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

yxia

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和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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) \9 u0 p1 k3 O% @[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]

yxia

下面是BMO的：
$ P5 D3 O0 y' a, d5 q+ g8 ?' `" oSUMMARY OF THE OFFERING
4 z) E7 u. u' j# Y5 M, S; m; n  H8 \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’’.
: w1 f. K1 z$ F$ d( v1 j6 lIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
Amount: $150,000,000 (6,000,000 shares).
# \. @+ R, z% k- rPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
  N9 u" Q" Z0 p  x5 Z; FPrincipal Characteristics of the Preferred Shares Series 18
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
3 Z  @! v% Z& @7 T2 V/ [3 o: Vnon-cumulative preferential cash dividends, as and when declared by the
Board of Directors, subject to the provisions of the Bank Act, for the initial
8 D# i2 J" N7 n1 [, c6 p% Speriod commencing on the closing date and ending on and including
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
, A/ M0 A& V$ `+ P$ R25th day of February, May, August and November in each year, at a rate
equal to $0.40625 per share. The initial dividend, if declared, will be payable
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
: J5 N+ [* M1 k+ P+ }( sdate of December 11, 2008.
- m$ i; U: N5 G( t+ ]& S, ]For each five-year period after the Initial Fixed Rate Period (each, a
$ ~# c4 \2 c3 L: x  l! Q) }  ^‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
Series 18 will be entitled to receive fixed non-cumulative preferential cash
dividends, as and when declared by the Board of Directors, subject to the
; ^4 P/ l0 i9 @1 S& a4 dprovisions of the Bank Act, payable quarterly on the 25th day of February,
$ G  m7 V8 c& j$ hMay, August and November in each year, in the amount per share per annum
determined by multiplying the Annual Fixed Dividend Rate applicable to
) A% g( i/ \- C- usuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
* o' {8 V9 M4 E2 l3 f% w- u8 t' ^/ ZRate for the ensuing Subsequent Fixed Rate Period will be determined by the
8 o6 N6 |# g3 C* H& m3 I3 zBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
of such Subsequent Fixed Rate Period and will be equal to the sum of the
Government of Canada Yield on the applicable Fixed Rate Calculation Date
/ F! A' @8 W: S3 ~7 mplus 3.83%.
: w* f  T9 ?' C$ \1 p. v$ [1 @" Y0 B5 IIf the Board of Directors does not declare a dividend, or any part thereof, on
2 z5 h5 k" ]. E  @; f0 dthe Preferred Shares Series 18 on or before the dividend payment date for a
particular quarter, then the entitlement of the holders of the Preferred
! O4 ^) K9 q0 J% o' I4 |$ [Shares Series 18 to receive such dividend, or to any part thereof, for such
quarter will be forever extinguished.
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ Q4 @! i' ^. T) O' P# FSuperintendent and to the provisions described below under ‘‘Details of the
+ U. A/ j; k% ^, T: ZOffering — Certain Provisions of the Preferred Shares Series 18 as a
Series — Restrictions on Dividends and Retirement of Shares’’, on
0 z& n% N; E5 A/ {: ^) b' J% tFebruary 25, 2014 and on February 25 every five years thereafter, on not
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
" F0 |1 ]) E& y) p2 kpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
" E# g1 o, t2 _, f* Qwithout the consent of the holder, by the payment of an amount in cash for
each such share so redeemed of $25.00 together with all declared and unpaid
% v+ ~2 ^% F% F- Cdividends to the date fixed for redemption.
* q' c; `$ o& h5 G' }% ?* @4 }Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
" g$ x; W* Z. Gthe right, at their option, to convert, on February 25, 2014 and on
! j9 @. M0 s- I, }6 v* a" g+ nS-4
9 Q( E6 u# w% RFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
- y& ~8 q) Y* ~+ ^% t; Eor all of their Preferred Shares Series 18 into an equal number of Preferred
Shares Series 19 upon giving to the Bank notice thereof not earlier than
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
4 M1 S: O/ f$ e4 P$ \preceding, a Series 18 Conversion Date.
1 A8 C2 x7 s) s, ?Automatic Conversion If the Bank determines, after having taken into account all shares tendered
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
  J: _/ C. K" B9 p& A& N8 lSeries 19, as the case may be, that there would be outstanding on such
9 c) K" B) ~9 qSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
  d. d, j' Z: ]% E$ esuch remaining number of Preferred Shares Series 18 will automatically be
converted on such Series 18 Conversion Date into an equal number of
5 y& [: R3 j3 BPreferred Shares Series 19. Additionally, if the Bank determines that, after
# x3 H& }" y3 Oconversion, there would be outstanding on such Series 18 Conversion Date
2 h: Y9 W. B5 ^$ lless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
Series 18 will be converted into Preferred Shares Series 19.
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
5 R# {3 d) a0 I( p3 _0 many meeting of the shareholders of the Bank unless and until the first time at
' G% i* Z# I3 m, F1 X. x/ fwhich the Board of Directors has not declared the whole dividend on the
Preferred Shares Series 18 in any quarter. In that event, subject as
# \) _  _* G9 L8 u0 M# k- n; ghereinafter provided, the holders of Preferred Shares Series 18 will be
entitled to receive notice of, and to attend, meetings of shareholders at which
% b% a* S& P8 m& k. M( c" s& tdirectors of the Bank are to be elected and will be entitled to one vote for
3 K1 X, r# G) n) geach Preferred Share Series 18 held. The voting rights of the holders of the
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
the first dividend on the Preferred Shares Series 18 to which the holders are
' j5 ~7 ?: o; N; L0 D8 c! \entitled thereunder subsequent to the time such voting rights first arose until
such time as the Bank may again fail to declare the whole dividend on the
Preferred Shares Series 18 in respect of any quarter, in which event such
voting rights will become effective again and so on from time to time.
Principal Characteristics of the Preferred Shares Series 19
" W$ o" }  y8 X0 {% sDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
floating rate non-cumulative preferential cash dividends, as and when
declared by the Board of Directors, subject to the provisions of the Bank Act,
+ b8 N6 n. E6 i- _7 c$ ^% gpayable quarterly on the 25th day of February, May, August and November
in each year, in the amount per share determined by multiplying the
applicable Quarterly Floating Dividend Rate by $25.00.
On the 30th day prior to the commencement of the initial quarterly dividend
period beginning on February 25, 2014, and on the 30th day prior to the first
day of each subsequent quarterly dividend period (the initial quarterly
* z0 G8 N" @" e  N8 R. |dividend period and each subsequent quarterly dividend period is referred to
3 K/ ~1 ]: n" x) j! T1 K8 Y4 D) O, Fas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
  i6 F- e5 w7 y- z% |) @Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
! P. \+ U. n- a' l0 H& f# gelapsed in the applicable Quarterly Floating Rate Period divided by 365)
% W: Y0 |" W9 A; h" U! ^. fdetermined on the 30th day prior to the first day of the applicable Quarterly
Floating Rate Period.
) m& _+ d+ D& `9 ~" @' ZS-5
7 Y5 p8 |) `. Y2 S  S$ vIf the Board of Directors does not declare a dividend, or any part thereof, on
the Preferred Shares Series 19 on or before the dividend payment date for a
6 Q3 R4 I4 i0 f9 d: M1 Kparticular quarter, then the entitlement of the holders of the Preferred
; H6 f. v: G$ d: PShares Series 19 to receive such dividend, or to any part thereof, for such
& M0 L3 q& I% V0 D/ z( aquarter will be forever extinguished.
, C( E% N" Q$ P& W. P- t! f! @4 ^Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
Superintendent and to the provisions described below under the heading
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
! W1 V/ z1 O/ r* J  ^Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
! y1 \( W/ r7 X- v, k8 aor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
option without the consent of the holder, by the payment of an amount in
cash for each such share so redeemed of (i) $25.00 together with all declared
1 h9 I: ?6 j' B( Sand unpaid dividends to the date fixed for redemption in the case of
redemptions on February 25, 2019 and on February 25 every five years
5 m5 G7 F- y/ D8 y4 @thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
the date fixed for redemption in the case of redemptions on any other date
on or after February 25, 2014.
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
! w" i3 {# `; Tthe right, at their option, to convert, on February 25, 2019 and on
$ s. i' m( P& ]0 lFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
or all of their Preferred Shares Series 19 into an equal number of Preferred
Shares Series 18 upon giving to the Bank written notice thereof not earlier
! [: T  v, ~) u* f. Fthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
( J2 A7 h3 c8 ^3 M15th day preceding, a Series 19 Conversion Date.
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
+ g' V9 Z1 t* ~9 X% x6 `Series 18, as the case may be, that there would be outstanding on such
& c0 Z2 N8 H- u/ W* d# }Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
  S3 Z6 |% @! v! Zsuch remaining number of Preferred Shares Series 19 will automatically be
converted on such Series 19 Conversion Date into an equal number of
Preferred Shares Series 18. Additionally, if the Bank determines that, after
conversion, there would be outstanding on such Series 19 Conversion Date
: i4 ~# ]8 v% ~- ~2 G: P5 u( t- m; vless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
( ^& R8 u9 W# c8 J6 e' Y8 tSeries 19 will be converted into Preferred Shares Series 18.
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
2 ]8 I! i3 V( U; o, S8 a! B# kSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
5 q) H3 K; a$ X3 d- Iany meeting of the shareholders of the Bank unless and until the first time at
which the Board of Directors has not declared the whole dividend on the
7 y& z3 g, x7 K9 `# m4 ^2 m  LPreferred Shares Series 19 in any quarter. In that event, subject as
1 V8 A/ u) M$ p+ ^hereinafter provided, the holders of Preferred Shares Series 19 will be
' {- r/ H" U2 a& D. ?: G1 Y* [- Kentitled to receive notice of, and to attend, meetings of shareholders at which
3 v" j2 w. g& ]; X. [directors of the Bank are to be elected and will be entitled to one vote for
each Preferred Share Series 19 held. The voting rights of the holders of the
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
the first dividend on the Preferred Shares Series 19 to which the holders are
entitled thereunder subsequent to the time such voting rights first arose until
* E  [4 j/ W9 i, S0 ?  f% \such time as the Bank may again fail to declare the whole dividend on the
Preferred Shares Series 19 in respect of any quarter, in which event such
voting rights will become effective again and so on from time to time.
, Q4 Q* w- e+ H4 I( QS-6
& q3 A1 A3 T* s  U: o4 _, T1 aPriority: The preferred shares of each series of the Bank will rank on a parity with
every other series and are entitled to preference over the common shares of
1 c2 {; F2 }3 b) i0 y6 o4 M; hthe Bank and over any other shares of the Bank ranking junior to the
preferred shares with respect to the payment of dividends and upon any
distribution of assets in the event of the liquidation, dissolution or
0 B! [& @# F( o9 X  q: B# xwinding-up of the Bank.
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
! e/ d9 M) ^& ^- D1 _) a! NSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
; ^  l1 R! _( {; C& c( o7 C$ N& W0 Jdividends received on such shares under Part IV.1 of such Act.

精打细算

算了吧， 有空出来，给你介绍几个安稳的选项。
1 q8 \2 I% W0 j, G: D今天讲座如何？

yxia

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。

精打细算

下周3下午有时间么？ 到我办公室， 拿几只好东西秀秀。
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call me.. 780 6699880 转101

yxia

周三下午看情况，我有你的电话，有空的话，我再和你联系。