Old Mutual's Redemption of Perpetual Preferred Securities Is Credit Positive
ISSUER COMMENT INSURANCE FEBRUARY 9, 2017 Old Mutual’s Redemption of Perpetual Preferred Securities Is Credit Positive From Credit Outlook On 1 February, Anglo-South African insurer Old Mutual Plc (Baa3 negative) announced that it will purchase or redeem all £273 million of its £350 million perpetual preferred callable securities at 6.38% that are still outstanding. These securities were cancelledOld Mutual is an international investment, savings, insurance, and banking group. Co. three businesses are Old Mutual Emerging Markets, which distributes products and services to customers through a multi-channel distribution network spanning tied and independent advisers, branches, bancassurance, direct and digital channels, and worksites; Nedbank, which operates an asset management model as part of an integrated wealth management business; and Old Mutual Wealth, which providing advice-led investment solutions and investment platforms to customers, principally in the affluent market segment.
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