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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。1 c! t& A0 S, F4 T0 e5 X
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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:0 Q; v; `, i" q. r. V& z8 o
SUMMARY OF THE OFFERING6 P5 X2 {7 S( B! s
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’’.) X' p6 m* g4 `( w+ K* p( x, k
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18., W' ?# C- U. u) r* ~" d" P
Amount: $150,000,000 (6,000,000 shares).
) u' N0 l+ N! A! B: A2 KPrice and Yield: $25.00 per share to yield initially 6.50% per annum.! I. u! c- x) y$ {1 P" s
Principal Characteristics of the Preferred Shares Series 18* P! z' V8 h' J2 g7 G+ {* ]
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
, d# Y  |: P$ P& e2 Ynon-cumulative preferential cash dividends, as and when declared by the
6 A+ e7 O" V% vBoard of Directors, subject to the provisions of the Bank Act, for the initial! _: ~7 o8 ?3 e
period commencing on the closing date and ending on and including6 e3 ?: `* t; G9 \
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
# ]; ^6 ?/ J$ b( ^8 U$ N& Q4 n# e25th day of February, May, August and November in each year, at a rate
, L9 B; U" K9 R: @equal to $0.40625 per share. The initial dividend, if declared, will be payable
/ t8 V7 ]" a5 bMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
4 f9 `7 }7 z& A1 Y& pdate of December 11, 2008.9 F" b+ f# Q( N/ d; N2 I6 H4 `
For each five-year period after the Initial Fixed Rate Period (each, a
! j3 y0 d+ C7 ~: H; G‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
7 r: {. O1 `! C4 O- JSeries 18 will be entitled to receive fixed non-cumulative preferential cash
" ~( W1 x  @( o) _( U* vdividends, as and when declared by the Board of Directors, subject to the
3 o8 w+ ^3 \. v7 \3 c$ N. vprovisions of the Bank Act, payable quarterly on the 25th day of February,# l' V  E) S2 F4 F( [
May, August and November in each year, in the amount per share per annum
; K( _( J( r- q  A0 K+ mdetermined by multiplying the Annual Fixed Dividend Rate applicable to7 [6 i: z! E/ W6 O
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
5 E" U$ |% O0 R6 I: u; yRate for the ensuing Subsequent Fixed Rate Period will be determined by the! M( g3 [( Y1 Q7 d) W  _0 S
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
: X( a) J$ ~2 _0 lof such Subsequent Fixed Rate Period and will be equal to the sum of the, M. b, N  U! o
Government of Canada Yield on the applicable Fixed Rate Calculation Date
+ W' D9 {7 [1 \: ]7 G, kplus 3.83%.3 j* u8 o7 P1 W/ n6 M" `7 G- g; v. l
If the Board of Directors does not declare a dividend, or any part thereof, on$ L) m) o# ?! |( X, a
the Preferred Shares Series 18 on or before the dividend payment date for a
' e9 S# l) S. v- h6 k' h: Kparticular quarter, then the entitlement of the holders of the Preferred& }' ?7 z. \  {" b5 f; b
Shares Series 18 to receive such dividend, or to any part thereof, for such
# ^6 `! [1 F8 L8 Uquarter will be forever extinguished.
. K! I" ~# ]; A( V; D5 q1 T+ XRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
: K0 ?% ^# @) t8 u# S# t/ ~Superintendent and to the provisions described below under ‘‘Details of the
- H9 s) b# T2 g3 c0 C8 b7 YOffering — Certain Provisions of the Preferred Shares Series 18 as a6 I/ W  E+ V4 d; e, l/ d7 `
Series — Restrictions on Dividends and Retirement of Shares’’, on
; P2 {; Q6 p' c: T# GFebruary 25, 2014 and on February 25 every five years thereafter, on not, m: \* Y8 w$ b8 x/ D$ H2 j
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any( Q. j2 `7 Z* E4 p% T5 W( }
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
, ~2 _9 V% i; t- N! l1 p/ cwithout the consent of the holder, by the payment of an amount in cash for1 ^; U; G! @7 ^4 f) G
each such share so redeemed of $25.00 together with all declared and unpaid8 [' z; c1 |& W1 c/ H0 c3 x" \6 D
dividends to the date fixed for redemption.
6 }8 t4 o7 j2 c. b% ]0 ?0 M/ j. dConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
* x; j; _4 O* |( h  _Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
9 v% P) T) z8 F! u9 M" F9 Wthe right, at their option, to convert, on February 25, 2014 and on
$ D9 }/ t# M: g$ t) [8 ~) c) x% d; |S-4
0 L1 m0 J0 S( e4 tFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any8 M- Z3 d" Z( \2 l: o0 ?
or all of their Preferred Shares Series 18 into an equal number of Preferred
+ l" y5 e+ w7 h* _, }3 AShares Series 19 upon giving to the Bank notice thereof not earlier than" v7 v/ W7 X; n: p+ b1 S: M
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
2 ~  ~) Y3 I& Rpreceding, a Series 18 Conversion Date.; ^% ~7 p1 l, ~# m9 {5 B
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
0 d7 j& O) d* q! {4 ~/ b" d2 Y1 LProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares- Q* W1 ]$ t- k2 y# [3 i# T
Series 19, as the case may be, that there would be outstanding on such
, [% k6 T7 S! v! H# oSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
  z1 _; c6 S: ^1 M. lsuch remaining number of Preferred Shares Series 18 will automatically be3 V# w) N1 {) }5 a! F# O
converted on such Series 18 Conversion Date into an equal number of
7 T/ ~5 }! Z9 }* U% HPreferred Shares Series 19. Additionally, if the Bank determines that, after
/ [2 e  j. r$ O# gconversion, there would be outstanding on such Series 18 Conversion Date$ L5 l- l' U/ k( }
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
: i" k  t0 N7 JSeries 18 will be converted into Preferred Shares Series 19.+ O' s% \  l% |
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* K3 `. l# w9 `" W; ~) P
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
: H; E* a" e. o+ Nany meeting of the shareholders of the Bank unless and until the first time at2 b; N) H% N7 G4 U+ e0 s
which the Board of Directors has not declared the whole dividend on the+ B1 c& P6 f: w+ k
Preferred Shares Series 18 in any quarter. In that event, subject as
0 o) y* ]' g& Z6 n. C  M% Vhereinafter provided, the holders of Preferred Shares Series 18 will be: k, q- v/ Y1 h6 [# N8 c
entitled to receive notice of, and to attend, meetings of shareholders at which1 R% N. `: L) g- A
directors of the Bank are to be elected and will be entitled to one vote for( t- s7 ^+ L7 x! {  h+ S5 o4 |: `
each Preferred Share Series 18 held. The voting rights of the holders of the
2 H, P- E/ L# O6 iPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
) R$ A5 V3 _( R5 }, G# e# ithe first dividend on the Preferred Shares Series 18 to which the holders are
  `2 b/ [9 L2 @entitled thereunder subsequent to the time such voting rights first arose until0 l3 V# P( ~- s) V
such time as the Bank may again fail to declare the whole dividend on the
/ b# I/ R4 {& A# b$ q3 ZPreferred Shares Series 18 in respect of any quarter, in which event such" Z4 l2 b- m" v# e6 ]/ X
voting rights will become effective again and so on from time to time.
3 Y1 U9 B7 L$ d- QPrincipal Characteristics of the Preferred Shares Series 196 q# I; T) {0 h) @' y; i( J9 A
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive5 [3 I1 D, S6 [3 ?3 s, y
floating rate non-cumulative preferential cash dividends, as and when6 T% p7 B/ @6 I, N5 f' I% ]. {" N
declared by the Board of Directors, subject to the provisions of the Bank Act,
9 h& }% S, V! x3 x, K5 ipayable quarterly on the 25th day of February, May, August and November/ I: }, m: M$ H. b4 @/ J
in each year, in the amount per share determined by multiplying the0 ~; _% I) V5 H0 T9 T4 |/ W
applicable Quarterly Floating Dividend Rate by $25.00.& s  A/ d0 z% v3 i$ Y5 v1 A
On the 30th day prior to the commencement of the initial quarterly dividend
" }0 x/ ~. O7 K9 Wperiod beginning on February 25, 2014, and on the 30th day prior to the first
; Z# C/ H. |+ \" cday of each subsequent quarterly dividend period (the initial quarterly
% k) `& a- D- U# W6 edividend period and each subsequent quarterly dividend period is referred to0 _3 A/ {  J1 Q1 x2 N1 b
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
2 _) W+ R5 Z& LQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate' j8 X* U9 n: i$ @' F- \: ~
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
0 Z3 H) D  c/ N2 {4 jT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
, L4 I, ^$ X  y1 W! K  x7 `% y3 |elapsed in the applicable Quarterly Floating Rate Period divided by 365): D6 y, t3 |3 Z: K& I& d. K
determined on the 30th day prior to the first day of the applicable Quarterly
: ?5 \5 v0 h" }0 HFloating Rate Period., [, M# _+ d7 N& r; J# T
S-5
1 a6 p* Z5 b  w+ K, z1 {If the Board of Directors does not declare a dividend, or any part thereof, on9 a, p6 ?9 j2 ~  f
the Preferred Shares Series 19 on or before the dividend payment date for a
2 E& X' _5 F0 U+ F, oparticular quarter, then the entitlement of the holders of the Preferred/ k! W7 G5 _& `/ j% G1 b) `+ ]* m$ S
Shares Series 19 to receive such dividend, or to any part thereof, for such3 g" Z: p8 h" V, k9 L5 B# U
quarter will be forever extinguished.* Q3 b4 Z$ Q/ T; l% C( f
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
9 y% B) B" Z! O* U: r: v; bSuperintendent and to the provisions described below under the heading9 s+ \  K! G; `6 Z# t
‘‘Details of the Offering — Certain Provisions of the Preferred Shares+ M# Q- ?; T  P3 M
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
. L2 ~8 s9 N& V0 P' z  Non not more than 60 nor less than 30 days’ notice, the Bank may redeem all
# @; E: r9 S# i# Z7 M1 t3 G& N. ]or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
! n  V4 U( y5 j  Joption without the consent of the holder, by the payment of an amount in
" V, r  u. {' y# S- Zcash for each such share so redeemed of (i) $25.00 together with all declared
9 D7 D; a' o+ I( Eand unpaid dividends to the date fixed for redemption in the case of& d5 w+ t9 x* b7 s
redemptions on February 25, 2019 and on February 25 every five years4 w# ^7 d  I4 w! J: m7 h& o
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% u; ?4 J; T2 R: Q6 hthe date fixed for redemption in the case of redemptions on any other date
4 X4 ~) S! w7 M8 c- J4 v( k" j8 k2 eon or after February 25, 2014.
) D5 ?. V* Z$ C& Q: y0 YConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
( X  w5 ?! N$ v: }+ ]8 R( r; NShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
# q) M1 Y/ v6 e8 K6 Xthe right, at their option, to convert, on February 25, 2019 and on! c3 `3 R3 T' \0 y
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any& g" g9 ]* z- ?  h4 t. e' e
or all of their Preferred Shares Series 19 into an equal number of Preferred
, H, Q: K* {7 r8 ]5 r7 V1 B! c5 CShares Series 18 upon giving to the Bank written notice thereof not earlier3 @/ X% ]* D3 ?( O' R) |
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
( Y6 u# P7 D$ b3 @( P. I* ~% G5 u15th day preceding, a Series 19 Conversion Date.1 g4 v$ ~2 d, I8 U" h- F
Automatic Conversion If the Bank determines, after having taken into account all shares tendered& G8 s& p. ]3 X0 p  C- [5 g- c- \
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
( ]0 B* X6 {% e* fSeries 18, as the case may be, that there would be outstanding on such
: e- ]* q5 x; B# SSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
+ M, m' g3 x0 }2 ~such remaining number of Preferred Shares Series 19 will automatically be
4 f: P1 Y* e1 _% b! j5 iconverted on such Series 19 Conversion Date into an equal number of
) V* J* B9 K. ^" I8 lPreferred Shares Series 18. Additionally, if the Bank determines that, after( |2 c- v- m, _
conversion, there would be outstanding on such Series 19 Conversion Date
6 S& u9 _4 A8 s' fless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares# @8 i, _5 {  ?5 p. r3 C* x. {) f/ L
Series 19 will be converted into Preferred Shares Series 18.
! ?: |5 z  p; M0 _; y- KVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 H$ _3 }$ s( C3 n5 G* `
Series 19 will not be entitled as such to receive notice of, attend, or vote at,( t7 i! x3 i: t6 x2 Z
any meeting of the shareholders of the Bank unless and until the first time at6 t( p3 `3 t' A# }
which the Board of Directors has not declared the whole dividend on the
6 O& i' h& H( p" L: S* @Preferred Shares Series 19 in any quarter. In that event, subject as* `4 N+ \1 x( C, H* U" F
hereinafter provided, the holders of Preferred Shares Series 19 will be
) ?/ n( Y1 @+ O% d6 g& fentitled to receive notice of, and to attend, meetings of shareholders at which
! m& X5 @1 S5 w; Sdirectors of the Bank are to be elected and will be entitled to one vote for
" J( n  F5 b  a0 s/ n! p, Leach Preferred Share Series 19 held. The voting rights of the holders of the
9 K# u* q8 K3 j; Y7 q! L- rPreferred Shares Series 19 will forthwith cease upon payment by the Bank of% p$ ~. o3 e, T6 H# P4 F8 U6 C
the first dividend on the Preferred Shares Series 19 to which the holders are
' M: c4 F- o8 L, A  m, Yentitled thereunder subsequent to the time such voting rights first arose until! u( m3 L& [9 E
such time as the Bank may again fail to declare the whole dividend on the4 r9 a7 v" D/ K; U
Preferred Shares Series 19 in respect of any quarter, in which event such. N3 N% U: u( ~" w; u
voting rights will become effective again and so on from time to time.
1 I7 ~# \& x( KS-63 P% L1 w2 p4 `/ ^' l
Priority: The preferred shares of each series of the Bank will rank on a parity with
, z. c& P+ ~& I0 J; jevery other series and are entitled to preference over the common shares of
3 G% u( E0 A% ~) }& D5 q3 [/ othe Bank and over any other shares of the Bank ranking junior to the
4 t! Y* s& M/ `- A, n! I: k$ u+ Jpreferred shares with respect to the payment of dividends and upon any: z! I; p& F/ i4 P
distribution of assets in the event of the liquidation, dissolution or
" a% q6 j# W( |% pwinding-up of the Bank.
  O2 c9 s- \3 a" _; i# |0 I% eTax on Preferred Share The Bank will elect, in the manner and within the time provided under) X% _% i4 g9 m
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares& k6 M( A+ b/ \5 @. J4 P
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
6 t: S# _1 u. _$ }% u# kdividends 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。+ s4 A3 @, j  {. Y5 u& W0 p2 F
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
+ E3 |$ X) F( y" E

! B- \7 O9 }7 q$ u  w* Q; j* B5 o下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。, A2 k% S/ ?0 H5 a- q8 G  V
2 m6 [! L9 X  D2 F0 i# O; B
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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