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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。+ T& l- c2 ]) v. ~. m6 A8 ]) F
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[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:8 [3 q/ g& N# i; D
SUMMARY OF THE OFFERING
0 O, |) T+ V4 C) |" J) UThis 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’’.
' f1 x  u! n0 @) \Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
8 O2 L9 A9 k$ z  e' {. f5 pAmount: $150,000,000 (6,000,000 shares).+ Y: N* D% y  x& N  B& p  T( C6 E
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
5 z. A$ p! ~6 V& e* q+ Z( FPrincipal Characteristics of the Preferred Shares Series 186 l8 J8 x' }& }# t  r( K
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed) \2 S8 I: n* g7 F( S$ x7 u1 O, o
non-cumulative preferential cash dividends, as and when declared by the
. ?& y& H( p# k) d: y9 U4 PBoard of Directors, subject to the provisions of the Bank Act, for the initial
# D* L- ^9 J. D" J) \8 |period commencing on the closing date and ending on and including
$ [, K$ {/ n. _) ?3 tFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the0 A5 ^8 U5 o, A$ E4 v7 t; J
25th day of February, May, August and November in each year, at a rate9 n4 \$ F0 v$ R# u1 B4 ?
equal to $0.40625 per share. The initial dividend, if declared, will be payable
7 g$ r8 E% ^, n) OMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
: T/ h( u  }; z' p/ r7 Kdate of December 11, 2008.5 p& _5 k8 H! S
For each five-year period after the Initial Fixed Rate Period (each, a0 ]( o3 a6 y6 z2 a0 n$ y
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
  a2 |5 S/ i+ Z! Q* f# YSeries 18 will be entitled to receive fixed non-cumulative preferential cash: Z7 v- M& B+ r% q2 _
dividends, as and when declared by the Board of Directors, subject to the( H7 x. y/ ]9 N
provisions of the Bank Act, payable quarterly on the 25th day of February,8 O* C; c- ~8 ~0 Z4 a
May, August and November in each year, in the amount per share per annum
5 ?% X. K! o. g  {determined by multiplying the Annual Fixed Dividend Rate applicable to
5 |' l; R- O: @! E, D" ssuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend* V4 V% O$ w6 k" E8 B: e7 c& t. G
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
$ v3 R! s0 F& ]! V! g# Z% J. fBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
, \) ?) _1 L' W& {of such Subsequent Fixed Rate Period and will be equal to the sum of the
7 i+ b9 `: w' ]( KGovernment of Canada Yield on the applicable Fixed Rate Calculation Date' Z; n. s9 q  W% Z2 E0 F& c
plus 3.83%.0 L- ^8 B3 \( i( d
If the Board of Directors does not declare a dividend, or any part thereof, on5 V6 t5 X3 n, U% M# }: o3 |# n
the Preferred Shares Series 18 on or before the dividend payment date for a
  R2 \2 S1 F% \$ E5 lparticular quarter, then the entitlement of the holders of the Preferred" [/ b6 [1 A% v( B
Shares Series 18 to receive such dividend, or to any part thereof, for such
3 @* y, W3 I( b/ w6 `quarter will be forever extinguished.
) v( y4 L9 [& c' |: R& c# TRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ \3 @  O; Z* u- K5 i! j# BSuperintendent and to the provisions described below under ‘‘Details of the
& d8 w4 \! C/ r0 JOffering — Certain Provisions of the Preferred Shares Series 18 as a; p" y9 Z8 z3 D  r
Series — Restrictions on Dividends and Retirement of Shares’’, on0 `/ Z3 x# Z8 A: U7 E) v9 M
February 25, 2014 and on February 25 every five years thereafter, on not1 z/ E7 v8 k* ?5 @" V
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any8 o/ C9 g9 E( H8 F3 \. y
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
1 W1 n  m6 {8 P7 |6 T1 l- ywithout the consent of the holder, by the payment of an amount in cash for1 a( G! l1 r: y! X4 o
each such share so redeemed of $25.00 together with all declared and unpaid
. l0 g; c6 O9 q. F1 Vdividends to the date fixed for redemption.
. J9 f" K; R2 EConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic) h; \! v1 [  ?& u0 m7 B# R9 v
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have9 L+ [5 s& a) f/ a0 q
the right, at their option, to convert, on February 25, 2014 and on
9 H  u' w" G% @$ L8 S8 RS-4$ U! R& W5 k0 f1 f; k4 s6 `
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
, _: o1 r# i% `4 R* j% s/ ?6 ~or all of their Preferred Shares Series 18 into an equal number of Preferred6 T  x% ]* y& y
Shares Series 19 upon giving to the Bank notice thereof not earlier than
; _" i2 U9 a0 }' m5 i3 W+ C30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
7 Q- N; L/ q) m* {0 _4 Upreceding, a Series 18 Conversion Date.
" D+ T' S0 g$ ]% lAutomatic Conversion If the Bank determines, after having taken into account all shares tendered5 `7 o. S# c" V' T+ s/ \: k9 F$ x
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares7 w5 \% A+ i8 _7 r. [
Series 19, as the case may be, that there would be outstanding on such; p6 ?: R! [8 Z4 ^  Z1 y
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
' U) s1 v! y# ~8 x; z" w  ssuch remaining number of Preferred Shares Series 18 will automatically be  p+ g* f: A4 q4 I5 ]4 P
converted on such Series 18 Conversion Date into an equal number of0 @; L0 j; x, X
Preferred Shares Series 19. Additionally, if the Bank determines that, after# H5 d. _3 M8 s% }0 V
conversion, there would be outstanding on such Series 18 Conversion Date- y% v. X; m8 ?, s  Z
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares7 A) A9 W( W3 T8 V( ^# n; L  w
Series 18 will be converted into Preferred Shares Series 19.9 ~- ?$ Q+ `: {/ U' w$ l- z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares5 S' X& f" f, Y  `- }
Series 18 will not be entitled as such to receive notice of, attend, or vote at,& G* {+ a1 Q2 |) ~4 L: x
any meeting of the shareholders of the Bank unless and until the first time at
& S& }6 D  W' C& Z$ P, P3 {: jwhich the Board of Directors has not declared the whole dividend on the
6 r$ D6 z. z2 y5 j" B& JPreferred Shares Series 18 in any quarter. In that event, subject as
; U7 ]/ I7 w& [9 R+ e0 r' Bhereinafter provided, the holders of Preferred Shares Series 18 will be
; Z$ l! g( `2 o: u' {; i% X# Y  Fentitled to receive notice of, and to attend, meetings of shareholders at which, T& p: X" k  d$ J" Y7 P
directors of the Bank are to be elected and will be entitled to one vote for' _: }; J* W1 f: h, j$ F
each Preferred Share Series 18 held. The voting rights of the holders of the
% f% t3 |' |& w, zPreferred Shares Series 18 will forthwith cease upon payment by the Bank of  ?0 {, Q3 T! t) G
the first dividend on the Preferred Shares Series 18 to which the holders are/ x  J1 j, [- @: c
entitled thereunder subsequent to the time such voting rights first arose until  a8 j" D% i9 ]# D& x$ f& Q
such time as the Bank may again fail to declare the whole dividend on the9 ~" v, Z, l! y/ d; F- O
Preferred Shares Series 18 in respect of any quarter, in which event such+ Z+ M0 @4 F9 R0 v" p
voting rights will become effective again and so on from time to time.( }) p3 y  G. D" j1 L# O' t
Principal Characteristics of the Preferred Shares Series 19
, ~- `3 R. p2 R9 MDividends: The holders of the Preferred Shares Series 19 will be entitled to receive& j, i% c, U; O3 T- t  D3 D
floating rate non-cumulative preferential cash dividends, as and when
( V+ j7 k0 V, Y5 l7 q# V( Udeclared by the Board of Directors, subject to the provisions of the Bank Act,
) \: }. b8 ^5 X% b4 O& ]' K7 I: epayable quarterly on the 25th day of February, May, August and November
6 D& `; X" N1 G0 I+ l1 ^in each year, in the amount per share determined by multiplying the/ i- h1 [4 y9 O* d( L
applicable Quarterly Floating Dividend Rate by $25.00.
& [7 r  k* w* F) XOn the 30th day prior to the commencement of the initial quarterly dividend( u1 ~: M9 u3 G1 S% b
period beginning on February 25, 2014, and on the 30th day prior to the first
* C7 Z9 w! e; ^+ u3 W! zday of each subsequent quarterly dividend period (the initial quarterly
, k  A+ O, s4 V2 Jdividend period and each subsequent quarterly dividend period is referred to
. L% F$ o. p7 {8 k" T0 r6 kas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the1 Y) ?0 H( f  l, K
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate# I7 D4 _, x0 Q: X8 }
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
" j  o' u/ a7 u) k9 a/ yT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
0 P$ [/ o2 x+ O+ ?  Kelapsed in the applicable Quarterly Floating Rate Period divided by 365)
& l# ^8 W) A8 d, `determined on the 30th day prior to the first day of the applicable Quarterly1 z; O8 z: Q" v7 p. I) N8 O
Floating Rate Period.
! O) k# [% E: P/ \9 v, g- X* AS-5
- M- P' B  x  q& AIf the Board of Directors does not declare a dividend, or any part thereof, on) `8 Y. r: b7 i* d0 k/ S& T! M
the Preferred Shares Series 19 on or before the dividend payment date for a
+ m' e1 @9 Y# Z( Q% s1 P" F7 Mparticular quarter, then the entitlement of the holders of the Preferred" [3 H% a9 L- k
Shares Series 19 to receive such dividend, or to any part thereof, for such
: A/ z# S# r3 n: `. j$ }+ N. |) h. X& A/ gquarter will be forever extinguished.
) z% O" y2 W- oRedemption: Subject to the provisions of the Bank Act and to the prior consent of the& ^  k2 y! @. L
Superintendent and to the provisions described below under the heading
" A8 r  F1 l# E% n- J‘‘Details of the Offering — Certain Provisions of the Preferred Shares7 C; H# b7 I" x; j  [
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
4 K8 M0 P5 N3 k4 y' W/ @on not more than 60 nor less than 30 days’ notice, the Bank may redeem all4 [! ~  ^- H6 x
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
$ ^: F! e3 a; r* I; f9 m8 D7 ooption without the consent of the holder, by the payment of an amount in
$ X  F0 H' [3 q5 W" K2 ?! n* r) w& Z: Ccash for each such share so redeemed of (i) $25.00 together with all declared
+ H/ I0 e# d6 ~  u' {and unpaid dividends to the date fixed for redemption in the case of
4 F- L4 `' c0 a8 w/ {redemptions on February 25, 2019 and on February 25 every five years3 h1 d+ r5 a9 U3 s5 y' C
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to+ w% Y1 c) y. _; \
the date fixed for redemption in the case of redemptions on any other date* @: i. m1 `- f8 ~4 B
on or after February 25, 2014.& D5 d" T3 `! h6 O1 E/ v9 \
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic9 B. Q, B! x- z- N! B8 z* F
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
  d0 K* p3 y  I" @5 @6 x% l  Othe right, at their option, to convert, on February 25, 2019 and on
6 N/ s* M7 Z- j: S5 k% ]' s' _" jFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any; F0 p' K" R% z+ Q5 C* A
or all of their Preferred Shares Series 19 into an equal number of Preferred1 X) F. Z! p: e: Q1 ^
Shares Series 18 upon giving to the Bank written notice thereof not earlier
: V+ L( \, n8 B4 v8 e0 ]0 [than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
! W9 a. ~; b, K; |9 @+ d0 w$ M! h15th day preceding, a Series 19 Conversion Date.
6 p& \+ R/ K0 O0 b1 r/ p4 z" P/ oAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
" P" R4 w! f, ~. o( u7 f, C0 U$ PProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares" o0 T; D  R) T8 R$ D' h$ O/ S
Series 18, as the case may be, that there would be outstanding on such
0 j; H: E" u# j, s1 F6 eSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
3 d9 [6 G) x1 Q( ]; F6 q. f6 r9 p) Tsuch remaining number of Preferred Shares Series 19 will automatically be
" A+ w6 L# p& R8 C% Y& Econverted on such Series 19 Conversion Date into an equal number of
) `: ?2 w1 r4 I8 B+ d' Q+ `1 xPreferred Shares Series 18. Additionally, if the Bank determines that, after0 N; J% z; ~% b
conversion, there would be outstanding on such Series 19 Conversion Date. t# n- p/ F% K
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares# l- ~6 E( ^& C. u% e+ ]. k/ F0 K
Series 19 will be converted into Preferred Shares Series 18.
  A' @- m9 ~$ `/ S+ I% s1 u: v1 VVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# P# k5 @3 h2 A. j5 NSeries 19 will not be entitled as such to receive notice of, attend, or vote at,+ T8 `+ I7 J3 R2 \2 M
any meeting of the shareholders of the Bank unless and until the first time at6 v0 P( s. B2 }+ W: V, D8 m  j9 L
which the Board of Directors has not declared the whole dividend on the
# D6 K. m. \3 A/ j5 v" u, @Preferred Shares Series 19 in any quarter. In that event, subject as9 {2 J+ G7 l+ w
hereinafter provided, the holders of Preferred Shares Series 19 will be  `  O) _; G( g7 g* s% B
entitled to receive notice of, and to attend, meetings of shareholders at which0 A; \( s; P. k  s5 Q
directors of the Bank are to be elected and will be entitled to one vote for
" @( P  f5 E+ u+ C, R/ Q, heach Preferred Share Series 19 held. The voting rights of the holders of the$ E* N) W% v. F' }% j( ?4 @2 V' i
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of  B- g4 k$ D& _
the first dividend on the Preferred Shares Series 19 to which the holders are
( G1 [9 [9 g' j) d) }/ Qentitled thereunder subsequent to the time such voting rights first arose until/ H4 z  b8 }6 i- C$ P, m" y
such time as the Bank may again fail to declare the whole dividend on the
! n/ A! P# p% {. _" o  T: A2 xPreferred Shares Series 19 in respect of any quarter, in which event such  i( V; G9 {0 D1 I9 N5 s# {
voting rights will become effective again and so on from time to time.; H3 U* [8 W9 j$ `' q1 j# c
S-66 F) f+ c; I8 y  z" j  E; D, n
Priority: The preferred shares of each series of the Bank will rank on a parity with
' G4 I3 ^3 B7 o) P3 D% levery other series and are entitled to preference over the common shares of" `$ p# F' h+ ~: h; w) ^
the Bank and over any other shares of the Bank ranking junior to the  w; W! S4 w) i+ w9 \% o
preferred shares with respect to the payment of dividends and upon any
. a% c- D/ w" E/ xdistribution of assets in the event of the liquidation, dissolution or( J8 G% ]# e; H7 @" `: s8 a3 c
winding-up of the Bank.+ k3 |, Z6 y9 v+ f: e7 m" r
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
. K& b( [2 m9 k1 MDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares1 r" S# m8 O, S0 G+ m$ _$ M
Series 18 and Preferred Shares Series 19 will not be required to pay tax on4 D) K9 Z# ?- m; R3 J
dividends 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。
  X) U9 z3 H! _1 a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
; O% D# A! x, ]( E

* [, K, H* ]) i; g( `下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
( L8 N4 g: u/ F& M2 \" c
- K8 K' t: t. A  j3 [; g) k( b$ Fcall 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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