interest in cash. PINK pays interest in kind, usually as additional bonds. PRII combined an interest payment with a principal repayment on pool-factor securities in one event; it is no longer in the ISO 20022 seev.031 code list, and the two parts are announced as INTR and PRED.
Where do I see the tax deducted on a coupon?: In the MT566 confirmation, sequence D2: :19B::TAXR is the withholding tax amount and :19B::NETT the net cash. The rate applied is in sequence D, :92a::TAXR. In ISO 20022 the same figures come in the cash movement details of seev.036.