What is the difference between REDM and MCAL?

Both repay the whole issue. REDM happens at the scheduled final maturity date. MCAL happens earlier, because the issuer exercised a call right.

Which events redeem only part of an issue?

PCAL reduces every holder’s nominal by the same proportion. PRED repays principal through a lower pool factor without changing the nominal. DRAW repays particular bonds chosen by lottery.

Why would a REDM be CHOS?

Usually because the issuer offers a choice of payment currency. Some structured notes are repaid in shares instead of cash, which appears as a SECU option rather than a choice.

Corporate action events

REDM: Final Maturity

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

REDM announces the redemption of an entire issue at its scheduled final maturity date. Holders are repaid, usually in cash, and the whole position is debited. It is mandatory, unless holders may choose the payment currency.

Code: REDM
Usually announced as: MAND (CHOS with a currency option)

What REDM means

Every dated bond, note or fixed-term fund ends with a REDM. On the maturity date the issuer repays the principal, normally at par, and the security ceases to exist. The cash per holder is the eligible nominal times the redemption price.

The ECB SCoRE rulebook and Clearstream list REDM as MAND with CASH, as MAND with SECU for reverse convertibles and equity-linked notes (repaid in shares), and as CHOS when a currency option is offered. The SGX guide also lists a REDM with choice.

When you see it

In an MT564 ahead of the maturity date, with the record date and payment date, and usually a separate INTR for the last coupon.
REDM vs MCAL: MCAL is a full early redemption, before maturity. REDM vs PCAL and PRED: those repay part of the issue. REDM vs DRAW: a drawing repays bonds selected by lottery. REDM vs EXTM: an extension moves the maturity date instead.

What to do next

For MAND, no instruction. Block or stop new sales for settlement after the record date and check that loans and repos on the bond are closed.
For CHOS, instruct the currency before the response deadline, or the default currency is paid.
On the MT566, reconcile the debit of the whole position and the cash (:19B::PSTA). Any remaining position after the payment date is a break to investigate.

Where it appears in MT and ISO 20022

MT (ISO 15022)

MT564 sequence A (GENL), :22F::CAEV//REDM with :22F::CAMV//MAND or //CHOS
MT566 sequence A, :22F::CAEV//REDM; D1 for the securities debit, D2 for the cash

MX (ISO 20022)

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

Questions

What is the difference between REDM and MCAL?: Both repay the whole issue. REDM happens at the scheduled final maturity date. MCAL happens earlier, because the issuer exercised a call right.
Which events redeem only part of an issue?: PCAL reduces every holder’s nominal by the same proportion. PRED repays principal through a lower pool factor without changing the nominal. DRAW repays particular bonds chosen by lottery.
Why would a REDM be CHOS?: Usually because the issuer offers a choice of payment currency. Some structured notes are repaid in shares instead of cash, which appears as a SECU option rather than a choice.