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请问精打细算:银行6.50% 5-Year Rate Reset Preferred Share投资的利弊?

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鲜花(26) 鸡蛋(0)
发表于 2008-11-29 16:54 | 显示全部楼层 |阅读模式
老杨团队,追求完美;客户至上,服务到位!
现在,由于全球经济不好,股市和基金投资的风险大,大家都在寻求比较稳妥的投资途径, 要相对安全,收益又高于银行利率。最近,加各大银行通过IPO都有出售6.25% ~ 6.50% 5-Year Rate Reset Preferred Share。请问:这种投资的利弊?好像其回报要明显大于基金GIC不过这种Preferred Share是一种股票,其风险比基金和GIC都大。
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[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
鲜花(26) 鸡蛋(0)
 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:
1 Z3 `) N! v( K  x- n7 iSUMMARY OF THE OFFERING0 Z  A, X4 S" V$ E' C
This summary is qualified by the detailed information appearing elsewhere in this short form prospectus. For adefinition of certain terms used in this summary, refer to ‘‘Details of the Offering’’.8 K+ Q7 e/ ~) H
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.% M& d! F. `& B8 j# W0 U. W2 C% G
Amount: $150,000,000 (6,000,000 shares).: [3 h2 b. ]9 a! g; T5 R; o0 J# z
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
- V# n' _  F6 L& i7 M1 I( H8 r) b  aPrincipal Characteristics of the Preferred Shares Series 185 O. l6 O0 ?% O
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
* a* Q; b; `6 ]- Wnon-cumulative preferential cash dividends, as and when declared by the8 f) b& c1 Q0 p( A+ N% B
Board of Directors, subject to the provisions of the Bank Act, for the initial
: s8 Z9 ~) v/ \# g1 Lperiod commencing on the closing date and ending on and including! l9 j- S. {! \0 n4 }' d
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the" S4 P4 X  S) J* @, L  G
25th day of February, May, August and November in each year, at a rate
, q0 U, ?6 ?$ d% y2 Yequal to $0.40625 per share. The initial dividend, if declared, will be payable6 [' E" Y2 Q& V1 {! b0 s# e
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
8 J2 R; x9 h& A8 L4 v  k) h$ bdate of December 11, 2008.2 e- Y& h' d( q4 z) l
For each five-year period after the Initial Fixed Rate Period (each, a
! U  v) v4 W- E1 }3 _7 Y  P. S6 w‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares0 _' R- U% R4 X  z; ]
Series 18 will be entitled to receive fixed non-cumulative preferential cash
$ o  C# ~/ V# s. b4 sdividends, as and when declared by the Board of Directors, subject to the
5 i# x6 \+ B$ X) M0 `2 vprovisions of the Bank Act, payable quarterly on the 25th day of February,0 d2 a' L+ F6 O& t
May, August and November in each year, in the amount per share per annum' c2 p4 K4 h/ W& s. H
determined by multiplying the Annual Fixed Dividend Rate applicable to: M! g6 u3 c$ i3 N
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend5 a$ `; I1 R+ j9 E. }5 e
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
+ ^# F. `$ u2 O, i1 Z+ }Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day* U- I% {0 B$ s# s
of such Subsequent Fixed Rate Period and will be equal to the sum of the# W8 {8 p- ?8 J: K4 f, _$ w
Government of Canada Yield on the applicable Fixed Rate Calculation Date
+ v& H6 R9 F) Z& t5 t3 G( e2 i5 ^! yplus 3.83%.2 J- j. C! i( C4 n! M0 {
If the Board of Directors does not declare a dividend, or any part thereof, on
+ f5 [5 G% {2 W: G+ @the Preferred Shares Series 18 on or before the dividend payment date for a
4 K6 s- Q/ M( \- C) s' ?- lparticular quarter, then the entitlement of the holders of the Preferred) J& m* I/ R9 X) ~" e& c
Shares Series 18 to receive such dividend, or to any part thereof, for such# U/ W" m( J, R3 E6 Y
quarter will be forever extinguished.4 E  w- G$ U6 \( l3 h! s& l; v
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
8 L& c6 l' t7 |" B3 c( ISuperintendent and to the provisions described below under ‘‘Details of the
0 g  \' d$ M5 \, q+ I! s; K; COffering — Certain Provisions of the Preferred Shares Series 18 as a! G8 w% ?: w3 \
Series — Restrictions on Dividends and Retirement of Shares’’, on  B( V* L. \# X: W$ V: D9 q9 @$ j
February 25, 2014 and on February 25 every five years thereafter, on not7 h  f1 B* f# J* @2 L8 K
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any0 u# j- }- F2 @8 t# X
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
% Z. f5 I, p8 o/ T9 jwithout the consent of the holder, by the payment of an amount in cash for0 T" E1 U( e% l1 B: _- _* m: d% c
each such share so redeemed of $25.00 together with all declared and unpaid
6 Q8 X7 R3 M6 I5 [; F! p2 q: \) i) U( tdividends to the date fixed for redemption.7 a" ~1 S9 d& w9 g: a$ Q
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
* j. Y7 b. Q8 O9 Y7 g  G( o2 hShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
' y3 P+ c1 V5 ]; Uthe right, at their option, to convert, on February 25, 2014 and on
# x# o" }, |) |S-4/ K2 S2 V6 p) m7 |' J
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
7 B9 j* A4 y/ }or all of their Preferred Shares Series 18 into an equal number of Preferred
- ^# `" ]9 g4 |Shares Series 19 upon giving to the Bank notice thereof not earlier than7 l6 t1 B& Q! H- X
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day& a  T* l5 t. N( _# z& y
preceding, a Series 18 Conversion Date.4 {1 K' {% _' I( s
Automatic Conversion If the Bank determines, after having taken into account all shares tendered1 P0 I# W% o% c$ f. \# A5 w: i
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares/ r" ?9 v# T( P' ^/ o
Series 19, as the case may be, that there would be outstanding on such
+ v0 u" ?, S/ l4 l2 m+ n7 n! uSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,' S( J' e) W8 q
such remaining number of Preferred Shares Series 18 will automatically be
8 n, H$ r) N  R( Q* ]converted on such Series 18 Conversion Date into an equal number of
! B) @7 ~9 s1 l4 c/ h* Z) uPreferred Shares Series 19. Additionally, if the Bank determines that, after3 z% s/ W4 c0 [) y, X
conversion, there would be outstanding on such Series 18 Conversion Date8 @& i0 W7 _6 m/ F* Z
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
: K! S. d) Y! k. Y! mSeries 18 will be converted into Preferred Shares Series 19.1 ?" ~0 C3 v: n6 ^: M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& W4 n2 |; H4 tSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
) {1 ]; u- V( Y8 a# p0 Fany meeting of the shareholders of the Bank unless and until the first time at
1 K- I& t5 V" Q2 E) v/ ~: xwhich the Board of Directors has not declared the whole dividend on the% g2 ^7 k* V: f: r) m; P8 A* v
Preferred Shares Series 18 in any quarter. In that event, subject as4 f- g: m0 Q7 [
hereinafter provided, the holders of Preferred Shares Series 18 will be2 H0 Q+ Y9 L9 o5 G. v
entitled to receive notice of, and to attend, meetings of shareholders at which
+ w" b) E9 P6 Q" `5 Ndirectors of the Bank are to be elected and will be entitled to one vote for- P# F- j3 ]3 [& o8 A/ r9 ]8 _
each Preferred Share Series 18 held. The voting rights of the holders of the  @; [+ N0 H& ~! G6 \' d. A
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
8 q3 K( r# G7 U& s1 g; f: Kthe first dividend on the Preferred Shares Series 18 to which the holders are# b, h2 Q8 f- {$ }9 }
entitled thereunder subsequent to the time such voting rights first arose until' U/ n* s% h* C0 |' E6 Z8 f& ?8 Q
such time as the Bank may again fail to declare the whole dividend on the+ g2 F5 D. ^9 Z
Preferred Shares Series 18 in respect of any quarter, in which event such) H! s, ?1 N8 Z% V( Z5 A5 ^2 G
voting rights will become effective again and so on from time to time.
' H* v: E7 g, V2 m0 G" ?, XPrincipal Characteristics of the Preferred Shares Series 19, w; c$ O/ w$ r! \: \4 o
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive# X5 n  m- [8 `8 y! _
floating rate non-cumulative preferential cash dividends, as and when
8 H; g. Y6 f& D: v% d) `! hdeclared by the Board of Directors, subject to the provisions of the Bank Act,
( c+ O% s8 [+ Jpayable quarterly on the 25th day of February, May, August and November
3 B2 @! z/ |( j, T) f- Vin each year, in the amount per share determined by multiplying the
  N; f4 f7 E& Sapplicable Quarterly Floating Dividend Rate by $25.00.8 P' z, T6 j3 U% W, w
On the 30th day prior to the commencement of the initial quarterly dividend
; D; z' h0 P: F9 [  n& [7 Bperiod beginning on February 25, 2014, and on the 30th day prior to the first
+ f; s% s9 H) _7 G% M6 fday of each subsequent quarterly dividend period (the initial quarterly
+ @% U- q, E; Adividend period and each subsequent quarterly dividend period is referred to
5 G- p  \8 x8 v5 Kas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the, ^# G9 Y. V& A. ^0 C! H& R7 B8 Z" F
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
) N# Q7 p+ ?; d% P* G5 l" WPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the1 q( D! b3 y( W) c
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
" Z+ ^( E1 {! [elapsed in the applicable Quarterly Floating Rate Period divided by 365)
, o# R' I  n  }7 edetermined on the 30th day prior to the first day of the applicable Quarterly$ Z  x6 y4 z8 i" v0 H" x( ^4 B! d
Floating Rate Period.
& Z4 \; d/ b7 u6 @0 Q% nS-5
3 @' |% {4 F1 J; g4 O- a" _+ }If the Board of Directors does not declare a dividend, or any part thereof, on
6 X% K. Y+ ?  v$ N  |5 [1 a7 athe Preferred Shares Series 19 on or before the dividend payment date for a
, l. V* k: F! `, @particular quarter, then the entitlement of the holders of the Preferred
( j: |) \* f; ZShares Series 19 to receive such dividend, or to any part thereof, for such9 q8 d5 I) O& E' E0 E  j
quarter will be forever extinguished.3 [. \7 Q8 P% F8 X! ~2 ~1 S, x
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ ^3 k! P$ k8 kSuperintendent and to the provisions described below under the heading
* z3 O$ Q: Z! k0 T/ I4 Y" _‘‘Details of the Offering — Certain Provisions of the Preferred Shares$ J& q! r; g+ f
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
6 w" n3 @' l0 a+ s0 W8 {on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
9 X- I4 F- D  v  Uor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
' y# D5 k% C' M5 d! E( P! roption without the consent of the holder, by the payment of an amount in: E$ }1 H+ ]. ~6 E" v: N) G
cash for each such share so redeemed of (i) $25.00 together with all declared9 Q8 y+ t) Q( C( J- v! E
and unpaid dividends to the date fixed for redemption in the case of
0 H- R9 o- e$ c7 K" ^( U+ X* y( Dredemptions on February 25, 2019 and on February 25 every five years5 t( D; ~" a% M8 G" O0 a+ ~1 U
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to$ o6 b7 [* X( D" F$ P, `+ H
the date fixed for redemption in the case of redemptions on any other date0 X, J7 Q0 s1 W/ F) G# D: e
on or after February 25, 2014.
' n& v1 y  p5 c: ^( K' A& M. ?Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic6 K3 R) V+ d6 Q' u' p
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
% [+ ~8 A4 ?: t) U7 _0 D4 {( {5 Kthe right, at their option, to convert, on February 25, 2019 and on+ @. Z5 {" A- @2 U, C& T7 A1 @
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any2 v# R: P+ M% W9 E( S8 Z( H# A
or all of their Preferred Shares Series 19 into an equal number of Preferred
0 v' M8 X. [: L8 v% VShares Series 18 upon giving to the Bank written notice thereof not earlier3 j. G, G: {- f
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the' H- l! k: t, M$ V. q7 ]
15th day preceding, a Series 19 Conversion Date.
" a, z: y* c8 R! M* |Automatic Conversion If the Bank determines, after having taken into account all shares tendered- e$ D) d2 F% Z( g6 E8 J  H* L
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
8 I7 n7 Y6 i* R7 L$ ?* SSeries 18, as the case may be, that there would be outstanding on such4 `- P* ^- C1 u# }& W& ^6 [# S
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
4 u/ P. d3 J- `* l4 O! d% [* Dsuch remaining number of Preferred Shares Series 19 will automatically be' ?, W2 H" H/ l+ D
converted on such Series 19 Conversion Date into an equal number of0 u/ ~$ H- m) h0 _+ I8 w* Q8 m
Preferred Shares Series 18. Additionally, if the Bank determines that, after2 n4 `# U* M. K, r* `! e
conversion, there would be outstanding on such Series 19 Conversion Date
+ I4 F; r- f3 E6 }' lless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
6 b, H4 m  L8 t3 g! b3 CSeries 19 will be converted into Preferred Shares Series 18.
. @2 Z4 M* o% z0 G# m# K$ J$ qVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares+ @! n, Q8 {% i9 l/ c
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
* F' Z7 j8 x; X; oany meeting of the shareholders of the Bank unless and until the first time at
7 U/ u4 \# N6 X1 P7 |; Iwhich the Board of Directors has not declared the whole dividend on the
' Q$ d  b7 ~0 Y, a) v* \6 W  @Preferred Shares Series 19 in any quarter. In that event, subject as& \" [  q% f, P# E: w* \. ^
hereinafter provided, the holders of Preferred Shares Series 19 will be5 _2 X, F; A( r& |  ^* P- F: L) K
entitled to receive notice of, and to attend, meetings of shareholders at which
; B; n' W5 d7 ~# Ndirectors of the Bank are to be elected and will be entitled to one vote for9 _% M" K6 t# J) S1 r) I8 S7 }8 Q
each Preferred Share Series 19 held. The voting rights of the holders of the
8 V, i7 u3 I- ?" wPreferred Shares Series 19 will forthwith cease upon payment by the Bank of. e6 b# s( p$ O4 ?7 Z6 _& {6 o9 V8 N/ u
the first dividend on the Preferred Shares Series 19 to which the holders are
% H4 c' v7 [( F0 @; |& j% h  kentitled thereunder subsequent to the time such voting rights first arose until9 i, j) O; c5 I& F+ Y+ e% @# o
such time as the Bank may again fail to declare the whole dividend on the
5 [1 W$ p8 a  R9 SPreferred Shares Series 19 in respect of any quarter, in which event such
  m+ a2 e/ y1 [* L8 x% }- Dvoting rights will become effective again and so on from time to time.! T& `) z, @# ~. D# A
S-6
  z3 A! \3 V2 A1 T, UPriority: The preferred shares of each series of the Bank will rank on a parity with
) |& ^0 l1 D+ S; ~- eevery other series and are entitled to preference over the common shares of7 t! L" @3 r$ ?; u% n
the Bank and over any other shares of the Bank ranking junior to the
' ?9 m, N4 e$ e$ Z6 {% q' xpreferred shares with respect to the payment of dividends and upon any1 [2 i) ~/ a/ k9 _/ b  g% l
distribution of assets in the event of the liquidation, dissolution or
; ?# f1 S* X0 R8 f9 K0 lwinding-up of the Bank.
' i2 ~7 Y7 ?* ]8 D# q" Y7 ~Tax on Preferred Share The Bank will elect, in the manner and within the time provided under' h! H& Z/ C5 R+ d( m( a2 p/ T3 A
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
! k! S1 t+ _! e( ^/ ~Series 18 and Preferred Shares Series 19 will not be required to pay tax on  {; L( _# l2 C- B& p( ~. B! I
dividends received on such shares under Part IV.1 of such Act.
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 17:42 | 显示全部楼层
算了吧, 有空出来,给你介绍几个安稳的选项。: a. M: Q) O. q4 {# e4 \2 c+ q
今天讲座如何?
鲜花(26) 鸡蛋(0)
 楼主| 发表于 2008-11-29 17:48 | 显示全部楼层
老杨团队 追求完美
今天讲座不错,受益匪浅,谢谢。下次有你的投资讲座,一定参加。
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
+ |! E' B: _4 v! g# s$ M1 Y
/ }' h4 ?& M3 j/ X8 q) s6 ?
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。0 [0 N( {9 z" i4 B! v4 e* J
8 n! U# s8 I8 }' f
call me.. 780 6699880 转101
鲜花(26) 鸡蛋(0)
 楼主| 发表于 2008-11-29 18:47 | 显示全部楼层
周三下午看情况,我有你的电话,有空的话,我再和你联系。
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