西太银行private banker 去年年终 给我死推这个债券，说 保本的 每年3。8%的回报 除非银行破产 否则 本金利息会还你 当时发行的时候 100 买入的 现在跌了20% 了 。 我想问下 这种 银行债券 保本 么 会不会 到时候债券变股权， 本金不还我了？
有没有厉害的大神可以指导下？感觉他忽悠我买的时候完全没和我说清楚 我可以去告他么
Private Wealth would like to provide you with the opportunity to participate in the announced offer of CommBank “PERLS XII” Capital Notes. (“PERLS XII”).
Private Wealth are offering the opportunity to participate in this issuance to persons who are 'wholesale clients' as defined under section 761G(4) of the Corporations Act 2001 (Cth).
This morning, Commonwealth Bank of Australia (ABN 48 123 123 124) (“CBA” or “Issuer”) announced an offer of PERLS XII (“Offer”), which are fully paid, perpetual, subordinated, unsecured notes issued by CBA that are expected to be quoted on the ASX. CBA intends to raise approximately A$750 million, with the ability to raise more or less. PERLS XII offer a margin expected to be between 3.00% and 3.20% per annum and will be determined through the Bookbuild.
The Offer is being made pursuant to the CommBank “PERLS XII” Capital Notes Prospectus dated 9 October 2019 (the “Prospectus”), which contains full details about the Offer and should be read in its entirety (particularly the investment risks set out in Section 4) before deciding whether to apply for an allocation. You can access the Prospectus here.
Terms defined in this email have the same meaning as the terms defined in the Prospectus unless stated otherwise.
KEY POINTS OF THE OFFER
Issuer
• Commonwealth Bank of Australia (ABN 48 123 123 124)
Security
• PERLS XII are fully paid, perpetual, subordinated, unsecured notes issued by CBA.
• PERLS XII terms are complex and include features to comply with regulatory capital requirements which Australian Prudential Regulation Authority (APRA) applies to these securities.
Offer size
• Approximately A$750 million, with the ability to raise more or less
Use of proceeds
• The Offer raises Tier 1 Capital to satisfy CBA’s regulatory capital requirements and maintain the diversity of CBA’s sources and types of funding.
• The net proceeds of the Offer will be used to fund CBA’s business.
Face Value
• Initial Face Value is A$100 per PERLS XII but may be reduced following a Capital Trigger Event or Non-Viability Trigger Event (whereby the notes may be converted to ordinary CBA equity)
Minimum Application
• Applications must be for a minimum of 50 PERLS XII (A$5,000).
• If your Application is for more than 50 PERLS XII, you must apply in multiples of 10 PERLS XII (A$1,000) thereafter.
• Further information can be found in Section 6.2.1 of the Prospectus.
Term
• PERLS XII are perpetual, which means they have no fixed maturity date and if not Exchanged or Redeemed could remain on issue indefinitely, in which case you would not receive your investment back.
• CBA must Exchange PERLS XII into Ordinary Shares on the Mandatory Exchange Date (20 April 2029) (subject to the Maximum Exchange Number and Mandatory Exchange Conditions), and may, at CBA’s option, Redeem or procure a Resale of PERLS XII on the Call Date, or Exchange or Redeem earlier on the occurrence of certain events (subject to APRA approval).
Optional early Redemption
• Subject to certain conditions including prior written approval from APRA, CBA may redeem some or all of PERLS XII:
○ on the Call Date 20 April 2027; or
○ after the occurrence of a Tax Event or Regulatory Event
• Further details can be found in Section 2.2 of the Prospectus.
Automatic Exchange
• CBA must Exchange some or all PERLS XII into CBA Ordinary Shares where a Capital Trigger, Non-Viability or Change of Control Event occurs.
• Exchange on the occurrence of a Capital Trigger Event or Non-Viability Event is not subject to the Mandatory Exchange Conditions being satisfied and the Terms provide that Exchange occurs automatically.
• Further details can be found in Section 2.3 and 2.4 of the Prospectus.
Distributions
• Distributions are discretionary and subject to the Distribution payment conditions being satisfied.
• PERLS XII are scheduled to pay floating rate distributions commencing on 15 March 2020, thereafter quarterly, in arrears until all PERLS XII are Exchanged or Redeemed.
• The Distribution Rate is calculated using the following formula: Distribution Rate = (Market Rate + Margin) x (1 – Tax Rate)
• Market Rate is the 3 month Bank Bill Swap Rate (BBSW)
• Distributions are expected to be fully franked
• Distributions are discretionary and non-cumulative, which means that if a Distribution has not been paid on a Distribution Payment Date then CBA has not made for any reason, CBA has no liability to pay that unpaid Distribution. Failure to pay a Distribution is not an event of default.
• Further details can be found in section 2.1 of the Prospectus.
Margin
• The Margin is expected to be between 3.00% to 3.20% p.a. and will be determined through the Bookbuild.
ASX quotation
• CBA will apply for quotation of PERLS XII on ASX. It is expected that PERLS XII will be quoted under code ‘CBAPI’
Risks
• There are risks associated with an investment in PERLS XII and you should consider whether they are a suitable investment for you. Investments in PERLS XII are an investment in CBA and may be affected by the ongoing performance, financial position and solvency of CBA. They are not deposit liabilities or protected accounts of CBA under the Banking Act. PERLS XII are subordinated and unsecured liabilities. In a winding up of CBA, there is a risk that you may lose some or all of the money you invested in PERLS XII.
• You should read Section 4 “Risks of CommBank PERLS XII Capital Notes” in full before deciding to invest in PERLS XII.
• In particular, CBA is subject to extensive regulation and an environment of political scrutiny, which could adversely impact its operations and financial condition (refer section 4.3.1). CBA may also be adversely affected by damage to its reputation (refer section 4.3.2).
评论
严格按照ASIC的规定，澳洲任何金融单位绝对不可以提到任何投资产品包括定期存款是保本的。就是说，capital guarantee.如果你有实锤，sales和你说过是保本，那绝对wrong information.
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In a winding up of CBA, there is a risk that you may lose some or all of the money you invested in PERLS XII.
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或者也许和你说的是保证每年利息是这些，但是没有risk disclosure,也是不对的。因为如果发售产品的企业如果出现问题，利息也是无法保证的。如果你们有邮件往来，recorded line records..你可以先投诉到银行compliance team,但是估计会来来回回折腾一下，下一步可以ASIC.但是一定要有evidence显示银行给你提供了inaccurate information导致你的理解有偏差，甚至有可能受到诱导（个人猜测哦，需要看你和银行之间的真实的沟通是什么)，才投资了这个产品
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3.8%不是很高啊。
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3.8%的澳元债券也买？美元债券没超过8%都没有什么买的必要…除非抄底…
你买CBA债券还不如买个苹果债券呢
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Term
• PERLS XII are perpetual, which means they have no fixed maturity date and if not Exchanged or Redeemed could remain on issue indefinitely, in which case you would not receive your investment back.
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你只要持有，就能还本付息，不用考虑价格变化。
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多少年的债券？
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不懂的別買...
理專的話也不能聽
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持有到期就行了
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他和我见面说的 这是 联邦银行的债券 除非银行倒闭 否则 是固定回报 风险很小 他说除非银行倒闭否则是保本的 到期后本金还我
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是 2027 on call 我的债券 会变股权吗 有点 担心 或者到期 不还
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好像到 2027 当时和我说这债券价格不大会动 一顿忽悠
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你得意思 只要 持有到 mature 那天就不会本没有？ 那现在才 80 不是该再买进么
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债券就是这种nature，说的没问题。
你的债券无论现在价格多少都不影响maturity的价值，不过这么低息，100元的债你的确是被银行坑了，卖债券银行都有业务目标旱涝保收，而且你这个买的价格银行也不会给你挂limit，估计直接market就成交了，而且买卖中介手续费也很高
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他发我的一堆东西 我 说实话看不大懂 因为我这些钱 是有用的 他的 解释是这些是比定期利率高 没有风险 保本的 email 没有说什么 微信有一点 大多数给我打电话 还和我保证
我觉得 他们这样不大对的
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他嘴巴说过 啊 这算石锤吗
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我不看好cba的债，这次的疫情的终点会是银行危机。极端情况cba甚至破产都可能。
债券应该是老手才玩的东西，要玩债也要先从无风险的国债开始。
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但我 看到 mature 条款是 可以 买回去 卖给别 部分或者全部。 四大的债券都是很低的 因为 他们 信用级别 高 aaa 的， 他的意思是 这个除非银行倒闭 否则本金没风险 但如果银行倒闭了 定期也会有风险 没有
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以后记得不要高位买aaa债券…按道理目前这个情况才是加仓aaa债券的时候，因为face value低了，可以抄底，这样平均年化才高
你这个债券到期日什么时候？
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你有录音吗
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他们有业绩压力，当然说的天花乱坠让客户买
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cba 破产 那 其他银行呢？
不都破产了？ 那澳洲都破产了 存的钱也拿不回来啊
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这怎么会有
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我是 还没 on market 得时候买的 那个是私人银行 cba 债券发行的时候 给 wespac 私人银行 卖的 不过 现在 80 很低 啊 如果 80 买进等 到mature 是 还你 100 吗 这种利率不会变吧 ， 我觉得银行倒闭风险还是低的
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这些话好像没问题
债券到期的时候确实会把本金给你，除非银行破产
但这并不表示在这中间它的交易价值不会波动。
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那怎么能打赢官司？打官司也要钱的。法官一听就笑了。因为没有证据
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In a winding up of CBA, there is a risk that you may lose some or all of the money you invested in PERLS XII.
这里不是写着我说的意思吗？
接下来拆解利率一定是走高的，这也是为什么股市会暴跌的原因。
CBA破产的话，政府接管，会优先保障存款。
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on market 我80元买，到时就还我100。不过又看了一眼，你这个是convertible bond.
那跌倒80完全可以理解，你想当于买了比cba股票风险低一点的股票。我不会去持有。
corporate convertible bond和equity 是一样的，一个是fixed income，另一个是variable dividend income。
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