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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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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 ]
理袁律师事务所
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:8 P+ W8 \$ W0 N8 y. x0 T; y8 D
SUMMARY OF THE OFFERING
' G$ S* F2 v; i( QThis 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’’.% D3 ~- Y( A! n
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
9 E1 }6 R4 L$ P1 m( q, gAmount: $150,000,000 (6,000,000 shares).
+ c' f2 t% l: M6 RPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
8 K+ K2 R  X- [$ Y+ i% kPrincipal Characteristics of the Preferred Shares Series 18
2 |# e: L: |4 [. \5 F& P" GDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed  z7 D* T) w6 t& E
non-cumulative preferential cash dividends, as and when declared by the
+ ?  Q) V# i. R  b% QBoard of Directors, subject to the provisions of the Bank Act, for the initial+ I0 n3 U6 w  d" b* i. r& b/ |/ I
period commencing on the closing date and ending on and including& I1 I  l$ X& J6 C2 ?7 W" H+ j
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
4 p) j$ U: U( T25th day of February, May, August and November in each year, at a rate3 o+ @' A0 w0 T+ Y# U! p/ ^
equal to $0.40625 per share. The initial dividend, if declared, will be payable; L3 ~8 e9 W' w/ N9 l2 i
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing. Z" A. v. F; Z7 O8 j" D/ o. U
date of December 11, 2008., Q! N# Y/ f, D/ n
For each five-year period after the Initial Fixed Rate Period (each, a
) D' `7 y: Q# `‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares) \" J  @9 r+ o8 h! o' u
Series 18 will be entitled to receive fixed non-cumulative preferential cash
4 p) p6 G) {5 ^$ j; u& {. Ndividends, as and when declared by the Board of Directors, subject to the/ Y7 d2 }# X3 y( `
provisions of the Bank Act, payable quarterly on the 25th day of February,: i% h2 P9 x5 ], Q
May, August and November in each year, in the amount per share per annum
% B# b: o0 U" v% o$ Q; ^determined by multiplying the Annual Fixed Dividend Rate applicable to" `3 _3 C1 ]! m" K5 Q
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
% u3 r  j3 A. v4 h! g4 ~Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
$ L1 F3 k1 U- N/ m- jBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day7 k* w+ ~4 [8 `# g0 o  H
of such Subsequent Fixed Rate Period and will be equal to the sum of the" g# \, O$ H1 d2 j
Government of Canada Yield on the applicable Fixed Rate Calculation Date
' W* o, w! t0 G3 X' Hplus 3.83%.
/ A7 H$ U% S1 _& D; I+ X2 rIf the Board of Directors does not declare a dividend, or any part thereof, on* y1 p% C: Z3 Q$ C
the Preferred Shares Series 18 on or before the dividend payment date for a
; [; A3 K/ h/ D$ w. W# tparticular quarter, then the entitlement of the holders of the Preferred
+ x( o. o7 P  N7 N# XShares Series 18 to receive such dividend, or to any part thereof, for such
' {  m6 z, V2 Bquarter will be forever extinguished.
; O4 O  h& p* `$ A: vRedemption: Subject to the provisions of the Bank Act and to the prior consent of the  m2 ^9 H  W; g& N# `* D
Superintendent and to the provisions described below under ‘‘Details of the7 q! u7 m6 h8 ^' y. g  k
Offering — Certain Provisions of the Preferred Shares Series 18 as a% K# ^' b0 ~3 u. w* T4 n
Series — Restrictions on Dividends and Retirement of Shares’’, on
$ \& ?* l1 M- V! m& U- `' rFebruary 25, 2014 and on February 25 every five years thereafter, on not4 A$ B# l1 u  J6 C, k+ I
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any' F5 s  s# b- }, q
part of the then outstanding Preferred Shares Series 18, at the Bank’s option* b& l2 S/ p0 [* n# r; @: P' u+ n
without the consent of the holder, by the payment of an amount in cash for
% }  R! v5 {: l. ?7 V' D! z4 @  q9 N" |each such share so redeemed of $25.00 together with all declared and unpaid
+ B5 `: {; e) J+ M7 _8 c, Qdividends to the date fixed for redemption.
- T( H* A" F5 @; YConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
! ^& y. A4 e, S0 \8 v) r9 C! bShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
8 l5 ?6 S2 Z$ H8 m, F; s5 Y1 i0 nthe right, at their option, to convert, on February 25, 2014 and on8 |) R0 X; o/ O5 t; T+ W
S-4: _4 D/ ~8 U/ c$ g9 s
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
- _3 M9 t6 H; b0 N8 l7 }) L6 gor all of their Preferred Shares Series 18 into an equal number of Preferred
( [( H% `  N& MShares Series 19 upon giving to the Bank notice thereof not earlier than
$ a% m% t* S. B7 f30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day' D' W/ a* n/ k6 p
preceding, a Series 18 Conversion Date.
7 l6 i& U! W; x1 K, h, V  p& CAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
* U/ M+ s% _! s! h. mProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares+ h. x' @& Y9 E" X3 H
Series 19, as the case may be, that there would be outstanding on such
( w( t( d/ [2 x8 n" qSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
5 n. `7 G! w$ d4 ?: f$ Wsuch remaining number of Preferred Shares Series 18 will automatically be0 N# @, L; @- U8 M
converted on such Series 18 Conversion Date into an equal number of% ?7 t2 d* O5 b) p; z% W1 J: q
Preferred Shares Series 19. Additionally, if the Bank determines that, after
9 g0 O8 G3 _8 w* P# [conversion, there would be outstanding on such Series 18 Conversion Date$ S1 i3 h' y: M' J' S4 Q
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares/ T1 `0 Z; ?0 l9 r& F6 t& k* K
Series 18 will be converted into Preferred Shares Series 19.
- p2 e& m# @. i2 s" _0 S2 r+ [Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 ~% h: P% D3 G" `$ sSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
6 W+ W! B5 z& x) C' v5 @3 B& ]any meeting of the shareholders of the Bank unless and until the first time at
1 g- g- R8 |3 S5 bwhich the Board of Directors has not declared the whole dividend on the  h2 I. x4 {) V9 b
Preferred Shares Series 18 in any quarter. In that event, subject as
$ p6 U. t% I7 g1 s- j* s8 O6 {hereinafter provided, the holders of Preferred Shares Series 18 will be
) l8 U; F4 E- `. a3 W" Centitled to receive notice of, and to attend, meetings of shareholders at which8 T. Q4 T- s/ ^* m/ B
directors of the Bank are to be elected and will be entitled to one vote for" ?! A( T4 X- ^: o
each Preferred Share Series 18 held. The voting rights of the holders of the( ]. G) ^* b2 ?  w  T3 a, j6 C
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of0 m% Z3 a8 J) Q' W2 f4 ]: p( i" N! U
the first dividend on the Preferred Shares Series 18 to which the holders are
: b, @: w: D3 }3 }  uentitled thereunder subsequent to the time such voting rights first arose until
; ]) k- K3 x# g# D( asuch time as the Bank may again fail to declare the whole dividend on the4 f: W+ U" ^. z. V
Preferred Shares Series 18 in respect of any quarter, in which event such
8 v; `8 Z; u4 i8 P0 c2 g) r8 `voting rights will become effective again and so on from time to time.
+ i0 _5 ~: Y. A9 ZPrincipal Characteristics of the Preferred Shares Series 19/ S5 M9 l5 j' V, w* e1 g
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive; u& _' ]& j) D, X- b
floating rate non-cumulative preferential cash dividends, as and when! G0 [& q0 M% e
declared by the Board of Directors, subject to the provisions of the Bank Act,
/ G* B- i0 y- o$ ]payable quarterly on the 25th day of February, May, August and November( E& X" f% Z! j# j% g
in each year, in the amount per share determined by multiplying the/ X* Q& n( R5 u- e/ c; _4 `
applicable Quarterly Floating Dividend Rate by $25.00.; x0 M2 ?7 e7 f+ {3 d0 E
On the 30th day prior to the commencement of the initial quarterly dividend% U1 F# W- g# G! b: B$ J, {( q3 k' ?
period beginning on February 25, 2014, and on the 30th day prior to the first
$ e6 g4 H8 [7 C, N! Z( }' j1 fday of each subsequent quarterly dividend period (the initial quarterly. }0 k8 M+ g/ D' ]3 U0 w
dividend period and each subsequent quarterly dividend period is referred to
6 a$ Z3 i( r$ `9 k* b/ Ras a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
- G4 {0 M- @% rQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
) C, P% `$ J; m0 C4 S6 d; X2 Q$ oPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
1 a! P  _$ a+ _( H& eT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days  F) n. X& ]$ ~7 M( x( E
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
* Y# \! E0 J8 s  ?determined on the 30th day prior to the first day of the applicable Quarterly
! t  f1 \8 |6 a' s7 [( Z- DFloating Rate Period.8 i$ y* J# S; Y4 p1 m
S-53 @+ U: K+ n- u% }" F% j. _
If the Board of Directors does not declare a dividend, or any part thereof, on
% l: m% w5 n- C6 [' othe Preferred Shares Series 19 on or before the dividend payment date for a
% _8 D8 P( Z. o" W4 K& `% D' Yparticular quarter, then the entitlement of the holders of the Preferred
+ ~9 ]/ {; Z- f6 o9 hShares Series 19 to receive such dividend, or to any part thereof, for such
0 \: W* I  s& t1 G5 v3 r6 ]quarter will be forever extinguished.
1 n8 H- h. |& P7 f% c( n$ T+ uRedemption: Subject to the provisions of the Bank Act and to the prior consent of the+ C7 `9 A- ]$ K( x
Superintendent and to the provisions described below under the heading5 I, O5 X+ ~0 I
‘‘Details of the Offering — Certain Provisions of the Preferred Shares: F4 X$ l0 @  _  b/ t, X* D
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,2 O: P3 M8 s. u% v& u. p( a
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all7 O4 S, H! m' I( w
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s& x6 x$ }1 V/ ?; S+ ~; S3 v, Z
option without the consent of the holder, by the payment of an amount in( ^- v  G$ Q$ @
cash for each such share so redeemed of (i) $25.00 together with all declared$ J1 o0 J' a2 T' ?
and unpaid dividends to the date fixed for redemption in the case of5 F) t( {3 g. Q  Z: r  a
redemptions on February 25, 2019 and on February 25 every five years! {  f. Q3 W& {0 p6 E
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
- z6 N) D8 y7 j+ }0 J$ @' Nthe date fixed for redemption in the case of redemptions on any other date
8 z7 S* Z6 S- C$ s1 d$ ]* {/ e. Yon or after February 25, 2014.
+ p  Y  z; G0 n* D. O' ]Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic, l$ ?/ P% n5 [8 _7 V3 `4 h
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have3 E0 i5 Y; x: C
the right, at their option, to convert, on February 25, 2019 and on- Y4 p" c) o& a4 {! l, y
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any& V& ?+ w" [( p0 _* G
or all of their Preferred Shares Series 19 into an equal number of Preferred7 q6 O8 {2 p4 |( B7 N% j4 F
Shares Series 18 upon giving to the Bank written notice thereof not earlier0 \: g4 Z$ [6 C( u' M* j% Q* l6 \& m
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the3 c# ]) d% G2 _9 E! V
15th day preceding, a Series 19 Conversion Date.# j7 x. o7 l" `$ {
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
7 p1 |' }6 q  p  Q; K( oProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
2 B2 p. M& c& }. O% ^+ d; |$ C! ASeries 18, as the case may be, that there would be outstanding on such" @- N1 x' J* V
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,7 w- w* d( j. Y+ w' M
such remaining number of Preferred Shares Series 19 will automatically be9 N" b! G& v# K
converted on such Series 19 Conversion Date into an equal number of  W9 J6 d5 `9 |$ ~
Preferred Shares Series 18. Additionally, if the Bank determines that, after
9 C+ \/ R+ L! ]conversion, there would be outstanding on such Series 19 Conversion Date
" K2 C) v* m5 q- u( ~; Q5 e$ k# j, Lless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares% O& h4 \- M6 {4 E$ t
Series 19 will be converted into Preferred Shares Series 18.
2 t# i/ S  X3 d6 M% VVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: Y: p4 o/ @' V7 z2 F- |; G' O. O; ~Series 19 will not be entitled as such to receive notice of, attend, or vote at,8 N: w; r( p. n
any meeting of the shareholders of the Bank unless and until the first time at( H0 `# E7 i- A5 z4 D' r# H
which the Board of Directors has not declared the whole dividend on the
' b9 W4 C; U) n8 o  l) tPreferred Shares Series 19 in any quarter. In that event, subject as3 ~. C  X/ U3 x- ^1 M2 n
hereinafter provided, the holders of Preferred Shares Series 19 will be2 g9 }2 m( U2 V* {
entitled to receive notice of, and to attend, meetings of shareholders at which
5 c% k' ^" X1 Q0 Z" b! Wdirectors of the Bank are to be elected and will be entitled to one vote for
6 ]2 y0 w6 g9 c5 Z5 E. c. feach Preferred Share Series 19 held. The voting rights of the holders of the
+ ^& \, h  u* e' QPreferred Shares Series 19 will forthwith cease upon payment by the Bank of3 x& `0 k7 I, K3 \  L! v
the first dividend on the Preferred Shares Series 19 to which the holders are; \1 _! R* i- ~8 c/ b5 r8 W
entitled thereunder subsequent to the time such voting rights first arose until5 h7 u5 X' e8 {/ }4 Y+ u
such time as the Bank may again fail to declare the whole dividend on the
, x+ Z$ e( G1 {2 d! Z9 b( X% WPreferred Shares Series 19 in respect of any quarter, in which event such2 b) C1 n% z; S% m4 X
voting rights will become effective again and so on from time to time.
3 l, L4 Y3 Q0 l" n  pS-6( b  P, s6 a" T4 h
Priority: The preferred shares of each series of the Bank will rank on a parity with0 ^' U4 v* g+ a1 p9 p% Y( \4 a
every other series and are entitled to preference over the common shares of" j% v+ A+ M! x: k
the Bank and over any other shares of the Bank ranking junior to the! S5 M8 e' ]" n* ~$ q0 V
preferred shares with respect to the payment of dividends and upon any. F$ @! s( q9 k9 Y/ v+ k1 g
distribution of assets in the event of the liquidation, dissolution or
+ Y/ `  d  {: x5 z: M# ]winding-up of the Bank.# k  [; g( j2 F
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
* Y3 F) y' i- c. d) ^& ?5 V% i" a6 BDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares* X& F5 g1 \! S( T1 D$ K
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
- o$ o/ I, K  {) |5 gdividends received on such shares under Part IV.1 of such Act.
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。3 J/ |" F/ X( c* ^: ^  O
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

- M9 w1 J" F* J0 E; `1 r$ I1 ?7 G& {9 X5 b; L7 Q5 m7 [
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。3 x9 t7 d+ V$ k/ X# r' B

: Y* f. r" E. f0 X) `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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