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Sumitomo Mitsui to redeem £250 million fixed to floating securities
By Wendy Van Sickle
Columbus, Ohio, Nov. 27 – Sumitomo Mitsui Banking Corp. will redeem all £250 million of its outstanding fixed- to floating-rate perpetual preferred securities issued on July 18, 2008, according to a notice.
The special event redemption date is set for Jan. 25.
The securities qualify for a special event redemption because they are scheduled to be excluded from the issuer’s core capital due to the expiration of a transitional arrangement.
The securities have a 10.231% dividend rate until January 2029 and a floating rate thereafter.
Sumitomo Mitsui is a Tokyo-based financial services company.
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